U card / Crypto Bank's three mountains* The following is what I shared within the company about a week ago. At that time, Bybit and Infini had not yet had any problems, so it does not constitute any project judgment or toxic milk. 1️⃣ The security of asset management business, especially on-chain financial management, is essentially a yield aggregator, and it is still manual. There are more links that may cause problems than YFI and Autofarm in those years, especially complex strategies. 2️⃣ Compliance. If you do it later, you must involve buying a bank license. Buying a bank license is not expensive, but if the acquired old employees report it once, the compliance fine is very expensive. Especially if it involves on-chain asset management. The compliance in this model is very cumbersome, and the business logic is much more complicated than that of a simple Crypto Bank. 3️⃣ AML, U card has a very large problem of being abused by the electronic fraud industry, but unlike the exchange, it does not have contract hematopoiesis, and it does not interact with the traditional part like Tether relatively less, and most of the direct acceptances are corporate accounts, and do not directly undertake retail risks (bookkeeping on the chain, acceptance by three parties). - - - Starting a business is not easy. What is needed is upgrading and fighting monsters along the way and a responsible character. I like the way @Christianeth handled it.