Kraken and Bybit can now buy US stock spot, but it is still similar to many offshore financial platforms, with the only difference being that the margin has changed from fiat currency to cryptocurrency. This kind of proxy US stock trading, if it only involves spot trading, is definitely subsidized by the platform. This topic is currently hot, aiming to attract traffic and also to deter users in the crypto space who are preparing to flow into US crypto stocks. If crypto stock trading platforms want to make money, they will ultimately move towards contracts for difference (CFDs). However, regardless of the circumstances, this is definitely a positive for US crypto stocks, as it serves as a direct link between crypto and US stocks. I am optimistic about $coin, $hood, and other pullbacks.

In early 2019, our company launched a crypto stock trading platform, which I led. However, just as our platform went live, the owner of Biss, the largest crypto stock trading platform in China at the time, was arrested. We were quite scared and felt it was unnecessary to take risks with the company's business, so we decided to halt operations. For Kraken and Bybit's crypto stock spot trading, those with accounts can play around a bit, but for large funds and high-frequency trading, one still needs to open a US stock account. The order book is the biggest issue with this kind of proxy US stock trading.

At the end of 2015, I bought US stocks for the first time on a platform called "Meibao Financial," purchasing my first US stock, Yirendai. Initially, spot orders could be submitted to the exchange, but later it started to go wrong, often lagging behind and orders becoming uncoupled. Eventually, it was targeted by regulators, and although it didn't run away, the platform shut down. It started with spot trading to attract users, then moved to contracts for difference, and with a platform of just a dozen people, it generated several million dollars in revenue a month. Xue Manzi invested in it, and it was fortunate that it didn't run away.

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