Coinbase Global Inc (COIN) 2022 Q3 法說會逐字稿

Good afternoon. My name is Abby, and I will be your conference operator today. At this time, I would like to welcome everyone to the Coinbase Third Quarter 2022 Earnings Call. (Operator Instructions) Thank you. Anil Gupta, Vice President, Investor Relations, you may begin your conference.

下午好。我的名字是艾比，今天我將成為您的會議接線員。在這個時候，我想歡迎大家參加 Coinbase 2022 年第三季度財報電話會議。 （操作員說明）謝謝。 Anil Gupta，投資者關係副總裁，您可以開始您的會議了。

Good afternoon, and welcome to the Coinbase Third Quarter 2022 Earnings Call. Joining me on today's call are Brian Armstrong, Co-Founder and CEO; Emilie Choi, President and COO; and Alesia Haas, CFO. I hope you've all had the opportunity to read our shareholder letter, which was published on our Investor Relations website earlier today.

下午好，歡迎參加 Coinbase 2022 年第三季度財報電話會議。和我一起參加今天電話會議的還有聯合創始人兼首席執行官 Brian Armstrong； Emilie Choi，總裁兼首席運營官；和首席財務官 Alesia Haas。我希望你們都有機會閱讀我們今天早些時候在我們的投資者關係網站上發布的股東信。

Before we get started, I'd like to remind you that during today's call, we may make forward-looking statements. Actual results may vary materially from today's statements. Information concerning risks, uncertainties and other factors that could cause these results to differ is included in our SEC filings.

在開始之前，我想提醒您，在今天的電話會議中，我們可能會做出前瞻性陳述。實際結果可能與今天的陳述大不相同。有關可能導致這些結果不同的風險、不確定性和其他因素的信息包含在我們提交給美國證券交易委員會的文件中。

Our discussion today will also include references to certain non-GAAP financial measures. Reconciliations to the most directly comparable GAAP financial measures are provided in our shareholder letter on our IR website. Non-GAAP financial measures should be considered in addition to, not as a substitute for GAAP measures. We are once again using Safe technologies to enable our shareholders to post questions. And in addition, we'll take some questions from our research analysts.

我們今天的討論還將包括對某些非公認會計原則財務指標的引用。我們投資者關係網站上的股東信中提供了與最直接可比的 GAAP 財務指標的對賬。非 GAAP 財務措施應作為 GAAP 措施的補充而不是替代措施。我們再次使用安全技術使我們的股東能夠發布問題。此外，我們將向我們的研究分析師提出一些問題。

With that, I'll turn it over to Brian and Alesia for opening comments.

有了這個，我會把它交給 Brian 和 Alesia 來發表評論。

Thanks, Anil. All right. So as I look back at the quarter, obviously, there were some macro headwinds just the macro environment being down, and that ties directly into our trading revenue. But I was really excited to see the growth in our subscription and services revenue. This is something where, 3-plus years ago, we started planting the seeds of building some of these different product lines with different revenue streams. And we've really started to see that come to fruition, which means the portfolio of products that Coinbase has and works on has started to provide less volatility for the parent company revenue overall. We still have a long ways to go on that, but it's a great trend and it's moving in the right direction.

謝謝，阿尼爾。好的。因此，當我回顧本季度時，很明顯，宏觀環境下降時存在一些宏觀不利因素，這與我們的交易收入直接相關。但我真的很高興看到我們的訂閱和服務收入的增長。這就是 3 多年前，我們開始播下建立一些具有不同收入來源的不同產品線的種子。我們已經真正開始看到它取得成果，這意味著 Coinbase 擁有和致力於的產品組合已經開始為母公司的整體收入提供更少的波動性。我們還有很長的路要走，但這是一個很好的趨勢，它正在朝著正確的方向發展。

So I just wanted to touch on a few topics. One is I want to touch on our move to a product group structure in the company that I think will help us move even faster. And then I'm going to touch on the regulatory environment, and I'll end by sharing a few thoughts about how we're going to continue to lead in this environment.

所以我只想談幾個話題。一個是我想談談我們轉向公司的產品組結構，我認為這將有助於我們更快地行動。然後我將談到監管環境，最後我將分享一些關於我們將如何繼續在這種環境中發揮領導作用的想法。

All right. So you may have read the news that our Chief Product Officer is going to be leaving the company. And this kind of accelerated the change that we had been thinking about for a little while, which was the idea of elevating our product group leaders in the org. And so we decided to make that change, and they're now going to be reporting directly to me. It'll be on the executive team.

好的。因此，您可能已經閱讀了我們的首席產品官將要離開公司的消息。這種加速了我們一直在思考的變革，這就是提升我們組織中的產品組領導者的想法。所以我們決定做出改變，他們現在將直接向我報告。它將在執行團隊中。

And we really have 3 different customer segments that Coinbase serves, so the product groups cleanly break down across those 3 customer segments. We've got consumers, institutions and developers. Now we're going to have a fourth product group, which we're calling platform, and this product group is there to build the shared components across the different product groups that all of our products use, for instance, connecting into the different blockchains out there, generating transactions, storing crypto, things like that.

我們確實有 Coinbase 服務的 3 個不同的客戶群，因此產品組清晰地劃分為這 3 個客戶群。我們有消費者、機構和開發商。現在我們將有第四個產品組，我們稱之為平台，這個產品組在那裡構建我們所有產品使用的不同產品組的共享組件，例如，連接到不同的區塊鏈在那裡，生成交易，存儲加密，諸如此類。

So I'm really excited about this change for a few reasons. I think that we're a big enough company now where we want to have more autonomy and P&L ownership for each of the different product group leaders. We want to give them the ability to move quickly and nimbly pushing down decision-making in the org, having them operate a little bit like 3 different startups within our larger company. And I'm really excited to see what the leaders of each of those product groups can do, and we have some really incredible talent, some rising stars in the company, and we're giving them more ownership here, which I think will drive our efficiency upscale, which is a -- by the way, I put out a blog post earlier this year, how we're going to operate efficiently upscale. It's probably good to go back and look at that, too.

因此，出於幾個原因，我對這一變化感到非常興奮。我認為我們現在是一家足夠大的公司，我們希望為每個不同的產品組負責人擁有更多的自主權和損益所有權。我們希望讓他們能夠快速靈活地推動組織中的決策制定，讓他們像我們大公司內的 3 家不同的初創公司一樣運作。我真的很高興看到每個產品組的領導者能做些什麼，我們有一些非常了不起的人才，公司中有一些冉冉升起的新星，我們在這裡給予他們更多的所有權，我認為這將推動我們的效率高檔，順便說一句，我在今年早些時候發表了一篇博客文章，我們將如何高效地運營高檔。回去看看也可能很好。

So let me just touch on the regulatory environment as well because, of course, the regulatory environment, I think, is one of the biggest unlocks that we're going to have in terms of growing this industry and perhaps even getting the prices to go back up in the right direction. By the way, there's an opportunity at some point for the crypto prices to potentially decouple, I think, from the broader macro environment. And we don't know if that'll happen, but I think it's one of the possibilities. And regulatory clarity is one of the things that could help kick that off.

所以讓我也談談監管環境，因為當然，我認為監管環境是我們在發展這個行業甚至可能讓價格上漲方面將獲得的最大解鎖之一向正確的方向備份。順便說一句，我認為，在某個時候，加密貨幣價格有可能與更廣泛的宏觀環境脫鉤。我們不知道這是否會發生，但我認為這是可能性之一。監管的明確性是可以幫助啟動的事情之一。

So just generally, if I look at the whole world because, of course, we're engaging with policymakers all over the world, the G20 with the exception of China has actually been generally positive moving towards regulatory clarity. Whether it's in Europe or in Hong Kong or in Australia or Brazil, we're seeing regulatory clarity emerge around the globe, and that's really exciting and positive.

因此，總的來說，如果我放眼整個世界，因為當然，我們正在與世界各地的政策制定者進行接觸，除中國外，G20 實際上總體上積極朝著監管明確的方向邁進。無論是在歐洲、香港、澳大利亞或巴西，我們都看到全球範圍內出現了清晰的監管，這確實令人興奮和積極。

The U.S., I would say, is a little bit behind, but it's also moving in a positive direction. There's a bill going through Congress called the Stabenow-Boozman Bill or simultaneously, it's being referred to as the DCCPA, the Digital Currency Consumer Protection Act. And this is a really positive development overall. It gives spot market authority to the CFTC. It helps clarify the regulatory environment for centralized exchanges and custodians, which, of course, is the primary thing that we do. And it clarifies some of the regulation around stable coins, which is also good.

我想說，美國有點落後，但它也在朝著積極的方向發展。有一項法案正在國會通過，稱為 Stabenow-Boozman 法案，或者同時被稱為 DCCPA，即數字貨幣消費者保護法。總體而言，這是一個非常積極的發展。它賦予 CFTC 現貨市場權力。它有助於澄清中心化交易所和託管人的監管環境，這當然是我們做的主要事情。並且澄清了一些關於穩定幣的規定，這也很好。

Now there's also part of the language in the bill that we're going back and forth with policymakers, helping provide input and draft some of this is around DeFi. And look, I think that DeFi and self-custodial wallets are a super important part of where crypto is going. When you hear about Web3 and decentralized apps or Dapps and DeFi itself, these are really essential to have the ability for new companies and participants to go build these protocols and really give access to these tools to people all over the world, including the 1.7 billion people in [roles] who don't have access to any bank account or financial services today.

現在，法案中還有一部分語言是我們與政策制定者反复討論的，幫助提供意見並起草其中一些是圍繞 DeFi 的。看，我認為 DeFi 和自託管錢包是加密貨幣發展的一個非常重要的部分。當你聽說 Web3 和去中心化應用程序或 Dapps 和 DeFi 本身時，這些對於讓新公司和參與者有能力構建這些協議並真正讓全世界的人（包括 17 億人）訪問這些工具非常重要[角色] 今天無法訪問任何銀行賬戶或金融服務的人。

So we'd like to see DeFi preserved and the innovation potential of that preserved. I really think in this Stabenow-Boozman Bill, everybody can basically agree that centralized exchanges and custodians should be regulated and my ideal world, I think we would really just focus the bill on that plus stable coins and just take the win. There's a lot of good work to do for the industry and regulation. We can come back to DeFi later. But if DeFi needs to be included in somehow, maybe there's a way to sort of create further study and not necessarily opine on something so early in that bill.

因此，我們希望看到 DeFi 得以保留，其創新潛力得以保留。我真的認為在這個 Stabenow-Boozman 法案中，每個人基本上都同意中心化交易所和託管人應該受到監管，而我的理想世界，我認為我們真的會把法案重點放在穩定幣上，然後就贏了。對於行業和監管，有很多好的工作要做。我們可以稍後再回到 DeFi。但是，如果需要以某種方式將 DeFi 納入其中，也許有一種方法可以進行進一步的研究，而不必在該法案的早期就發表意見。

So anyway, we're very excited to see that bill make its way through Congress. It has bipartisan support. I think it would be a great change actually to the current environment in the U.S. where, unfortunately, we're seeing this kind of regulation by enforcement from the SEC. And I do think that's creating a chilling effect on the U.S. market. It's harming U.S. investors in the sense that it's encouraging them to go to offshore exchanges that are less regulated or not regulated. And we'd like to see that change in the U.S. and for there to be regulatory clarity so that the U.S. can continue to be a leader in this space.

所以無論如何，我們很高興看到該法案通過國會。它得到了兩黨的支持。我認為這實際上對美國當前的環境將是一個巨大的變化，不幸的是，我們看到美國證券交易委員會通過執法來實施這種監管。我確實認為這對美國市場產生了寒蟬效應。從某種意義上說，它正在傷害美國投資者，因為它鼓勵他們去監管較少或不受監管的離岸交易所。我們希望看到美國發生這種變化，並希望監管更加清晰，以便美國能夠繼續成為這一領域的領導者。

As we're working on all these policy efforts, we're also not just sitting back idly. We're going to continue to build and innovate across all of our product suites. And it's going to continue to make us think about how we're making investments internationally because, of course, our mission is to increase economic freedom for the world, and there's various jurisdictions around the world that are a little further ahead on the regulatory clarity or they're even trying to attract crypto businesses there, building something where people can serve the rest of the world. And so we have to think about all of that at the same time as we help these policy efforts come to fruition in countries around the world.

在我們致力於所有這些政策努力的同時，我們也不只是坐視不管。我們將繼續在我們所有的產品套件中構建和創新。它將繼續讓我們思考我們如何在國際上進行投資，因為當然，我們的使命是增加世界的經濟自由，而且世界各地的各個司法管轄區在監管清晰度方面都領先一步或者他們甚至試圖在那裡吸引加密業務，建立人們可以為世界其他地方服務的東西。因此，我們必須在幫助這些政策努力在世界各國取得成果的同時考慮所有這些。

So yes, just in this down environment, the down market, I should say, I'm actually really excited and energized. We've been through 4 crypto cycles in the last 10 years at Coinbase. And it's kind of funny. I actually enjoy the down cycles a little bit more. In up cycles, there's tons of scaling efforts that has to happen, and a lot of people rush into crypto for sometimes the wrong reasons. In the down markets, you get to focus on building and everyone's there who's a true believer and a true builder. And that's no different in this case.

所以是的，就在這個低迷的環境中，我應該說，我真的很興奮和充滿活力。在過去的 10 年裡，我們在 Coinbase 經歷了 4 個加密週期。這有點好笑。我實際上更喜歡下降週期。在上升週期中，必須進行大量的擴展工作，而且很多人有時會出於錯誤的原因湧入加密貨幣領域。在低迷的市場中，您可以專注於建設，而那裡的每個人都是真正的信徒和真正的建設者。在這種情況下也沒有什麼不同。

There's a ton of innovation happening. There's still a ton of institutions signing up, kind of getting ready to take advantage when this market we find the bottom of the macro environment. And Coinbase is going to continue to lead in this environment doing what we've always done in the sense that we're taking a very trusted and compliant approach globally. We're not trying to cut any corners or move too fast. We're trying to do the right thing for the long term even if it's more difficult in the short term. I think that will pay off for us.

有大量的創新正在發生。仍有大量機構簽約，當我們發現宏觀環境觸底時，準備利用這一市場。 Coinbase 將繼續在這個環境中引領我們做我們一直在做的事情，因為我們在全球範圍內採取了一種非常值得信賴和合規的方法。我們並不想偷工減料或行動太快。我們正在努力為長期做正確的事情，即使在短期內會更加困難。我認為這將為我們帶來回報。

We're also leaning into all the variety of different use cases that are emerging in the crypto economy. We're leaning into Web3 usage, building a lot of this functionality natively into our app. Trading is great, and it's been a big source of revenue for us. It will continue to be in the future. But we also want to support all of the use cases in crypto, not just trading so that the crypto economy can really come to fruition, and that will be a diversity of different revenue streams that come into our platform.

我們還關注加密經濟中出現的各種不同的用例。我們傾向於使用 Web3，在我們的應用程序中原生地構建了很多這種功能。交易很棒，對我們來說是一個重要的收入來源。未來還會繼續。但我們也希望支持加密領域的所有用例，而不僅僅是交易，以便真正實現加密經濟，這將是進入我們平台的各種不同收入來源。

We're trying to make crypto easier to use, and that's how we're going to get 1 billion people and eventually half the world onto using crypto and benefiting from it. So I think Coinbase has been a leader in terms of ease of use and design. And of course, we have -- we're one of the companies that have a portfolio of different products. And so this is great. Our customers love it. They can just sign up once, but anything they want to do with crypto, it's easy. They already have their crypto stored with us. It's just one more click to buy an NFT or a stake and earn yield on their crypto. And so the portfolio of products that we've created, I think, is unmatched in the industry, and we'll continue to build that out.

我們正在努力讓加密貨幣更易於使用，這就是我們將如何讓 10 億人乃至世界一半的人使用加密貨幣並從中受益的方式。所以我認為 Coinbase 在易用性和設計方面一直處於領先地位。當然，我們有——我們是擁有不同產品組合的公司之一。所以這很棒。我們的客戶喜歡它。他們只需註冊一次，但他們想用加密貨幣做的任何事情都很容易。他們已經將他們的加密貨幣存儲在我們這裡。只需單擊一下即可購買 NFT 或股份並從其加密貨幣中賺取收益。所以我們創造的產品組合，我認為，在行業中是無與倫比的，我們將繼續建立它。

So with that, let me turn it over to Alesia, who's going to go through our Q3 numbers.

因此，讓我把它交給 Alesia，他將檢查我們的第三季度數據。

Thanks, Brian. I'm just going to quickly recap a few key financial highlights in the quarter. Our results are covered in great detail and at length in our shareholder letter. So while our net revenue did decline sequentially to $576 million, our net loss and adjusted EBITDA both improved sequentially to negative $545 million and negative $116 million, respectively. And we think this really speaks to the cost management efforts that we took in Q3.

謝謝，布賴恩。我將快速回顧一下本季度的一些關鍵財務亮點。我們的股東信中詳細詳細地介紹了我們的結果。因此，雖然我們的淨收入確實環比下降至 5.76 億美元，但我們的淨虧損和調整後的 EBITDA 均環比下降，分別為負 5.45 億美元和負 1.16 億美元。我們認為這確實說明了我們在第三季度所做的成本管理工作。

Our trading volume declined 44% sequentially driven by ongoing headwinds that we discussed in our letter. Our MTUs declined 6% to 8.5 million as user behaviors continue to shift from trading to non-trading transactions. And our users are increasingly engaging in staking and reward-generating products amid this [now] reduction in prices and lower crypto price volatility.

由於我們在信中討論的持續逆風，我們的交易量環比下降了 44%。隨著用戶行為繼續從交易轉向非交易交易，我們的 MTU 下降了 6% 至 850 萬。在[現在]價格下降和加密貨幣價格波動性降低的情況下，我們的用戶越來越多地參與質押和產生獎勵的產品。

We are so pleased, and Brian alluded to this earlier, that our subscription services revenue grew 43% sequentially to $211 million. And importantly, if we hold price constant, so if Q3 prices were the same price they were in Q2, that would have grown 82%. The biggest contributor within this line item is interest income, which is benefiting from the rising interest rate environment.

我們很高興，Brian 早些時候也提到了這一點，我們的訂閱服務收入環比增長 43%，達到 2.11 億美元。重要的是，如果我們保持價格不變，那麼如果第三季度的價格與第二季度的價格相同，那將增長 82%。該項目中最大的貢獻者是利息收入，受益於利率上升的環境。

We took very decisive action on costs, and we were able to reduce our operating expenses by 38% sequentially or 22% when you back out the impact of noncash impairment charges on our crypto assets. We are actively updating and evaluating our scenario plans and prepare to reduce operating expenses further if market conditions worsen. We ended the quarter with $5.6 billion in total U.S. dollar resources. In addition, we held a portfolio of $483 million in crypto assets. And combined, we believe this puts us in a strong position to manage through these market headwinds we face.

我們對成本採取了非常果斷的行動，當您取消非現金減值費用對我們的加密資產的影響時，我們能夠連續減少 38% 或 22% 的運營費用。我們正在積極更新和評估我們的情景計劃，並準備在市場狀況惡化時進一步降低運營費用。我們在本季度結束時的美元資源總額為 56 億美元。此外，我們持有 4.83 億美元的加密資產投資組合。綜合起來，我們相信這使我們處於有利地位，可以應對我們面臨的這些市場逆風。

So just in closing, I want to touch on our outlook. For 2022, for full year 2022, we remain cautiously optimistic that we will be able to operate within the $500 million adjusted EBITDA lost guardrail that we previously communicated. This is assuming the market cap doesn't go down and to deteriorate meaningfully below October, and we don't see any changes in the customer behaviors.

最後，我想談談我們的前景。對於 2022 年和 2022 年全年，我們仍然謹慎樂觀地認為，我們將能夠在我們之前傳達的 5 億美元調整後 EBITDA 損失的護欄內運營。這是假設市值沒有下降並在 10 月以下顯著惡化，並且我們沒有看到客戶行為有任何變化。

As we approach 2023 planning, we're currently preparing with a conservative bias and assuming the current macroeconomic headwinds will persist and potentially intensify. We are not providing a quantitative outlook yet at this time.

隨著我們接近 2023 年的計劃，我們目前正在以保守的偏見進行準備，並假設當前的宏觀經濟逆風將持續存在並可能加劇。我們目前尚未提供定量展望。

So to conclude, we feel confident that we're in a good position to manage through the stress market and will emerge stronger on the other side. So with that, let's go to questions, Anil.

因此，總而言之，我們相信我們處於應對壓力市場的有利位置，並且會在另一邊變得更強大。那麼，讓我們來提問吧，阿尼爾。

Great. Thank you both. Before we get into Q&A, I'll quickly reiterate our call principles. So first, we'll answer the most uploaded questions determined by the number of shares. And we might group questions together that touch on the same themes. Second, we don't plan to answer questions related to the potential listing of new assets. And third, we'll avoid questions we've answered in the past or issued blog posts about in the past if there are no material updates.

偉大的。謝謝你們倆。在我們進入問答環節之前，我將快速重申我們的通話原則。因此，首先，我們將回答由分享數量決定的上傳最多的問題。我們可能會將涉及相同主題的問題組合在一起。其次，我們不打算回答有關新資產潛在上市的問題。第三，如果沒有重大更新，我們將避免過去回答過的問題或過去發布過的博客文章。

So with that, the first question is from Manuel O. who asks, what's the prediction for the next 5 years. Brian?

因此，第一個問題來自 Manuel O.，他問，未來 5 年的預測是什麼。布賴恩？

Yes. Thanks, Anil. So of course, just to clarify, we always have to say we can't actually predict the future. I don't want to make the lawyers too nervous here on forward-looking statements. But I kind of like this quote. "The best way to predict the future is to invent it." So we can certainly do our best to build some of the things that we think have potential, and that's -- it's a great way that people can have an impact on the world.

是的。謝謝，阿尼爾。所以當然，為了澄清，我們總是不得不說我們實際上無法預測未來。我不想讓律師們對前瞻性陳述過於緊張。但我有點喜歡這句話。 “預測未來的最好方法就是發明它。”所以我們當然可以盡最大努力打造一些我們認為有潛力的東西，那就是——這是人們對世界產生影響的好方法。

So I mean what's going to be different in crypto in 5 years? Well, look, as I addressed earlier, I think there's going to be more clear regulatory environments across the G20 and really around the world. That's going to unlock a lot more institutional capital. We're seeing that under the surface, even in this challenging market, we're seeing the adoption from [instant] investors that are basically signing up to our Coinbase Prime platform. And I like the language that we used in the shareholder letter around the spring is coiling. I think there's a lot of people preparing for when the next upswings happen.

所以我的意思是 5 年內加密貨幣會有什麼不同？好吧，看，正如我之前提到的，我認為 G20 乃至全世界都會有更清晰的監管環境。這將釋放更多的機構資本。我們看到在表面之下，即使在這個充滿挑戰的市場中，我們也看到了[即時]投資者的採用，這些投資者基本上註冊了我們的 Coinbase Prime 平台。我喜歡我們在春天前後的股東信中使用的語言。我認為有很多人在為下一次上漲發生時做準備。

I think the scalability of the blockchain will continue to improve. We saw this a little bit with Ethereum's merge this year, but they have a lot more updates there. We're seeing other blockchains continue to scale with Lightning Network and various Layer 2 solutions, which is really exciting. That will just unlock a whole bunch of new use cases and is similar to how the Internet moved from dial-up to broadband.

我認為區塊鏈的可擴展性會不斷提高。我們在今年的以太坊合併中看到了這一點，但他們在那裡有更多的更新。我們看到其他區塊鏈通過閃電網絡和各種第 2 層解決方案繼續擴展，這真的很令人興奮。這將解鎖一大堆新用例，類似於互聯網從撥號到寬帶的方式。

I think decentralized trading with dexes, decentralized exchanges will continue to grow as a percentage of all global trading, and we're excited about that. I think you'll see actually more countries in the world adopt cryptocurrency as legal tender, kind of in the way that El Salvador did with Bitcoin. I know that they were a very early adopter, and there's probably going to be -- in the next 5 years, I wouldn't be surprised if we didn't see other countries continue to adopt cryptocurrency as their legal tender, similar to how some countries actually just peg their currency to the U.S. dollar.

我認為與 dexes 的去中心化交易、去中心化交易所在全球交易中的比例將繼續增長，我們對此感到興奮。我想你會看到世界上實際上有更多的國家採用加密貨幣作為法定貨幣，就像薩爾瓦多對比特幣所做的那樣。我知道他們是一個非常早期的採用者，並且可能會在未來 5 年內，如果我們沒有看到其他國家繼續採用加密貨幣作為他們的法定貨幣，我不會感到驚訝，類似於一些國家實際上只是將其貨幣與美元掛鉤。

I think a lot of countries are also going to pursue Central Bank digital currencies and in the U.S., I think actually USD coin will end up being kind of a de facto central bank digital currency in the U.S. In other words, the policymakers in the U.S. will set the frameworks that need to be followed, but the private market will actually create the solutions and USD coin has been on a really rapid rise. And I think it will probably be the largest in the world at that point, ahead of Tether, if I had to guess.

我認為很多國家也會追求央行數字貨幣，在美國，我認為實際上美元硬幣最終將成為美國事實上的央行數字貨幣。換句話說，美國的政策制定者將設定需要遵循的框架，但私人市場實際上會創造解決方案，美元硬幣一直在迅速增長。而且我認為，如果我不得不猜測的話，它可能是當時世界上最大的，領先於 Tether。

I think crypto will just start to have a really big impact on economic freedom. That's kind of what we believe is going to happen. That's the mission of Coinbase. And the market will recognize us for the long-term and thoughtful approach that we've made around compliance, trust, security, ease of use. And hopefully, we have, at that time, 1 billion people using crypto. Today, I think there's probably 200 million, 300 million people in the world who've used crypto. And I think we could easily be at 1 billion people using crypto within 5 years. But again, we can't tell for sure and this is going to take a lot of hard work.

我認為加密貨幣將開始對經濟自由產生非常大的影響。這就是我們相信將會發生的事情。這就是 Coinbase 的使命。市場將認可我們在合規性、信任、安全性和易用性方面採取的長期且深思熟慮的方法。希望那時我們有 10 億人在使用加密貨幣。今天，我認為世界上可能有 2 億、3 億人使用過加密貨幣。而且我認為我們很容易在 5 年內使用加密貨幣的人數達到 10 億人。但同樣，我們無法確定，這將需要大量的努力。

Great. Our next question comes from Cordaro S. who asks how does Coinbase plan on surviving the current economic downturn? Brian?

偉大的。我們的下一個問題來自 Cordaro S.，他詢問 Coinbase 計劃如何度過當前的經濟衰退？布賴恩？

Yes. Well, just one kind of language knit I'll mention here. I don't like the word just surviving in the current economic downturn. I think there's actually opportunities to thrive in this environment. And whether the market is up, there's opportunities. Obviously, we could raise money at higher valuations or whatever. But in down markets, there's also opportunities all around us.

是的。好吧，我將在這裡提到一種語言編織物。我不喜歡在當前的經濟衰退中倖存下來這個詞。我認為實際上有機會在這種環境中茁壯成長。無論市場是否上漲，都有機會。顯然，我們可以以更高的估值或其他方式籌集資金。但在低迷的市場中，我們周圍也有機會。

There's opportunities to do good M&A deals, and we're looking at a lot of those. We've got dry powder to take advantage of that when prices come down. And there's all kinds -- there's opportunities to build, right? If we don't have to focus so much on just scaling in a hyper-growth environment, there's opportunities to help build future, pay down tech debt. We're seeing a lot of improvements across our technical infrastructure just around tech debt that will help us get to the next order of magnitude in the next (inaudible) .

有機會進行良好的併購交易，我們正在研究其中的很多。當價格下降時，我們有乾粉可以利用這一點。而且有各種各樣的-有機會建立，對嗎？如果我們不必過於專注於在高速增長的環境中進行擴展，那麼就有機會幫助建立未來，償還技術債務。我們看到圍繞技術債務的技術基礎設施有很多改進，這將幫助我們在下一個數量級（聽不清）。

So there's lots of opportunities to thrive. Of course, subscription and services is another big one that I mentioned, right? We planted those seeds to diversify our revenue streams. That's really coming to fruition. And we don't know exactly what will take off in the next cycle. So we've got to continue building and innovating. That's part of why I'm so excited about how we're making Web3 easier to use. There's, I think, a lot of exciting work happening with decentralized social media, Dow's decentralized gaming, all these things we need to make -- the Metaverse, right? People want to own digitally native items inside the Metaverse and various games.

所以有很多發展的機會。當然，訂閱和服務是我提到的另一大問題，對吧？我們播下這些種子是為了使我們的收入來源多樣化。這真的要實現了。而且我們不知道下一個週期會發生什麼。所以我們必須繼續建設和創新。這就是為什麼我對我們如何使 Web3 更易於使用感到如此興奮的部分原因。我認為，去中心化的社交媒體、陶氏的去中心化遊戲以及我們需要製作的所有這些東西——元界，都在發生很多令人興奮的工作，對吧？人們希望在 Metaverse 和各種遊戲中擁有數字原生物品。

So we need to make sure all these things get easier and easier to use over time, and we've got opportunities with our products there as well, not just around trading but all these other use cases.

因此，我們需要確保所有這些東西隨著時間的推移變得越來越容易使用，而且我們的產品也有機會在那裡，不僅僅是交易，還有所有其他用例。

Let's see what else. I mean we're continuing to do great partnerships, BlackRock and Meta and Google. As a public company, I think we've been really delighted to see that other public companies are willing and excited to work with us and our diligence processes with them has gone even better. And just overall, I think we're going to manage through this the way we've done through the last crypto -- the last 4 crypto cycles that we've been through as a company.

讓我們看看還有什麼。我的意思是我們將繼續與貝萊德、Meta 和谷歌建立良好的合作關係。作為一家上市公司，我認為我們真的很高興看到其他上市公司願意並很高興與我們合作，並且我們與他們的盡職調查過程變得更好。總的來說，我認為我們將通過上一個加密貨幣的方式來管理它——我們作為一家公司經歷的最後 4 個加密貨幣週期。

So obviously, we have to be rigorous about managing costs and things like that, but there's good revenue growth opportunities in these different areas. And yes, we're going to keep operating efficiently and making some of these changes like around our product groups.

所以很明顯，我們必須嚴格管理成本和類似的事情，但在這些不同領域都有很好的收入增長機會。是的，我們將繼續高效運營，並在我們的產品組周圍進行一些更改。

If I could, I'd just like to add on a couple of numbers behind your comments. So just to add on to this question, we did end Q3 with $5.6 billion in total USD resources and $480 million in crypto, so over $6 billion in combined crypto and cash resources. On our operating expense side, as I mentioned earlier, we reduced our operating expense by 22%, excluding impairments. And we're continuing to manage expenses very closely given the macro conditions.

如果可以的話，我只想在你的評論後面加上幾個數字。因此，為了補充這個問題，我們在第三季度結束時確實擁有 56 億美元的總美元資源和 4.8 億美元的加密貨幣，因此加密貨幣和現金資源的總和超過 60 億美元。正如我之前提到的，在我們的運營費用方面，我們將運營費用減少了 22%，不包括減值。鑑於宏觀條件，我們將繼續非常密切地管理費用。

And just a final thought for me. I think it's important to hear how our team thinks about operating through these volatile crypto markets. And as a team, we spend a lot of time thinking through a variety of scenarios and developing contingency plans. We believe we have the balance sheet to weather the [multiyear] downturn, and we have action plans we have developed to lower our expenses or extend our runway if needed.

對我來說只是一個最後的想法。我認為了解我們的團隊如何看待在這些動蕩的加密市場中運作是很重要的。作為一個團隊，我們花費大量時間思考各種場景並製定應急計劃。我們相信我們的資產負債表可以度過 [多年] 低迷時期，並且我們已經制定了行動計劃，以降低開支或在需要時延長跑道。

We had several questions about competition. I'll summarize them by saying how do you plan to compete with companies that offer 0 fee trades or other companies that are starting to get into the U.S. market. Emilie?

我們有幾個關於競爭的問題。我將總結它們，說您打算如何與提供 0 費用交易的公司或其他開始進入美國市場的公司競爭。艾米莉?

Thanks for the question. So we are seeing a lot of headlines about 0 fees, and I want to make sure we unpack that a little bit. So there's 2 ways that companies generally generate revenue through trading. There is spread and there's a fee. And companies that say 0 fee are still generating a spread or charging a partner.

謝謝你的問題。所以我們看到很多關於 0 費用的頭條新聞，我想確保我們稍微解開這一點。因此，公司通常有兩種通過交易產生收入的方式。有傳播，有費用。說 0 費用的公司仍在產生價差或向合作夥伴收取費用。

So right now, we are roughly in line with other companies in terms of our total costs. In any case, customers are willing to pay for our premium product, and we talked before about we are not going to compete on price because of the quality of the product. We also offer Coinbase One a subscription product where customers can do 0 fee trades.

所以現在，就總成本而言，我們與其他公司大致持平。無論如何，客戶願意為我們的優質產品買單，而且我們之前說過我們不會因為產品質量而在價格上競爭。我們還為 Coinbase One 提供訂閱產品，客戶可以在其中進行 0 費用交易。

So then now let me move on to how we compete. At the highest level, our goal is to grow the share of users and wallet across our 3 customer segments: consumer, institutional and developer. We have 3 major differentiators or value props. One is that we are the most trusted. We've always taken a long-term view on compliance and security, and we're widely viewed as the safest and most compliant player in the space.

那麼現在讓我繼續討論我們如何競爭。在最高層面，我們的目標是在我們的 3 個客戶群中增加用戶和錢包的份額：消費者、機構和開發者。我們有 3 個主要的差異化因素或價值支柱。一是我們是最值得信賴的。我們一直對合規性和安全性採取長遠的眼光，我們被廣泛認為是該領域最安全、最合規的參與者。

Ease-of-use, we know that crypto is too complex for the average person, and with Coinbase people can get the utility of crypto technology without having to understand all of the technical details. Finally, we have an integrated product suite. We know that there will be many winners in crypto and there's going to be plenty of opportunities for everyone to extract great TAM. But Coinbase is one of the only places where you can have one crypto account and do every sort of crypto activity. You can trade, stake, pay, borrow, earn, create, et cetera.

易於使用，我們知道加密對於普通人來說太複雜了，並且通過 Coinbase，人們無需了解所有技術細節即可獲得加密技術的實用性。最後，我們有一個集成的產品套件。我們知道在加密領域會有很多贏家，每個人都會有很多機會來提取偉大的 TAM。但是 Coinbase 是唯一可以擁有一個加密帳戶並進行各種加密活動的地方之一。你可以交易、質押、支付、借貸、賺取、創造等等。

And we believe that we have begun to prove out this multiproduct strategy. So examples of this. One is that we started to invest in USDC back in 2018. We invested in staking in 2019. And now we're seeing that these efforts are yielding pretty great results as demonstrated by the growth of our subscription and services revenue. And we continue to plant seeds for future growth through partnerships like the ones we've announced with BlackRock, Google and others.

我們相信我們已經開始證明這種多產品戰略。所以這方面的例子。一是我們早在 2018 年就開始投資 USDC。我們在 2019 年投資了 Staking。現在我們看到這些努力正在產生相當好的結果，我們的訂閱和服務收入的增長就證明了這一點。我們通過與貝萊德、谷歌和其他公司宣布的合作夥伴關係，繼續為未來的增長播下種子。

And then finally, as we look towards big opportunities and big TAM expansion, we should note that our product suite has historically been focused around crypto spot markets, specifically U.S. spot markets. And that is a great opportunity, but that's also a smaller TAM compared with the global crypto trading market. So as we look at product and geographic expansion opportunities to grow revenue in a larger TAM market, that includes things like derivatives in the U.S. and globally, we think there's a lot of ways to expand that TAM.

最後，當我們展望大機遇和大 TAM 擴張時，我們應該注意到，我們的產品套件歷來專注於加密現貨市場，特別是美國現貨市場。這是一個很好的機會，但與全球加密交易市場相比，這也是一個較小的 TAM。因此，當我們著眼於產品和地域擴張機會以在更大的 TAM 市場（包括美國和全球的衍生品）中增加收入時，我們認為有很多方法可以擴展 TAM。

So in summary, lots of TAM expanding moves. We believe that being the most trusted, easiest to use and having an integrated product suite over time across these 3 different customer segments is going to help us continue to win share of users and wallet over time.

所以總而言之，很多 TAM 擴展動作。我們相信，隨著時間的推移，成為最值得信賴、最容易使用並在這 3 個不同的客戶群中擁有集成的產品套件，將幫助我們隨著時間的推移繼續贏得用戶和錢包的份額。

Our next question comes from Ezra W. who asked, what are the ways you can diversify your revenue and profits from crypto prices. Alesia?

我們的下一個問題來自 Ezra W.，他問道，您可以通過哪些方式從加密貨幣價格中分散收入和利潤。阿萊西亞？

Thanks for the question, Ezra. So I think it's important to start with we're a crypto company, and we're 100%. We're all in on crypto. So our revenue and profits will be intrinsically tied to the overall crypto market in some form or fashion. However, we can dampen the effect of direct comparison. So today, our largest revenue stream, trading revenues, is directly correlated with crypto prices and crypto price volatility.

謝謝你的問題，以斯拉。所以我認為從我們是一家加密公司開始很重要，我們是 100%。我們都在加密。因此，我們的收入和利潤將以某種形式或方式與整個加密市場有著內在的聯繫。但是，我們可以抑制直接比較的影響。所以今天，我們最大的收入來源，交易收入，與加密價格和加密價格波動直接相關。

So we experience that volatile. As you can see over the last 18 months as prices were rising in high volume in 2021, we generated a lot of revenue. As prices have come down and volatility has come down, we've had trading headwinds this year. So we are very proud of our trading platform, and we recognize that there's going to be volatility given how early we are in this industry.

所以我們經歷了這種波動。正如您在過去 18 個月中看到的那樣，隨著 2021 年價格大幅上漲，我們創造了很多收入。隨著價格下跌和波動性下降，今年我們遇到了交易逆風。因此，我們對我們的交易平台感到非常自豪，並且我們認識到，鑑於我們在這個行業中處於早期階段，將會出現波動。

But because of that volatility, years ago, we started investing in new revenue streams, specifically our subscription and services revenues. And this has been comments that you've heard from Brian and Emilie earlier that it takes time to build these great products and for them to achieve scale. But we're really proud that we started planting the seeds back in 2018 with cofounding center (inaudible) great USDC. In 2019, we rolled out our first staking asset. And you can now see both of these products generating significant growth within our subscription and services revenue lines.

但由於這種波動，幾年前，我們開始投資新的收入來源，特別是我們的訂閱和服務收入。這是您之前從 Brian 和 Emilie 那裡聽到的評論，即構建這些出色的產品並讓它們實現規模化需要時間。但我們真的很自豪，我們早在 2018 年就開始與聯合創始人中心（聽不清）偉大的 USDC 一起播種。 2019 年，我們推出了第一個質押資產。您現在可以看到這兩種產品都在我們的訂閱和服務收入線中產生了顯著增長。

In 2020, I think it's important to note that subscription and services was $45 million in full year revenue, $45 million. In 2021, it grew to over $500 million. And this year, our outlook is now over $700 million, and that's despite the headwinds we talked about in the crypto market and significant price declines.

在 2020 年，我認為重要的是要注意訂閱和服務的全年收入為 4500 萬美元，即 4500 萬美元。到 2021 年，它增長到超過 5 億美元。今年，我們的前景現在超過 7 億美元，儘管我們在加密市場談到了逆風和價格大幅下跌。

So we're pleased with the progress we're making, and we think that we need to continue to invest here to create the multiproduct strategy. And this will diversify the drivers of our revenue and dampen out some of the volatility we're seeing.

所以我們對我們正在取得的進展感到滿意，我們認為我們需要繼續在這裡投資以創建多產品戰略。這將使我們的收入驅動因素多樣化，並抑制我們所看到的一些波動。

Our next question comes from Manuel O. who asked how are you planning to detach the share value from Bitcoin value. Alesia?

我們的下一個問題來自 Manuel O.，他問你打算如何將股票價值與比特幣價值分離。阿萊西亞？

All right. Different question, same flavor. So we just talked about diversifying our revenues to reduce P&L volatility from crypto prices. And it's a similar answer on reducing the correlation in our stock coin from Bitcoin. So again, Bitcoin is the largest crypto asset by market cap, and we generate meaningful revenue from Bitcoin trading and test fees. So I think there will always be some element of correlation between our stock and Bitcoin.

好的。不同的問題，相同的味道。所以我們剛剛談到了使我們的收入多樣化，以減少加密貨幣價格帶來的損益波動。這是一個類似的答案，可以減少我們的股票硬幣與比特幣的相關性。同樣，按市值計算，比特幣是最大的加密資產，我們從比特幣交易和測試費用中獲得了可觀的收入。所以我認為我們的股票和比特幣之間總會有一些相關的因素。

But I think it's important to note that this has not been a consistent relationship. So interestingly, there's some periods of 80%, 90% correlation between Coin and Bitcoin and in Q3, we had really low correlation. It was approximately 30%.

但我認為重要的是要注意這並不是一種一致的關係。有趣的是，硬幣和比特幣之間存在 80%、90% 的相關性，在第三季度，我們的相關性非常低。大約是 30%。

So I don't know how investors are thinking of this, but I think there's a few things that I think are important to note. So one, is not all asset managers or large investors actually have the ability to directly invest in spot Bitcoin. And so as the first public company, some investors are gaining access to Bitcoin and crypto broadly via Coin. And so they're using our stock as a proxy for how they may or may not have traded the underlying spot assets.

所以我不知道投資者是怎麼想的，但我認為有幾件事我認為很重要。因此，並非所有資產管理公司或大型投資者實際上都有能力直接投資現貨比特幣。因此，作為第一家上市公司，一些投資者正在通過 Coin 廣泛地獲得比特幣和加密貨幣。因此，他們使用我們的股票作為他們可能會或可能不會交易標的現貨資產的代理。

We believe as ETFs to hopefully get approved and more crypto companies go public, I can see less correlation between Coin and Bitcoin. Further to these trends, we could see less correlation with the development of more institutional trading alongside financing and derivative markets in the U.S. where investors could have more vehicles, easy access to short Bitcoin directly as opposed to Coinbase.

我們相信，隨著 ETF 有望獲得批准以及更多加密公司上市，我可以看到 Coin 和比特幣之間的相關性降低。除了這些趨勢之外，我們可以看到與更多機構交易的發展以及美國的融資和衍生品市場的相關性降低，在美國，投資者可以擁有更多的工具，更容易直接獲得空頭比特幣，而不是 Coinbase。

Lastly, it comes back to what I said before. The more we can create multiproduct strategies with different revenue drivers and diversify our P&L, I think we'll see less correlation to any single coin or crypto overall. And that is the thing that is most in our control to drive that product strategy, deliver value to our customers and what we are singularly focused on.

最後，回到我之前說的。我們越能創建具有不同收入驅動因素的多產品策略，並使我們的損益多樣化，我認為我們將看到與任何單一硬幣或加密貨幣整體的相關性越低。這是我們最能控制的事情，以推動該產品戰略，為我們的客戶創造價值，以及我們特別關注的事情。

Our next question comes from Stephen J. who asks what software or technological updates does Coinbase have on the way?

我們的下一個問題來自 Stephen J.，他問 Coinbase 有哪些軟件或技術更新？

Yes, I can take that one. So well, first of all, I don't want to preannounce anything that's coming down the pipe here, but I just can talk generally about what technology updates, I think, that we have in the process or we have already live that are really powerful for us. So one of them, I think, is sort of underappreciated is actually our MPC or multiparty competition tech stack. For those who aren't familiar, MPC is a way that you can store crypto securely using different keys in different secure environment.

是的，我可以拿那個。好吧，首先，我不想在這裡預先宣布即將發生的任何事情，但我可以籠統地談論一下我認為我們正在進行的或已經存在的技術更新是真的對我們來說很強大。因此，我認為其中一個被低估的實際上是我們的 MPC 或多方競爭技術堆棧。對於那些不熟悉的人來說，MPC 是一種您可以在不同的安全環境中使用不同的密鑰安全地存儲加密貨幣的方式。

Without getting into the technical details of it, what it does is it allows us to store crypto more securely in our hot wallet and things like that. It also enables functionality like in our app, we have something called [Adapt Wallet], which allows customers even using our core retail app to go access Web3 apps and decentralized apps.

在不深入了解它的技術細節的情況下，它的作用是讓我們能夠更安全地將加密貨幣存儲在我們的熱錢包之類的東西中。它還支持我們的應用程序中的功能，我們有一個叫做 [Adapt Wallet] 的東西，它允許客戶甚至使用我們的核心零售應用程序訪問 Web3 應用程序和去中心化應用程序。

Sorry, if this is too much technical jargon, but basically, it allows the customers to go access these third-party apps and participate just like they would with a self-custodial wallet, but they have all the security and protection that they normally rely on in Coinbase.

抱歉，如果這是太多的技術術語，但基本上，它允許客戶訪問這些第三方應用程序並像使用自託管錢包一樣參與，但他們擁有他們通常依賴的所有安全性和保護在 Coinbase 上。

This was a core piece of technology that we developed in-house. We got a lot of key talent team in through the acquisition of Unbound, some real cryptography and the cybersecurity experts that made this work in practice. And I think this is going to be actually a really a core differentiator for us over time.

這是我們內部開發的核心技術。通過收購 Unbound，我們獲得了很多關鍵人才團隊、一些真正的密碼學和使這項工作付諸實踐的網絡安全專家。我認為隨著時間的推移，這實際上將成為我們真正的核心差異化因素。

Other core technology updates, I mean, we acquired FairX our derivatives exchange, and that has allowed us to have some really best-in-class IP in-house to make the most reliable and scalable exchange over time, both on spot and derivatives. I think Coinbase NFT had a really cool update recently where we actually began aggregating listings across various marketplaces out there. And one thing that's really nice about the blockchains and the interoperability of these different protocols is that it allows us to interface cleanly with the various apps and ecosystems marketplaces out there to build a world-class experience just for our customers using Coinbase NFT.

其他核心技術更新，我的意思是，我們收購了我們的衍生品交易所 FairX，這使我們能夠擁有一些真正一流的內部 IP，以便隨著時間的推移進行最可靠和可擴展的交易所，無論是現場交易還是衍生品交易。我認為 Coinbase NFT 最近有一個非常酷的更新，我們實際上開始在各個市場上匯總列表。區塊鍊和這些不同協議的互操作性非常棒的一件事是，它允許我們與各種應用程序和生態系統市場進行清晰的交互，為使用 Coinbase NFT 的客戶構建世界級的體驗。

And then, of course, we've been working a lot on a service-oriented architecture and our scalability in the background, especially during this down market, there's -- we want to make sure we can get to 1 billion users over time, and that requires a lot of investments in our tech stack. By moving to the service oriented architecture, it's allowed us to be -- it's improved the performance and scalability, but it's also improved the resiliency of our app in the sense that if one aspect of our app has a problem, it doesn't bring down the whole app. It's generally things would degrade gracefully.

然後，當然，我們在面向服務的架構和後台的可擴展性方面做了很多工作，尤其是在這個低迷的市場中，我們希望確保隨著時間的推移我們可以達到 10 億用戶，這需要對我們的技術堆棧進行大量投資。通過轉向面向服務的架構，它讓我們能夠——它提高了性能和可伸縮性，但它也提高了我們應用程序的彈性，如果我們的應用程序的一個方面出現問題，它不會帶來整個應用程序。通常情況下，事情會優雅地退化。

And these are the kinds of investments that you've seen in major -- all major tech companies upscale, Google and Amazon. And it's really seen our tech stack evolve from the startup that we used to be. We still keep a little bit of that startup culture, but our tech stack now has to be able to serve over 100 million users, and we think that will be over 1 billion in the future.

這些是你在大型科技公司中看到的投資類型——所有大型科技公司，谷歌和亞馬遜。我們真的看到我們的技術堆棧從我們過去的創業公司發展而來。我們仍然保留了一點創業文化，但我們的技術棧現在必須能夠為超過 1 億用戶提供服務，我們認為未來將超過 10 億。

Okay. Great. We'll take one more question before switching over to the analysts. So Michael T. asked, will my money ever be backed by funds on your exchange in case it's theft and what are your procedures for taking -- you were taking to ensure safety? Emilie?

好的。偉大的。在切換到分析師之前，我們將再回答一個問題。所以邁克爾 T 問道，如果被盜，我的錢是否會得到你交易所的資金支持？你的取走程序是什麼——你是為了確保安全而取走的？艾米莉?

Thanks for the question, Michael. So we have invested over the history of the company and being the most trusted player in the space, and we take the responsibility of securing customer funds very seriously. I would add that we're proud that we've never had an event where the systems have been materially compromised in any way. And this is because of all of the things that we have invested in since 2012.

謝謝你的問題，邁克爾。因此，我們對公司的歷史進行了投資，並成為該領域最值得信賴的參與者，我們非常重視保護客戶資金的責任。我要補充一點，我們感到自豪的是，我們從未發生過系統以任何方式受到重大損害的事件。這是因為我們自 2012 年以來投資的所有東西。

We have an industry-leading insurance policy for the hot wallet. We have $1 million account protection for our Coinbase One subscribers. We've invested in best-in-class AI and machine learning fraud detection. We have a 200-plus person security team and live phone support and in-app chat and we'll continue to invest in these things and more.

我們為熱錢包提供行業領先的保險單。我們為 Coinbase One 訂閱者提供 100 萬美元的賬戶保護。我們投資了一流的人工智能和機器學習欺詐檢測。我們擁有 200 多人的安全團隊、實時電話支持和應用內聊天，我們將繼續在這些方面進行投資。

So it is important to know that crypto is a nascent technology. And like many new technologies, scammers will always seek to take advantage of users. So we also invest heavily in educating our users about how to keep their credentials and account safe, for example, using [UVs] and other things.

因此，重要的是要知道加密是一種新興技術。和許多新技術一樣，詐騙者總是會試圖利用用戶。因此，我們還大力投資於教育我們的用戶如何保護他們的憑據和帳戶安全，例如，使用 [UVs] 和其他東西。

Great. So with that, Abby, why don't we turn it over to the analysts for questions.

偉大的。所以，艾比，我們為什麼不把它交給分析師提問。

Your first question comes from the line of Lisa Ellis from MoffettNathanson.

您的第一個問題來自 MoffettNathanson 的 Lisa Ellis。

I wanted to follow up, Brian, on the international strategy. You had highlighted it, I think, in the shareholder letter that crypto trading volumes have been moving offshore over the course of this year. And I noticed you guys recently added Singapore and the Netherlands, and then you also added 0 commission trading for Fiat to USDC coin. Can you kind of tie all of that together for us and holistically talk about how Coinbase is thinking about capturing some of that offshore volume and continuing to expand outside of the U.S.?

布萊恩，我想跟進國際戰略。我認為，您在股東信中強調了這一點，加密交易量在今年期間一直在向海外轉移。我注意到你們最近添加了新加坡和荷蘭，然後您還添加了 0 佣金交易法幣到 USDC 硬幣。您能否為我們將所有這些聯繫在一起，並從整體上談談 Coinbase 如何考慮獲取部分離岸交易量並繼續在美國以外的地區擴張？

Yes, sure. So international expansion is really core to our mission of increasing economic freedom in the world. We want to make sure that we're doing that with a global mindset. And we have seen really good progress on the regulatory front, acquiring licenses in a variety of different locations. I'm in Singapore right now, and we just got our in-principle approval for -- to hopefully end up with a license here from the monetary authority of Singapore, which has been a great step in that direction as well.

是的，當然。因此，國際擴張確實是我們在世界範圍內增加經濟自由的使命的核心。我們希望確保我們以全球化的心態來做這件事。我們在監管方面看到了非常好的進展，在各種不同的地點獲得了許可證。我現在在新加坡，我們剛剛獲得了原則上的批准——希望最終獲得新加坡金融管理局的許可，這也是朝著這個方向邁出的一大步。

I think that we have seen the percentage of U.S. spot trading has shrunk from the beginning of this year as we've seen more of it go overseas. And that's -- I don't know the exact reason for that. I think the chilling effect that some of the regulatory environment and the rhetoric there may not have helped. So it is causing us to make sure we have our international markets served even more fully. And I don't want to share anything too much beyond that at this point. But it's important for us to make sure we have global coverage, and we are serving customers from the best jurisdictions that we can globally.

我認為我們已經看到美國現貨交易的百分比從今年年初開始下降，因為我們看到更多的現貨交易流向了海外。那就是——我不知道確切的原因。我認為一些監管環境和那裡的言論可能沒有幫助的寒蟬效應。因此，這促使我們確保更充分地服務於我們的國際市場。在這一點上，我不想分享任何其他內容。但對我們來說重要的是確保我們擁有全球覆蓋範圍，並且我們正在為來自全球最佳司法管轄區的客戶提供服務。

And we need to see the regulatory environment evolve and get to that clarity both in the U.S. and in other markets where we'll continue to invest.

我們需要看到監管環境的演變，並在美國和我們將繼續投資的其他市場中實現這一目標。

Emilie, Alesia, anything you want add?

Emilie，Alesia，你想補充什麼嗎？

No that covers it.

不，涵蓋它。

Your next question comes from the line of Owen Lau from Oppenheimer.

您的下一個問題來自 Oppenheimer 的 Owen Lau。

So based on my math, Coinbase has a loss of about [$247 million] in adjusted EBITDA year-to-date. If trading volume or if trading revenue stays at October level, and you continue to benefit from rising rate. Is there any reason why you have a loss of over $250 million in EBITDA in the fourth quarter?

因此，根據我的數學計算，Coinbase 今年迄今調整後的 EBITDA 虧損約 [2.47 億美元]。如果交易量或交易收入保持在 10 月份的水平，您將繼續受益於上漲的利率。你有什麼理由在第四季度的 EBITDA 虧損超過 2.5 億美元？

And then without getting any -- into any specific guidance, your adjusted EBITDA loss has been shrinking. Could you please talk about if you have any aspirational goal of achieving positive adjusted EBITDA in the near term?

然後，在沒有得到任何具體指導的情況下，您調整後的 EBITDA 損失一直在縮小。您能否談談您是否有在短期內實現正調整 EBITDA 的理想目標？

Thanks for the question, Owen. So as we articulated in our outlook right now, we are just really focused on operating to the guardrail metric that we set forth. And we are being prudent in our expense management. We are prudently trying to grow our subscription services, but we are facing headwinds on trading.

謝謝你的問題，歐文。因此，正如我們現在在展望中闡明的那樣，我們只是真正專注於按照我們提出的護欄指標進行操作。我們在費用管理方面也很謹慎。我們正在謹慎地嘗試發展我們的訂閱服務，但我們在交易方面面臨著逆風。

So there's nothing that I have to specifically talk about that could be a onetime loss at this time in Q4. But our focus is just managing towards that 500. And specifically, no, we are thinking about investing as much as we can for growth. As Brian said, there's a lot of exciting areas that we can invest in, in the crypto market, and we want to ensure that we are investing through the cycle that we are opportunistically reserving dry powder from M&A opportunities.

因此，我沒有什麼要特別談論的，這可能是第四季度這個時候的一次性損失。但我們的重點只是管理這 500 家。具體來說，不，我們正在考慮盡可能多地投資以實現增長。正如布賴恩所說，在加密市場中，我們可以投資很多令人興奮的領域，我們希望確保我們在投資週期中把握機會，從併購機會中保留乾粉。

And so we're not immediately focused on getting to EBITDA profitable. We are trying to manage to profitability across a cycle as we set forth in our S-1, we went public about 18 months ago, that when we're in [Bolens], we're going to make profits, when we're in downturns, we're going to make prudent losses, and we do that in the construct of the overall balance sheet capacity that we have.

因此，我們不會立即專注於使 EBITDA 盈利。正如我們在 S-1 中提出的那樣，我們正試圖在一個週期內實現盈利，我們大約在 18 個月前上市，當我們在 [Bolens] 時，我們將盈利，當我們在經濟低迷時期，我們將謹慎地虧損，我們在構建我們擁有的整體資產負債表能力時這樣做。

So it is not a near-term goal of our focus of ours to drive EBITDA positive in the near term. However, if markets decouple, as Brian said is a possibility, we could see ourselves returning to EBITDA. But it's not an intentional goal that the management team is setting forth with.

因此，在短期內推動 EBITDA 為正並不是我們關注的近期目標。然而，如果市場脫鉤，正如布賴恩所說的那樣，我們可以看到自己重返 EBITDA。但這不是管理團隊設定的有意目標。

Yes. Similar to what Alesia said, I think it's important just to kind of touch on -- to reiterate this point about managing through cycles, right? So last year in 2021, we did roughly $7 billion of revenue and $4 billion of positive EBITDA. And so this year, we're going to -- we're targeting this negative $500 million EBITDA as our guardrail. So you can see that in up markets, we'll do quite a lot of positive EBITDA; in a downmarket, we don't want it to be excessive, but I think it's reasonable to have some moderate amount of negative EBITDA and burn there just to continue to invest through cycles, especially given the strength of our balance sheet. So hopefully, that gives you a little bit of a sense of how we're thinking about it.

是的。與 Alesia 所說的類似，我認為重要的是要稍微接觸一下——重申這一點，即通過週期進行管理，對嗎？因此，去年 2021 年，我們實現了大約 70 億美元的收入和 40 億美元的正 EBITDA。所以今年，我們將——我們的目標是負 5 億美元的 EBITDA 作為我們的護欄。所以你可以看到，在上漲的市場中，我們會做很多積極的 EBITDA；在低迷的市場中，我們不希望它過度，但我認為有一些適度的負 EBITDA 並在那裡燃燒以繼續投資通過週期是合理的，特別是考慮到我們的資產負債表的實力。因此，希望這能讓您對我們的想法有所了解。

The next question comes from the line of Kenneth Worthington from JPMorgan Securities.

下一個問題來自摩根大通證券的 Kenneth Worthington。

I have 2 on the competitive environment I'm going to try to wrap together. So first, we see Binance offering a number of, I'll say, pricing concessions or promotions. Does the pricing seem to be having an impact on retail behavior that you see as sort of persistent or sustainable? And if so, is it impacting the type of customer that you want on the Coinbase platform?

我有兩個關於競爭環境的內容，我將嘗試將它們組合在一起。所以首先，我們看到幣安提供了一些，我會說，定價優惠或促銷活動。定價是否似乎對您認為持久或可持續的零售行為產生影響？如果是這樣，它是否會影響你想要在 Coinbase 平台上找到的客戶類型？

And then second, I know it's still early days for Coinbase One, but it is up and running. How effective is Coinbase One, a response for fee trading offerings elsewhere? And can you walk us through the characteristic of a target Coinbase One customer and how the transition impacts the overall economics of Coinbase?

其次，我知道 Coinbase One 還處於早期階段，但它已經啟動並運行。 Coinbase One 是對其他地方收費交易產品的回應，效果如何？您能否向我們介紹一下目標 Coinbase One 客戶的特徵以及過渡如何影響 Coinbase 的整體經濟？

Yes, so I think it's giving people directions -- yes, go ahead, Emilie.

是的，所以我認為這是在給人們指明方向——是的，繼續，艾米莉。

Sure. Why don't I start? And Brian and Alesia please jump in. I think that to your first question, we do -- clearly, some competitors can kind of drive market share with 0 fees in certain parts of the market. And I just want to reiterate my point about the fact that there's still spread and there's still a fee and that companies that says 0 fee are still generating a spread. We found that when we benchmark, we're roughly in line with other companies, and we are not going to compete on price because of the premium nature of our offering.

當然。我為什麼不開始？ Brian 和 Alesia 請加入。我認為對於您的第一個問題，我們確實這樣做了——顯然，一些競爭對手可以在某些市場的某些部分以 0 費用來推動市場份額。我只想重申我的觀點，即仍然存在點差，仍然存在費用，並且說 0 費用的公司仍在產生點差。我們發現，當我們進行基準測試時，我們大致與其他公司保持一致，並且由於我們產品的溢價性質，我們不會在價格上競爭。

I can't speak to the percentage of users that might kind of go for 0 fees on a competitor sites. I can say that the nature of the users that we have is one where they tend to be fairly sticky or during these crypto winters, they tend to be hodlers and hold on to their holdings and are less active, but then come back as the market comes back a bit. Whereas there are other behaviors where very active traders might be trading in long-tail assets and potentially are more price sensitive and go to those other platforms during these times. Alesia, do you want to add on?

我無法談論可能會在競爭對手網站上收取 0 費用的用戶百分比。我可以說，我們擁有的用戶的性質是他們往往相當粘稠，或者在這些加密貨幣的冬天，他們往往是hodlers並持有他們的資產並且不太活躍，但隨後作為市場回來回來一點。而在其他一些行為中，非常活躍的交易者可能會交易長尾資產，並且可能對價格更加敏感，並在這些時候去那些其他平台。 Alesia，你要補充嗎？

Yes, there's a couple of things I'd like to add on. Thanks, Emilie. The first is, and we shared this in our shareholder letter, that even though our retail investors, and Emilie alluded to this, are not trading as much, we do not see them leaving our platform. And so when we look at our retention rates at those customers, i.e., the holdings in their wallets, it's very high retention rates. And it's very comparable to the same behaviors we saw in the 2018, 2019 time period.

是的，有幾件事我想補充。謝謝，艾米莉。首先是，我們在股東信中分享了這一點，即使我們的散戶投資者和 Emilie 提到這一點，交易量不大，但我們沒有看到他們離開我們的平台。因此，當我們查看這些客戶的保留率時，即他們錢包中的資產時，保留率非常高。這與我們在 2018 年、2019 年期間看到的相同行為非常相似。

And so what we see is that our retail investors just go into hodling mode. They seek out yield. They seek out other activities they can do with their crypto, but they're not converting it into (inaudible) and leaving the platform. They're not sending the crypto to competitors and then trading on those platforms.

所以我們看到的是，我們的散戶投資者只是進入了囤積模式。他們尋求收益。他們尋找可以用他們的加密貨幣進行的其他活動，但他們並沒有將其轉換為（聽不清）並離開平台。他們不會將加密貨幣發送給競爭對手，然後在這些平台上進行交易。

They maybe have other accounts away from Coinbase, which we can't see, but we don't see behavior of our customers leaving our platform.

他們可能在 Coinbase 之外還有其他賬戶，我們看不到，但我們看不到客戶離開我們平台的行為。

I want to touch on the Coinbase One question though because we really are excited about this product offering. So the purpose of Coinbase One is to be a product for all of our users as we think it offers a series of benefits that can enable everybody to have $1 million of account protection. (inaudible) by its premium customer service, it provides low monthly fee to be able to get unlimited trading and just other perks and access to our platform. So we've seen really good both paid and total subscriber base growth quarter-over-quarter.

不過，我想談談 Coinbase One 的問題，因為我們真的對這個產品感到興奮。因此，Coinbase One 的目的是成為我們所有用戶的產品，因為我們認為它提供了一系列好處，可以讓每個人都擁有 100 萬美元的賬戶保護。 （聽不清）通過其優質的客戶服務，它提供低月費，以便能夠獲得無限制的交易以及其他特權和訪問我們平台的權限。因此，我們看到付費和總用戶群的季度環比增長都非常好。

And we have not made these numbers public. It's in our other subscription and services revenue within the breakout of our revenue on our P&L. But we're seeing good behavior, and we're seeing the ARPU of these customers is higher than our other users once they're engaged with Coinbase One.

我們還沒有公開這些數字。這是我們在損益表收入中的其他訂閱和服務收入。但是我們看到了良好的行為，我們看到這些客戶的 ARPU 在他們與 Coinbase One 互動後高於我們的其他用戶。

Next question comes from the line of Benjamin Budish from Barclays.

下一個問題來自巴克萊銀行的 Benjamin Budish。

I wanted to ask about USDC. Obviously, kind of the biggest driver of your interest income in the quarter. Can you maybe talk about -- I know it's a little bit hard to -- as Brian said, you can't predict the future. But what's sort of your kind of near- to medium-term outlook? And maybe can you talk about the things that are within your control, perhaps the -- your expectations for Coinbase generated issuance of USDC, where do you see the biggest opportunities? Is it retail users looking to use it to engage in DeFi? Is it institutional customers? That would be helpful.

我想問一下USDC。顯然，這是本季度利息收入的最大推動力。你能不能談談——我知道這有點難——正如布賴恩所說，你無法預測未來。但是你的近期到中期前景是怎樣的？也許你能談談你可以控制的事情，也許——你對 Coinbase 產生的 USDC 發行的期望，你認為最大的機會在哪裡？是散戶用戶想用它來參與 DeFi 嗎？是機構客戶嗎？那會很有幫助。

Maybe I'll start with this one and feel free to add on Brian and Emilie. So we made a series of announcements recently around USDC that we think can really help drive adoption. So for example, we want to make USDC more accessible to our global customer base. We have now made the fees commensurate with our U.S. customers in Europe. So customers who want to buy USDC with euros or GBP do not have any fees to do so. We think this will really generate growth for non-U.S. holders of this asset.

也許我會從這個開始，然後隨意添加 Brian 和 Emilie。因此，我們最近圍繞 USDC 發布了一系列公告，我們認為這些公告確實有助於推動採用。例如，我們希望讓我們的全球客戶群更容易使用 USDC。我們現在已經使費用與我們在歐洲的美國客戶相稱。因此，想用歐元或英鎊購買 USDC 的客戶無需支付任何費用。我們認為這將真正為該資產的非美國持有者帶來增長。

We've also started to pay out yield on USDC, all over the [world] technically. And we made an announcement with MakerDAO, which is a large DeFi protocol, where they're going to bring 1.6 billion of USDC to our platform, and we're going to pay them a 1.5% reward rate.

從技術上講，我們還開始在 [世界] 支付 USDC 的收益。我們與 MakerDAO 宣布，這是一個大型 DeFi 協議，他們將為我們的平台帶來 16 億美元的 USDC，我們將向他們支付 1.5% 的獎勵率。

So we think continuing to make USDC, frankly, the better dollar, meaning it's faster 24/7, 365, and now it pays an attractive reward rate will help with adoption not only for us for folks who are looking to have a stable crypto as they think about trading and moving to other assets. But getting access to U.S. dollar exposure in countries that don't have easy access.

因此，坦率地說，我們認為繼續讓 USDC 成為更好的美元，這意味著它更快 24/7、365，現在它支付了有吸引力的回報率，這不僅有助於我們尋求穩定加密貨幣的人們的採用，因為他們考慮交易和轉移到其他資產。但是在不容易獲得的國家獲得美元敞口。

So those are some of the growth initiatives that we have within our product control that we're starting to experiment with and roll out. And with regards to our partnership with Circle, we make money in 2 ways. One is just with regards to the USDC we hold on our platform. So a lot of these initiatives that I spoke to will hopefully grow assets on our platform and that we would generate revenue through that behavior. And then there's another prong of revenue share that's based on the percent that we distribute of USDC into the ecosystem.

因此，這些是我們在產品控制範圍內的一些增長計劃，我們開始嘗試並推出這些計劃。關於我們與 Circle 的合作，我們通過兩種方式賺錢。一個是關於我們在平台上持有的 USDC。因此，我談到的許多這些舉措都有望在我們的平台上增加資產，並且我們將通過這種行為產生收入。然後還有另一個收入份額，它基於我們將 USDC 分配到生態系統中的百分比。

Growth and market cap, growth in our behavior and then interest rates are the 3 drivers of that revenue.

增長和市值、我們行為的增長以及利率是該收入的三個驅動因素。

Yes. And I think your question touched on sort of the different use cases across different customer segments. And USDC has applicability across many different customer segments. So obviously, it's used in trading pairs quite a bit, right, both in DeFi and with centralized exchanges. So traders use it quite a bit.

是的。而且我認為您的問題涉及不同客戶群的不同用例。 USDC 適用於許多不同的客戶群。所以很明顯，它在交易對中使用了很多，對，無論是在 DeFi 還是中心化交易所。所以交易者經常使用它。

It's also used by businesses. We're seeing some businesses make intercompany payments that way or B2B payments. It's just faster than getting a wire. It'll arrive in a few -- a few seconds and with less fees than sending wires. So for B2B payments, I think it's useful. We're seeing some people do payroll in USDC. We're seeing venture investments happen with USDC. And then retail customers use it as well, I mean, not just to earn yield on their dollars that how Alesia mentioned, but there's many people in the world who would like to have a U.S. bank account, but they can't actually access it, but through a self-custodial wallet or something like that, they can actually hold U.S. dollars through USD coin.

它也被企業使用。我們看到一些企業以這種方式進行公司間支付或 B2B 支付。這比得到電線快。它將在幾秒鐘內到達，而且費用比發送電匯要少。所以對於 B2B 支付，我認為它很有用。我們看到有些人在 USDC 做工資單。我們看到風險投資發生在 USDC 上。然後零售客戶也使用它，我的意思是，不僅僅是為了賺取 Alesia 所說的美元收益，而且世界上有很多人想擁有一個美國銀行賬戶，但他們實際上無法訪問它，但通過自託管錢包或類似的東西，他們實際上可以通過美元硬幣持有美元。

So it's applicable across a wide variety of use cases. And as I said in the opening remarks, I think USDC will probably end up being kind of like a de facto central bank digital currency for the U.S., which is a little different than some other countries that are trying to really create it themselves. So yes, I think the use cases are many.

因此，它適用於各種用例。正如我在開場白中所說，我認為 USDC 最終可能會成為美國事實上的中央銀行數字貨幣，這與其他一些試圖真正自己創造它的國家有點不同。所以是的，我認為用例很多。

Your next question comes from the line of Will Nance from Goldman Sachs.

您的下一個問題來自高盛的 Will Nance。

I guess I just wanted to understand how important do you think it is for Coinbase to be a U.S.-domiciled company if we see so much crypto activity moving overseas. I mean do you guys ever make the decision or that you need to be more active in international markets to protect or potentially even primarily in international markets in order to compete with all that's happening outside of the U.S. in the ecosystem?

我想我只是想了解如果我們看到如此多的加密活動轉移到海外，你認為 Coinbase 成為一家在美國註冊的公司有多重要。我的意思是你們是否曾經做出過決定，或者您需要在國際市場上更加活躍以保護甚至可能主要在國際市場上，以便與美國以外的生態系統中發生的一切競爭？

It's a good question. Just zooming out. I mean, look, I think it's the right long-term choice to be -- have the parent company based in the U.S. And of course, we have entities in a variety of countries around the world. So we can serve -- I don't think we're especially hindered in that regard in the sense that we can -- we can spin up an entity in another region that serves non-U.S. customers, and I think our hands are not necessarily tied in that regard.

這是個好問題。只是縮小。我的意思是，看，我認為這是正確的長期選擇——母公司設在美國。當然，我們在世界各地都有實體。所以我們可以服務——我認為我們在這方面並沒有受到特別的阻礙——我們可以在另一個地區建立一個為非美國客戶服務的實體，我認為我們的手不是在這方面必然聯繫在一起。

But look, this was a big decision even going back to the very founding of the company. I didn't really know back in 2012, I didn't really know how the regulatory landscape would evolve in the U.S., and I did -- that thought did cross my mind. At that time, it was like should I go create a company in Hong Kong or Singapore or somewhere, Switzerland or something like that. But I made the decision back then to actually build the company in the U.S., and I felt like, look, it may be a bit difficult -- it might be a bit more difficult because the U.S. doesn't always act as quickly or nimbly as some kind of -- like a special economic zone like Hong Kong or Singapore.

但是看，這是一個重大決定，甚至可以追溯到公司成立之初。回到 2012 年，我真的不知道，我真的不知道美國的監管環境會如何演變，但我確實知道——這個想法確實閃過我的腦海。那個時候，就好像我應該去香港或者新加坡或者某個地方，瑞士或者類似的地方開一家公司。但我當時決定在美國實際建立公司，我覺得，看，這可能有點困難——可能會更困難一些，因為美國的行動並不總是那麼迅速或靈活作為某種 - 像香港或新加坡這樣的經濟特區。

But I think it's the right bet long term, right, in the sense that can read Ray Dalio's Changing World Order, who knows what will happen in 50 years. But at least for today, the United States is kind of the leading economy and it's the best place with rule of law and strong property rights and everything to build a global company that can reach the rest of the world.

但我認為從長遠來看這是正確的賭注，從某種意義上說，可以閱讀 Ray Dalio 的《改變的世界秩序》，誰知道 50 年後會發生什麼。但至少在今天，美國是一個領先的經濟體，它是擁有法治和強大產權的最佳地方，是建立一家可以進入世界其他地區的全球公司的最佳地點。

So yes, I would say, sometimes, it has felt like we're actually at a disadvantage, and it's caused us to move more slowly than foreign competitors. Some of that, by the way, is just our own execution. That's fully in our control. But other times, it's the regulatory environment, it does feel like we're almost facing unnecessary headwinds given -- while we're trying to do the right thing, right, which is definitely frustrating. But I think it's the right long-term bet, and it's going to allow us to prevail as -- like a company that stands the test of time globally.

所以是的，我會說，有時候，感覺我們實際上處於劣勢，這導致我們比外國競爭對手行動得更慢。順便說一句，其中一些只是我們自己的執行。這完全在我們的控制之中。但其他時候，這是監管環境，確實感覺我們幾乎面臨著不必要的逆風——而我們正在努力做正確的事情，對，這絕對令人沮喪。但我認為這是一個正確的長期賭注，它將讓我們成為——就像一家經受住全球時間考驗的公司一樣。

And regulators don't always act quickly, but they do eventually act. And so we'll see that regulatory clarity here in the U.S., and we'll see hopefully, a more level playing field emerge globally over time.

監管機構並不總是迅速採取行動，但他們最終會採取行動。因此，我們將在美國看到監管的明確性，並且我們希望隨著時間的推移在全球範圍內出現更公平的競爭環境。

Brian, I would just also add to reiterate this is I think when you see the data historically that the volumes are moving offshore, we're optimistic that U.S. lawmakers, legislators and regulators understand that now is the time to act on very sensible regulation so that innovation and technology and tax dollars can actually happen in the U.S.

布賴恩，我還要補充一點，我想當你看到歷史數據表明交易量正在向海外轉移時，我們樂觀地認為美國立法者、立法者和監管機構明白現在是採取非常明智的監管的時候了，所以創新、技術和稅收實際上可以在美國發生。

Yes. I think that's right. I mean that's the message that we deliver a lot in meetings with policymakers is by pushing so hard on the local companies, you're not actually protecting investors. You're just encouraging them to move offshore to even less regulated options, right?

是的。我認為這是對的。我的意思是，我們在與政策制定者的會議中傳遞的信息是，對當地公司施加如此大的壓力，實際上並沒有保護投資者。你只是在鼓勵他們向海外轉移到監管更少的選擇，對嗎？

So that's an important message, I think, for all regulators to hear. And even here in Singapore, I've been meeting with MAS and [Thomastik] and GIC and various parties. And there's a similar message here, which is that Singapore -- current Singapore regulators are some of the most sophisticated in the world. They've been very open to having institutions, crypto institutions operate here and stable coins, but they were a little hesitant recently on retail trading and self-hosted wallets. And I kind of made the point to them like, it's incompatible. If you want to be a Web3 hub, which Singapore has come out and said, you can't actually prevent retail trading. You can't prevent self-hosted wallets. Like the only way to access Web3 in many cases is through self-hosted wallet.

因此，我認為這是一個重要的信息，所有監管機構都可以聽到。甚至在新加坡，我也一直在與 MAS 和 [Thomastik] 以及 GIC 和各方會面。這裡有一個類似的信息，那就是新加坡——目前的新加坡監管機構是世界上最複雜的監管機構之一。他們對擁有機構、加密貨幣機構和穩定幣非常開放，但他們最近在零售交易和自託管錢包方面有點猶豫。而且我有點像他們指出的那樣，這是不相容的。如果你想成為新加坡公開表示的 Web3 中心，你實際上無法阻止零售交易。您無法阻止自託管錢包。就像在許多情況下訪問 Web3 的唯一方法是通過自託管錢包。

So they were very receptive to that conversation. They were eager to work with us. And I think it actually created a much more -- I hope we had a positive outcome there. So yes, I think these regulatory conversations are really important globally to make sure things head in the right direction that protects investors but also preserves the innovation potential of this technology.

所以他們非常接受那次談話。他們渴望與我們合作。而且我認為它實際上創造了更多——我希望我們在那裡取得了積極的成果。所以，是的，我認為這些監管對話在全球範圍內非常重要，以確保事情朝著正確的方向發展，既能保護投資者，又能保持這項技術的創新潛力。

We have time for one final question.

我們有時間回答最後一個問題。

Our final question will come from the line of Rich Repetto from Piper Sandler.

我們的最後一個問題將來自 Piper Sandler 的 Rich Repetto。

Yes. Brian and Alesia. I guess I want to be respectful -- I am respectful you've been through a crypto winter. And -- but you have acknowledged, I think, Brian, and Alesia, that this -- you haven't been through one with interest rates rising like we have. So I guess my question, I looked at the head count, your head count is down 5% quarter-over-quarter, and it's actually up 25% from year-end. And I'm just trying to understand, you got expenses increasing in the fourth quarter. So just trying to see how you sort of felt like you rightsized given the sort of the risk and the potential for loss if we stay in this crypto winter. And it looks like trading volumes are flat to a little bit down to start. So how do you feel -- how do you justify that you rightsize the company given this volatility?

是的。布賴恩和阿萊西亞。我想我想要尊重——我尊重你經歷了加密貨幣的冬天。而且——但我認為，Brian 和 Alesia，你們已經承認，這——你們還沒有經歷過利率上升的情況，就像我們一樣。所以我想我的問題，我查看了人數，你的人數環比下降了 5%，實際上比年底增加了 25%。我只是想了解，第四季度的支出增加了。因此，如果我們留在這個加密貨幣的冬天，考慮到這種風險和潛在的損失，只是想看看你是如何感覺自己調整的。看起來交易量一開始就持平到一點點下降。那麼你感覺如何——鑑於這種波動，你如何證明你調整公司規模的合理性？

Let me (inaudible) on that...

讓我（聽不清）……

Yes. I'll start. You feel free to jump in. I mean, so as Alesia mentioned, we targeted this negative $500 million for the year. And at least so far, we seem to be on track for that. I do think it's reasonable to -- given the positive $4 billion of EBITDA last year to sort of have some kind of moderate negative EBITDA in this down environment. So -- it's about investing in the future, and we're so far capitalized well enough to do that, which I think makes sense.

是的。我會開始的。你可以隨意加入。我的意思是，正如 Alesia 所說，我們今年的目標是負 5 億美元。至少到目前為止，我們似乎走上了正軌。我確實認為這是合理的——考慮到去年正值 40 億美元的 EBITDA，在這種低迷的環境中出現某種適度的負 EBITDA。所以 - 這是關於對未來的投資，到目前為止，我們的資本充足足以做到這一點，我認為這是有道理的。

Now of course, we're just going to continue to monitor the market conditions. I think it's very plausible that we'll see a further down trend in the market in next year. And if we feel that we're not on track to meet our goals in terms of EBITDA, we're happy to react to that in that kind of environment.

當然，現在我們將繼續監控市場狀況。我認為明年我們將看到市場進一步下跌的趨勢是非常合理的。如果我們覺得我們無法在 EBITDA 方面實現目標，我們很樂意在這種環境下對此做出反應。

But I think right now, we're basically monitoring the situation, and we're going to see what happens over the coming quarters. Alesia, what do you want to add?

但我認為現在，我們基本上是在監控情況，我們將看看未來幾個季度會發生什麼。 Alesia，你想補充什麼？

No, I think that's right. I just wanted to reiterate, Rich, that in our outlook, we speak to 2023 is that we're taking a conservative bias towards the year. And we think that these headwinds could persist and possibly intensify. And so as we do that, we're doing a lot of scenario planning and understanding what that may be. We're not prepared to offer quantitative outlook today. However, I just want to let everyone know that we're committed to managing our expenses prudently and watching the macro conditions and the business performance closely and that we'll continue to update all of our scenarios of conditions involved and we would take additional actions to further manage our expenses if we deemed that's warranted.

不，我認為這是對的。我只是想重申，Rich，在我們的展望中，我們談到 2023 年是我們對這一年持保守偏見。我們認為這些不利因素可能會持續存在並可能加劇。因此，當我們這樣做時，我們正在做很多場景規劃並了解可能是什麼。我們今天不准備提供定量展望。但是，我只想讓大家知道，我們致力於謹慎管理開支，密切關注宏觀形勢和業務表現，我們將繼續更新所有涉及的情況，我們將採取更多行動如果我們認為有必要，進一步管理我們的開支。

Great. Thank you all for joining us today, and we look forward to speaking to you again on our next call.

偉大的。感謝大家今天加入我們，我們期待在下一次電話會議上再次與您交談。

This concludes today's call. You may now disconnect.

今天的電話會議到此結束。您現在可以斷開連接。