Why did we build “Reserve”… plus, how do we fund it, and what comes next? Let me lay it out…. 1/ The 6-9-12% for standard-premium-private is introductory, and will drop to 4-6-8% in 2027 (or maybe I’m nice and I extend it!) 2/ We only hold funds in treasury backed stablecoins or similar. No vaults or funky rates. The gap between those 3.5-4% rates and what the user gets is for three reasons… a) It’s a membership benefit. They pay a subscription, and we offset the cost partially via the subscription. b) We use it for Customer Acquisition, it literally sits on our P&L on this line c) It’s a the setup for Credit… let me explain more. 3/ The next step for Reserve, is our Charge Card style product… then credit. a) You will get a monthly balance, which you can spend from Reserve and keep earning rewards still. At the end of the month you get a statement, and 10 days to pay. Pay it via an external top up, and your spend of the previous month was a 0% loan and you keep all the interest on Reserve. Don’t pay it, and you just lose the Reserve interest on what you spent. We also will shortly add Tokenized stocks and Crypto, and borrow against that. b) Every month you pay and top up, you get get a bigger charge card balance. Be good, get more rewards. c) Eventually, working with a partner who does external on-chain finance, we will offer unsecured credit to certain people, working within what we can/can’t do. 4/ But that’s the end game… Today >>> show we are serious about cash rewards for the membership tiers. Tomorrow >> > Charge card + Reserve cash rewards > Borrow against Tokenized everything (crypto, stocks etc) Within six months >> Full blown on-chain unsecured credit Thanks for playing… you better know we’re playing to win.