Crypto’s Next Phase Is Bigger Than Bitcoin

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The next phase of crypto’s public-market pitch is less about token prices and more about financial infrastructure. As trading revenue slows, companies including Coinbase, Robinhood, Circle, Bullish and Gemini are trying to show they can own the systems that issue, trade, settle and record assets. The question for investors is whether these new businesses can grow fast enough before the next crypto downturn puts the model under pressure again. Chapters: 0:00-00:28 Introduction 00:29-1:28 The everything exchange 1:29-3:32 Tokenized Wall Street 3:33-5:24 Beyond stablecoins 5:25-6:47 Treasury companies Produced by: Charlotte Morabito Reporting by: Tanaya Macheel Edited by: Tasia Jensen Animation: Jason Reginato, Emily Park Senior Managing Producer: Shawn Baldwin Senior Director of Video: Lindsey Jacobson Additional Footage: Getty Images » Subscribe to CNBC: » Subscribe to CNBC TV: About CNBC: From 'Wall Street' to 'Main Street' to award winning original documentaries and Reality TV series, CNBC has you covered. Experience special sneak peeks of your favorite shows, exclusive video and more. Want to get ahead at work? Then you need to learn how to make effective small talk. In CNBC’s new online course, How To Talk To People At Work, expert instructors teach you how to use everyday conversation to gain visibility, build meaningful relationships and advance your career. Sign up now: Connect with CNBC News Online Get the latest news: Follow CNBC on LinkedIn: Follow