The commentary from Youakim today did nothing to address the...

The commentary from Youakim today did nothing to address the issue - the size of the total addressable market was never in doubt, the issue is that a fee of 2.9% is now likely to be the industry benchmark, certainly for the larger enterprise accounts. An explanation as to how SZL will compete with a company 200x larger with a 6% transaction fee would have been much more insightful. I’d note that none of the existing players have directly addressed that today. When you have an 800 pound gorilla for a competitor, having a pie “big enough for multiple players” just means they will likely gobble up more of it.