Binance buys Alpaca stake, takes 50% of PFOF revenue
Alpaca's 94% share of tokenized US stock and ETF custody makes it the rails Binance is buying into — the revenue split is the structural tell about who captures the on-chain equities market.
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Alpaca's 94% share of tokenized US stock and ETF custody makes it the rails Binance is buying into — the revenue split is the structural tell about who captures the on-chain equities market.
Halving the prudential buffer below MiCA's 2% is a deliberate competitive lever: London wants issuer balance sheets to sit in the UK, and the BoE's quiet walk-back on per-holder caps clears the…
The count is the headline; the structure is the story. Binance owns the customer front door and the multi-asset narrative, while Nest Trading and Alpaca carry every regulated step from execution to…