A. Many people who look to invest in digital assets come from a traditional financial markets background and are often surprised by the complexity and fundamental differences between the two. Crypto is a nuanced and highly fragmented market, with hundreds of centralized exchanges globally. Yet only about 20 capture significant volumes, and then about five get most of the trades. The largest exchanges with the deepest liquidity are based outside of the U.S. At the same time, there are just three relevant exchanges based in the U.S. Additionally, there are decentralized exchanges (DEX), which are peer-to-peer marketplaces where trades occur on a chain directly between crypto traders. Centralized exchanges run internal ledgers that balance positions across their clients. There are over-the-counter (OTC) desks that provide more white glove service to institutional investors.