[Winning]

They need to establish a depository capability and it's not that easy. Since funds are "backed" by the Feds, they will also need to make sure compliance is super tight. Hence the reason it is easier for the banks to do this or act as agent.

Some fintechs might have a great front end to help process, but getting someone to partner with right now is close to impossible.

And let's not forget..... the juice is not worth the squeeze.

Again... I ask why?

I don't understand a lot of the behind the scenes inter working of how this usually works.. But maybe the way it usually works is broken.

Perhaps things are about to change..

Similar to way 9/11 created the patriot act and all types of things changed.