i read
@rainbowdotme's may 2026 investor update so you don't have to.
the first thing that stood out to me wasn't revenue or even user growth. it was how openly the team discusses concentration risk within the business. swaps still account for the majority of revenue, and the report makes it clear they're actively trying to diversify beyond that rather than simply hoping trading activity returns.
the second thing that caught my attention was the metric they're obsessed with: share of wallet. not total users. not tvl. not transaction count. they want a larger share of a user's financial activity to happen inside rainbow. that sounds much closer to a fintech strategy than a wallet strategy.
the roadmap was even more interesting. cash balances, instant withdrawals, tokenized equities, margin products. if you squint, it starts looking less like a crypto wallet roadmap and more like a robinhood roadmap rebuilt on crypto rails.
cash balances and instant withdrawals are probably the most ambitious items for now. those features sound great on paper, but they're also the ones that usually run into banking partnerships, compliance requirements and regulatory complexity. i'm genuinely curious how much of that work is already underway versus how much still sits ahead. i asked
@alexlaprade and i'm interested to hear his thoughts.
what i liked most about the document is that it doesn't read like a typical crypto growth deck. there isn't much focus on narratives, community programs or ecosystem buzzwords. most of the discussion revolves around products, revenue lines and user behavior.
after reading it, i came away with a different impression than i expected. rainbow doesn't seem focused on becoming a bigger wallet. it seems focused on becoming a financial app that happens to use crypto underneath.