How the Sausage Is Made in an Exchange

The way River works is probably how somebody who was optimizing, like a relatively smart person who's optimizing for safety and minimizing counterparty risk would build it if they had to build it from the ground up. So when you buy Bitcoin in River, we're executing that trade either, either, you know, directly on a trading venue or with an OTC desk, counterparty. And then we settle with our desks daily and those Bitcoin go into River's custody and only come out when the user makes a withdrawal. Now there's like little bits and pieces of managing hot and cold stuff all that’s 90%. But, you know,. like 8% of deposits are in cold custody.

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