swan is a very very fragile business and all they really control is the front end.
And by "front end", you also must mean the front of bitcoin twitter where they paid off every micro-influencer they could find to make it appear like a grassroots effort, right? ;)
They make a big deal out of being anti-shitcoin, but Cory was a hardcore full time shitcoin promoter in 2019 (giving talks, etc), Breedlove did BitClout, managing director Terrence was helping someone run BitClout in 2020. Seems like anti-shitcoin could just be a marketing funnel for them.
They seem to hire business:tech people at a 5-10 to 1 ratio, which might explain their failure to deliver basic features such as market-if-touched quasi-limit orders.
And then there was the whole 5-10% spread for a couple days, to which they could only afford to say "tough shit" to customers who got scammed (a circuit breaker to prevent something like that would also have been trivial to build). And now Cory is writing emails letting people know they want to IPO soon... I suppose with the nonsense that goes on in fiatland maybe they'll pull it off 🤦‍♂️
(Possible bias: I was trying to inadvertently crush them with a component of what I was working on given how easy it would have been, but fell a bit short as I attempted to continue bootstrapping as the bitcoin price went from 50s to low 20s. No bitcoin "investors" were interested... really hope there is something about bitcoin startup investing that attracts absolute morons and that OGs are much smarter or we may be in for a rough few decades after hyperbitcoinization while the fool-whales lose their coins.)
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