The next phase of crypto’s public-market pitch is less about token prices and more about financial infrastructure. As trading revenue slows, companies including Coinbase, Robinhood, Circle, Bullish and Gemini are trying to show they can own the systems that issue, trade, settle and record assets. The question for investors is whether these new businesses can grow fast enough before the next crypto downturn puts the model under pressure again.
Chapters:
0:00-00:28 Introduction
00:29-1:28 The everything exchange
1:29-3:32 Tokenized Wall Street
3:33-5:24 Beyond stablecoins
5:25-6:47 Treasury companies
Produced by: Charlotte Morabito
Reporting by: Tanaya Macheel
Edited by: Tasia Jensen
Animation: Jason Reginato, Emily Park
Senior Managing Producer: Shawn Baldwin
Senior Director of Video: Lindsey Jacobson
Additional Footage: Getty Images
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Crypto’s Next Phase Is Bigger Than Bitcoin