Isn't this whole thing set up purely to collect as much cash as...

Isn't this whole thing set up purely to collect as much cash as they can in their pooled ANZ account and then wait for interest rates to rise?

All of the traded products and features seem like a sideshow, designed to entice little investors to put cash into that ANZ central bank account.
They made it simple, and feel-good, and a community, and they pester them with niceness and most of the people won't care about cheaper or better. They even made the onboarding experience suck so badly that people won't want to do it again somewhere else - what a masterstroke!

It isn't a serious trading product for real traders/investors so it won't keep growing market share in a boring or bad market and they need to make hay now before volatility scares new people off - which they are. Its just a simple website, for LT holders or newbs, so they won't get the people asking about why they aren't getting paid their interest on the few crumbs they have in there.

But if they can get 200,000 people to put in 5 grand each, thats a billion dollars. Then if the interest rates get to 3%pa - that's the gold - $30m clear and easy per year to SWF and it won't matter how many trades they do. Be more profitable if they all just sat it in cash and did nothing.
Best thing, in a bad market, is the guy sitting in cash will keep getting emails telling him he's in the top 5% of investors, another accidental masterstroke!

If they don't get pinged for having a business built on a fee-for-no-service by the regulator, then all they need to do is stay solvent long enough for interest rates to go up. So taking both of those into account, its 50/50 they'll survive. If people start worrying about SWF solvency there'll be a run on that cash account, even though it isn't really at risk, then the whole thing unwinds. So you should be praying for higher interest rates not worrying about whether the crypto will make people trade more.