Recently, there's an interesting phenomenon—two major players in the crypto exchange industry have suddenly started to cross over. Not only are they deeply cultivating their core exchange business, but they are also branching out into multiple sectors such as stock trading, payment systems, prediction markets, and even stablecoins. Is this "multi-faceted" strategy a smart layout or overexpansion?

Let's first look at their logic. Although the crypto market has experienced rapid growth in recent years, the growth ceiling is clearly there. What about traditional financial markets? Their user base is dozens of times larger than that of the crypto market, making the temptation obvious. More importantly, the payment sector has long been dominated by giants like PayPal and Venmo. Can new entrants carve out a share? It seems like a gamble.

But there are significant risks. First, both stock trading and payments are already red oceans, and traditional financial giants have accumulated years of brand, capital, and regulatory advantages that newcomers can't catch up with quickly. Second, dispersing efforts across multiple sectors might turn the main business into a side venture—will the trust foundation of crypto users be shaken? And then there's the regulatory hurdle; policy directions can change suddenly. Who can guarantee that today's support won't turn into tomorrow's risk?

From the user's perspective, "one-stop service" sounds attractive, but the premise is that each service must be sufficiently professional. Have you seen a store that sells both great coffee and good bento? Maybe, but in most cases, everything ends up being mediocre.

In summary, this move indeed shows ambition, but whether it can translate into competitiveness depends on execution and risk tolerance. The crypto industry is looking for new growth spaces. This exploration itself is fine, but every step out of the comfort zone must carefully consider the costs.