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.
The disruptor isn't speed or lower fees — it's an agent whose incentives point the same direction as the customer's P&L, in a market where 74–89% of retail traders already lose money.