When I made my case for @Ripple to acquire @UpholdInc, it was largely because owning exchange infrastructure allows you to create a service like what Levery is solving for in LatAm: They basically build permissioned exchanges as a service. This, actually, reinforces the case that Ripple should acquire Uphold, even if just for this reason. Now that Ripple has partnered with Levery to test in LatAm, they have an enormous amount of incentive to lock down America and Europe through Uphold. Just like I see stablecoins as a service being a massive market in the making, exchanges as a service is another that I don’t think people comprehend. I suspect that at some point, we see entire exchanges that operate inside of single fortune 50 companies… like an intranet. Business divisions being allocated budget/stock and the most profitable divisions sell excess to others. Also opens up the door to all sorts of new corporate structures for startups and investment trusts/funds. You may earn a premium simply by owning an exchange with access to markets that others don’t. Couple legal things there to work through though. THIS is what decentralized finance looks like… the power of markets is shifting away from being top down and will continue toward a normal bell curve over time. https://t.co/3w73ANbmUW