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ANALYSIS
The Exchange Is Becoming Infrastructure
Why Nasdaq, Kraken and SoFi point to a new institutional digital-asset stack — and why the next exchange competition is about infrastructure, not just listings and retail volume.
VIRAJ'S KEY TAKEAWAY
The commercial unit is shifting from the standalone exchange to an integrated market stack. Map capability gaps across settlement, liquidity, distribution, market integrity and regulated access, then build partnerships that remove measurable bottlenecks.
EXCHANGE & MARKET ACCESS
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