Venmo + Cash App have minimal friction (ie no KYC) and no easy moat. Banking services are different bc they require KYC which in itself decreases the amount of users with zero balances (or <$5) bc only users who rly want to deposit will go thru it. Venmo is like a burner phone.
Public markets are drastically discounting digital wallets, which I believe, are the ultimate evolution of bank accounts
will be fascinating to watch how this plays out if/when digital wallets truly explode
From @ARKInvest BigIdeas 2020 reportpic.twitter.com/T3cJncMops
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Bc it’s a burner there and there are probs 10x the accounts on Venmo than any of those banks, it is clear why each user is worth substantially less
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Only reason
@Square is still relatively small, is because regulators keeps blocking their banking license. Might not matter long term, if the value layer accrues to bitcoin/digital wallets.@RobinhoodApp functional savings accounts as a layer above FDIC banks maybe enough
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