Coinbase Global Inc (COIN) 2022 Q4 法說會逐字稿

Good afternoon. My name is Paula, and I will be your conference operator today. At this time, I would like to welcome everyone to the Coinbase Fourth Quarter and Full Year 2022 Earnings Call. (Operator Instructions)

下午好。我叫寶拉，今天我將擔任你們的會議接線員。在這個時候，我想歡迎大家參加 Coinbase 第四季度和 2022 年全年收益電話會議。 （操作員說明）

Anil Gupta, Vice President, Investor Relations, you may begin your conference.

投資者關係副總裁阿尼爾·古普塔 (Anil Gupta)，您可以開始會議了。

Good afternoon, and welcome to the Coinbase Fourth Quarter and Full Year '22 Earnings Call. Joining me on today's call are Brian Armstrong, Co-Founder and CEO; Emilie Choi, President and COO; Alesia Haas, CFO; and because regulatory questions may be top of mind, Paul Grewal, Chief Legal Officer, is also joining today.

下午好，歡迎來到 Coinbase 第四季度和全年 '22 財報電話會議。和我一起參加今天電話會議的有聯合創始人兼首席執行官 Brian Armstrong；總裁兼首席運營官 Emilie Choi； Alesia Haas，首席財務官；由於監管問題可能是首要考慮因素，首席法務官 Paul Grewal 今天也將加入。

I hope you've all had the opportunity to read our shareholder letter, which was published on our Investor Relations website earlier today.

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.

在我們開始之前，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向美國證券交易委員會提交的文件中。

Our discussion today will include references to certain non-GAAP financial measures. Reconciliations to the most directly comparable GAAP financial measures are provided in our shareholder letter and on our Investor Relations website. Non-GAAP financial measures should be considered in addition to, not as a substitute for, GAAP measures.

我們今天的討論將包括對某些非 GAAP 財務指標的引用。我們的股東信和我們的投資者關係網站上提供了與最直接可比的 GAAP 財務指標的對賬。非 GAAP 財務指標應作為 GAAP 指標的補充而非替代品。

We are once again using Say Technologies to enable our shareholders to post questions. And in addition to that, we will be taking some live questions from our research analysts.

我們再次使用 Say Technologies 使我們的股東能夠提出問題。除此之外，我們還將接受研究分析師的一些現場提問。

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

因此，我將把它交給 Brian 和 Alesia 來發表評論。

Thanks, Anil. So I want to touch on 3 themes in my opening comments. The first one is going to be about how we're reducing our OpEx to operate more efficiently and better generate EBITDA in the future. The second theme is going to be about the recurrent regulatory environment. And the third theme is going to be about where we are in this crypto cycle.

謝謝，阿尼爾。所以我想在開場白中談及 3 個主題。第一個是關於我們如何減少我們的運營支出以更有效地運營並在未來更好地產生 EBITDA。第二個主題是關於反復出現的監管環境。第三個主題是關於我們在這個加密週期中所處的位置。

So let's start with our reductions in OpEx. When Coinbase went public, our goal was to operate at roughly breakeven across crypto cycles, but the market has changed, and so we're evolving along with that. We're now evolving the business with a goal to generate adjusted EBITDA in all market conditions. In January, we further reduced head count by 20%. This follows the head count reduction of 18% we did last year in June. We've also worked hard to reduce the amount of dilution we're taking from stock-based compensation and adjusted our compensation policy across a number of dimensions. Our total dilution since going public in April of 2021 has been about 5%. These changes will ensure that we continue to manage dilution going forward.

因此，讓我們從減少運營支出開始。當 Coinbase 上市時，我們的目標是在加密貨幣週期中大致實現盈虧平衡，但市場已經發生變化，因此我們正在隨之發展。我們現在正在發展業務，目標是在所有市場條件下產生調整後的 EBITDA。 1 月份，我們進一步裁員 20%。這是繼我們去年 6 月裁員 18% 之後的結果。我們還努力減少我們從基於股票的薪酬中獲得的稀釋，並在多個方面調整了我們的薪酬政策。自 2021 年 4 月上市以來，我們的總稀釋度約為 5%。這些變化將確保我們繼續管理未來的稀釋。

Now parting ways with colleagues and changes to compensation are never easy, but I think this is helping us be a more efficient company as a result, and it positions us to better weather this downturn with a very healthy balance sheet and continue investing in the future so we can be the global leader in the crypto space.

現在與同事分道揚鑣並改變薪酬絕非易事，但我認為這有助於我們成為一家更有效率的公司，它使我們能夠以非常健康的資產負債表更好地度過這次低迷時期，並繼續投資於未來所以我們可以成為加密領域的全球領導者。

I was also really glad to see that our subscription and services revenue grew 53% year-over-year to $792 million in 2022. This was a major downturn in crypto, of course, from 2021 to 2022. And I think this really shows that our strategy of becoming an all-weather crypto company is paying off with more predictable revenue streams.

我也很高興看到我們的訂閱和服務收入在 2022 年同比增長 53％，達到 7.92 億美元。當然，從 2021 年到 2022 年，這是加密貨幣的一次重大衰退。我認為這確實表明我們成為一家全天候加密貨幣公司的戰略正在以更可預測的收入流獲得回報。

So next, I want to talk about the regulatory environment that we're currently in. In the wake of FTX and other crypto company failures, we've seen increased regulatory scrutiny, of course. But let me be very clear, I believe this is a good thing for the space and that it will ultimately benefit Coinbase. It's really easy to look at the headlines and assume that increased regulatory activity is bad for crypto, but I really don't agree with that. There's many legitimate companies in the crypto space, like Coinbase, and those of us which prioritize trust and compliance from the beginning, I believe, will be beneficiaries.

所以接下來，我想談談我們目前所處的監管環境。當然，在 FTX 和其他加密公司倒閉之後，我們看到監管審查越來越嚴格。但讓我非常清楚，我相信這對這個領域來說是一件好事，它最終將使 Coinbase 受益。很容易看到頭條新聞並假設監管活動的增加對加密貨幣不利，但我真的不同意這一點。加密領域有許多合法公司，例如 Coinbase，我相信我們這些從一開始就將信任和合規放在首位的公司將成為受益者。

This really goes back to the founding of Coinbase more than 10 years ago. And when I started the company, I really decided that this was going to be a compliance-focused company. We were going to do things the right way even if it was more difficult. And I knew that there were going to be companies that would come in and try to cut corners. They might even grow really quickly because it's easier to move fast when you don't have to follow the rules. But they would inevitably come crashing down because regulators don't always act quickly, but they do eventually act.

這真的要追溯到 10 多年前 Coinbase 的成立。當我創辦這家公司時，我真的決定這將是一家以合規為重點的公司。即使困難重重，我們也會以正確的方式做事。而且我知道會有公司進來並試圖偷工減料。它們甚至可能增長得非常快，因為當你不必遵守規則時，更容易快速行動。但它們不可避免地會崩潰，因為監管機構並不總是迅速採取行動，但他們最終會採取行動。

We decided to do things the hard way, playing the long-term game and built a very different company over the last 10 years. In many cases, we actually proactively put in place appropriate controls before they were even required, anticipating that this greater regulatory clarity would be coming. So I think we're really well positioned in this type of environment and how things are changing. And we need more clarity in the United States around regulation, and we probably need new legislation at some point, but I'll talk about that a little bit later.

我們決定以艱難的方式做事，玩長期遊戲，並在過去 10 年中建立了一家截然不同的公司。在許多情況下，我們實際上在需要之前就主動實施了適當的控制措施，並預計監管會更加明確。所以我認為我們在這種環境中處於非常有利的位置，並且事情正在發生變化。在美國，我們需要更明確的監管，我們可能在某個時候需要新的立法，但我稍後會討論這個問題。

So third, let's talk about where we are in this crypto cycle. Now I think it's important to always look at the fundamental indicators that we have and try to separate out the signal from the noise and the negative headlines. The narrative in crypto tends to flip every 2 years. It's either irrational exuberance or despair. Neither one is true at any given time, but we're in one of those despair phases right now. And that also means there's an opportunity for builders who are focused in this space like Coinbase.

第三，讓我們談談我們在這個加密週期中所處的位置。現在我認為重要的是始終關注我們擁有的基本指標，並嘗試將信號與噪音和負面新聞區分開來。加密貨幣的敘述往往每 2 年翻轉一次。這要么是非理性的繁榮，要么是絕望。在任何給定時間都不是真的，但我們現在正處於其中一個絕望階段。這也意味著像 Coinbase 這樣專注於這個領域的建設者有機會。

So if you take where we are now or in 2022 and compare that to just 2 years ago, you kind of have to look over at least the prior cycle. You can't just look at what happened in the last year or the last quarter. So the Bitcoin price in January of 2023 is up 80% compared to the average price in 2020. The number of software developers who work in crypto has doubled since 2020, and that's a great predictor, I think, of where the future is going.

因此，如果您將我們現在或 2022 年所處的位置與 2 年前進行比較，您至少需要回顧一下之前的周期。你不能只看去年或上個季度發生的事情。因此，與 2020 年的平均價格相比，2023 年 1 月的比特幣價格上漲了 80%。自 2020 年以來，從事加密貨幣工作的軟件開發人員數量翻了一番，我認為這是未來走向的一個很好的預測指標。

The number of major brands who've started integrating Web3 and NFT technology is totally different, Starbucks, Adidas, Nike, Coca-Cola and social media platforms like Instagram, Twitter and Reddit. These are all integrating crypto services into their products, and customers who use those things are going to need a wallet, a crypto wallet. That's where Coinbase comes in.

開始整合 Web3 和 NFT 技術的主要品牌的數量完全不同，星巴克、阿迪達斯、耐克、可口可樂以及 Instagram、Twitter 和 Reddit 等社交媒體平台。這些都將加密服務集成到他們的產品中，使用這些東西的客戶將需要一個錢包，一個加密錢包。這就是 Coinbase 的用武之地。

We even come a long way on the regulatory side. Outside the U.S., just about every major financial hub is vying to be the leader in Web3. We've seen a comprehensive crypto legislation get passed in the EU with MiCA. Even the U.K., Hong Kong, Japan, Brazil are all making very positive steps toward comprehensive crypto legislation. And I think we'll even get that in the U.S. eventually.

我們甚至在監管方面也取得了長足的進步。在美國之外，幾乎每個主要的金融中心都在爭奪成為 Web3 的領導者。我們已經看到 MiCA 在歐盟通過了一項全面的加密立法。甚至英國、香港、日本和巴西都在朝著全面的加密立法邁出非常積極的一步。我認為我們最終甚至會在美國得到它。

So in short, we remain incredibly bullish on this technology, in this industry. We're operating more efficiently at this new size. We believe that we will be in a net beneficiary of increased regulatory clarity. And of course, ultimately, we've got to keep driving the utility of crypto, improving our products, driving more and more use cases so that 1 billion or more people can benefit from this technology, and we can increase economic freedom in the world.

所以簡而言之，我們仍然非常看好這個行業的這項技術。在這個新規模下，我們的運營效率更高。我們相信，我們將成為監管透明度提高的淨受益者。當然，最終，我們必須繼續推動加密的實用性，改進我們的產品，推動越來越多的用例，以便 10 億或更多的人可以從這項技術中受益，我們可以增加世界的經濟自由.

So with that, let me turn it over to Alesia to talk about our financial results.

因此，讓我把它交給 Alesia 來談談我們的財務業績。

Thanks, Brian. First, I'm going to recap our Q4 results. Our fourth quarter net revenue increased 5% quarter-over-quarter to $605 million. This was driven by strong growth in our subscription and services revenues. In terms of transaction revenue first, we gained trading volume market share. Our trading volume did decline 9% quarter-over-quarter, but it outperformed the total crypto spot market, which saw a 21% volume decline quarter-over-quarter. As a result, our total transaction revenue declined 12% to $322 million. In contrast, subscription services grew 34% quarter-over-quarter to $283 million. This was largely driven by our participation in the USTC program, which was supported by the growth in interest rates in Q4.

謝謝，布萊恩。首先，我要回顧一下我們第四季度的業績。我們第四季度的淨收入環比增長 5% 至 6.05 億美元。這是由我們的訂閱和服務收入的強勁增長推動的。首先在交易收入方面，我們獲得了交易量市場份額。我們的交易量確實比上一季度下降了 9%，但它的表現優於整個加密貨幣現貨市場，後者的交易量比上一季度下降了 21%。因此，我們的總交易收入下降了 12% 至 3.22 億美元。相比之下，訂閱服務環比增長 34% 至 2.83 億美元。這主要是由於我們參與了 USTC 計劃，該計劃得到了第四季度利率增長的支持。

Our total operating expenses increased 3% quarter-over-quarter to $1.2 billion, which was consistent with the outlook we provided. There are 3 factors that contributed to this slight increase in spend. First, we had higher seasonal marketing spend. Second, we saw a timing of certain SEC awards increased the cost quarter-over-quarter. And third, we had a $50 million settlement with the New York DFS. Absent this settlement, expenses would have been down about 1% quarter-over-quarter.

我們的總運營費用環比增長 3% 至 12 億美元，這與我們提供的展望一致。有 3 個因素導致支出略有增加。首先，我們有更高的季節性營銷支出。其次，我們看到某些 SEC 獎勵的時間環比增加了成本。第三，我們與紐約 DFS 達成了 5000 萬美元的和解協議。如果沒有這項和解，支出將比上一季度下降約 1%。

I want to zoom out now and look at the full year of 2022. Our adjusted EBITDA was negative $371 million in 2022, well within the $500 million lost guardrail we provided for in February of 2022 about a year ago. This included negative $124 million of adjusted EBITDA in Q4. I want to note, while this was slightly lower in Q3, our revenue improved quarter-over-quarter, and our recurring expenses, excluding the impact of the DFS settlement, were lower quarter-over-quarter. So the primary reason EBITDA was lower in Q4 was due to a foreign exchange loss that we experienced in Q2 that was not fully realized until Q4.

我現在想縮小範圍，看看 2022 年全年。2022 年我們調整後的 EBITDA 為負 3.71 億美元，完全在我們大約一年前在 2022 年 2 月提供的 5 億美元損失護欄內。這包括第四季度調整後的 EBITDA 負值 1.24 億美元。我想指出，雖然第三季度略有下降，但我們的收入環比有所改善，而且我們的經常性支出（不包括 DFS 結算的影響）環比下降。因此，第四季度 EBITDA 較低的主要原因是我們在第二季度經歷的外匯損失，直到第四季度才完全實現。

I want to shift gears now towards our outlook. Crypto markets have improved so far into Q1 as compared to Q4. Crypto market cap is up 40% year-to-date through February 17. Crypto asset volatility is 5% higher over the same time period. As a result, we generated $120 million of transaction revenue in January 2023. I cannot underscore this enough. We caution investors to not extrapolate these results forward. We all need to keep in mind last year's experience of how quickly markets can evolve. They evolved quickly between Q4 and Q1, and they have the potential to evolve again. And we are mindful the industry dynamics across multiple dimensions remain in flux.

我現在想轉向我們的前景。與第四季度相比，到目前為止，加密市場在第一季度有所改善。截至 2 月 17 日，加密貨幣市值今年迄今上漲了 40%。同期，加密資產的波動性高出 5%。結果，我們在 2023 年 1 月產生了 1.2 億美元的交易收入。我怎麼強調都不為過。我們告誡投資者不要向前推斷這些結果。我們都需要牢記去年市場發展速度的經驗。它們在 Q4 和 Q1 之間進化得很快，而且它們有再次進化的潛力。我們注意到，多個維度的行業動態仍在不斷變化。

In that spirit, we've updated our outlook approach for 2023. Our outlook is reflecting what we believe are the most stable and predictable elements of our business, specifically subscription and services revenue and expenses, and we're now providing 1 quarter of outlook. With that, we expect Q1 subscription and services revenue to be between $300 million and $325 million.

本著這種精神，我們更新了 2023 年的展望方法。我們的展望反映了我們認為是我們業務中最穩定和可預測的要素，特別是訂閱和服務收入和支出，我們現在提供 1 個季度的展望.因此，我們預計第一季度的訂閱和服務收入將在 3 億至 3.25 億美元之間。

As Brian mentioned, we are focused on cost management and operating with discipline. That means we're more rigorously assessing our product market fit, we're taking a scrappier approach to investments, and we're getting back to smaller team sizes.

正如 Brian 提到的，我們專注於成本管理和遵守紀律。這意味著我們正在更嚴格地評估我們的產品市場契合度，我們正在採取更積極的投資方式，並且我們正在回歸更小的團隊規模。

For Q1, we anticipate technology and development and general and administrative expenses, together, will be between $625 million and $675 million. And that sales and marketing will be between $60 million and $70 million. When totaling these OpEx categories, this represents a more than 30% reduction in Q1 compared to the Q4 reported results. If you back out the $50 million settlement from Q4, we have reduced recurring expenses by more than 25% quarter-over-quarter.

對於第一季度，我們預計技術和開發以及一般和管理費用將在 6.25 億美元至 6.75 億美元之間。銷售和營銷將在 6000 萬到 7000 萬美元之間。當對這些運營支出類別進行總計時，與第四季度報告的結果相比，第一季度減少了 30% 以上。如果你撤銷第四季度的 5000 萬美元和解協議，我們的經常性支出環比減少了 25% 以上。

Embedded in that expense outlook is an expectation of $250 million of stock-based compensation in Q1. This compares to $431 million of stock-based compensation expense in Q4. So we've brought that down by more than $200 million quarter-over-quarter. Separately, our outlook includes approximately $150 million for restructuring expenses associated with our January headcount reduction.

在該支出前景中，預計第一季度將有 2.5 億美元的股票薪酬。相比之下，第四季度基於股票的薪酬支出為 4.31 億美元。因此，我們已經將這一季度環比減少了 2 億多美元。另外，我們的展望包括與我們 1 月份裁員相關的重組費用約為 1.5 億美元。

Overall, our goal for 2023 is to improve adjusted EBITDA in absolute dollar terms versus full year 2022. And we believe our cost reduction efforts position us to do so. As we look forward, we don't expect to meaningfully increase our head count, which is one of our largest expense drivers, compared to our Q1 levels, which we anticipate to be around 3,650 people.

總體而言，我們 2023 年的目標是以美元計算的調整後 EBITDA 與 2022 年全年相比有所改善。我們相信，我們在降低成本方面所做的努力使我們能夠做到這一點。正如我們所期待的那樣，我們預計不會顯著增加我們的員工人數，這是我們最大的支出驅動因素之一，與我們預計的第一季度水平相比，我們預計約為 3,650 人。

All right. Before we go to Q&A, I want to briefly give some context around some updates you're going to see in our 10-K that we filed this afternoon. Following the events of 2022, which included failures and other situations of financial distress at certain crypto companies like FTX, the SEC has issued a new guidance in December on expected disclosures for public companies like ours that are crypto market participants.

好的。在我們進行問答之前，我想簡要介紹一下您將在我們今天下午提交的 10-K 中看到的一些更新。繼 2022 年發生的事件（包括 FTX 等某些加密貨幣公司的倒閉和其他財務困境情況）之後，美國證券交易委員會於 12 月發布了一項新指南，涉及像我們這樣的加密貨幣市場參與者的上市公司的預期披露。

While we already disclosed much about what's outlined in the guidance, we did make some additional disclosures this quarter. So you will see an expanded discussion of how the 2022 events have impacted Coinbase, how similar events could impact our company. We've expanded disclosures of our lending activities, counterparty risk and the interconnectedness we have with other market participants. Accordingly, you'll see updates on our business section, MD&A and risk factors. These are in direct response to the new guidance. The full letter can be found on the website.

雖然我們已經披露了很多關於指南中概述的內容，但我們確實在本季度進行了一些額外的披露。因此，您將看到關於 2022 年事件如何影響 Coinbase 以及類似事件如何影響我們公司的擴展討論。我們擴大了對我們的貸款活動、交易對手風險以及我們與其他市場參與者的相互聯繫的披露。因此，您將看到我們的業務部分、MD&A 和風險因素的更新。這些都是對新指南的直接回應。完整的信件可以在網站上找到。

So with that, I think we can turn to questions. Anil?

因此，我認為我們可以轉向問題。阿尼爾？

Okay. Thank you, both. So with that, we'll turn to shareholder questions, and we are taking the most uploaded questions as determined by the number of shares, and we might combine questions that touch on the same themes.

好的。謝謝你倆。因此，我們將轉向股東問題，我們將根據股票數量確定上傳次數最多的問題，並且我們可能會合併涉及相同主題的問題。

The first question is about, has Coinbase considered operating an offshore business, perhaps with Big 4 audits and additional risk management controls, to offer new products to international investors while it awaits regulatory clarity on such products in the U.S.?

第一個問題是，Coinbase 是否考慮過經營離岸業務，或許有四大審計和額外的風險管理控制，以便在等待美國對此類產品的監管明確時向國際投資者提供新產品？

Thanks for the question. So our mission is to increase economic freedom in the world by enabling better access to crypto. So to fulfill our mission, we have to be a global company. And as such, international expansion is going to continue to be a very core part of how we operate.

謝謝你的問題。因此，我們的使命是通過更好地訪問加密貨幣來增加世界的經濟自由。因此，為了完成我們的使命，我們必須成為一家全球性公司。因此，國際擴張將繼續成為我們運營方式的核心部分。

In the past quarter, we had a launch in Australia. We have an upcoming launch in Brazil. And we've been very encouraged by the positive regulatory developments in the EU with MiCA and the U.K.'s long-awaited consultation. So you can expect to see us continuing to invest in the U.K. and Europe. They're really important parts of our business.

上個季度，我們在澳大利亞推出了一款產品。我們即將在巴西推出。我們對歐盟在 MiCA 方面的積極監管發展以及英國期待已久的磋商感到非常鼓舞。所以你可以期待看到我們繼續在英國和歐洲投資。它們是我們業務的重要組成部分。

We're going to lean into working with jurisdictions to help us maximize global coverage, and we will always be focused on offering our products in a safe, compliant way with, as you referenced, good risk management and sound audit. So there's nothing to announce here today, but international continues to be a focus area for us in 2023 and beyond.

我們將傾向於與司法管轄區合作，以幫助我們最大限度地擴大全球覆蓋範圍，並且我們將始終專注於以安全、合規的方式提供我們的產品，正如您所提到的，良好的風險管理和健全的審計。因此，今天沒有什麼可宣布的，但國際市場仍然是我們 2023 年及以後的重點領域。

Thanks, Emilie. Next question, has Coinbase considered updating its P&L target from operating at a loss during times of trading volumes like those in 2022 and 2023 year-to-date to operating at breakeven or profitability during such times? Alesia?

謝謝，艾米麗。下一個問題，Coinbase 是否考慮將其損益目標從 2022 年和 2023 年至今的交易量期間的虧損運營更新為在這些時期實現盈虧平衡或盈利？阿萊西亞？

I feel like this question had a preview into Brian's opening comments. So this is not a change we can make overnight. But yes, as Brian shared in his opening comments, we have changed our approach and we are building towards the future. So we used to say Coinbase would roughly break even over time, over a cycle, but now we are very focused on building a company that can generate EBITDA in all market conditions, which is to say we aspire to be an all-weather company.

我覺得這個問題預示了 Brian 的開場白。所以這不是我們可以在一夜之間做出的改變。但是，是的，正如布賴恩在開場白中分享的那樣，我們已經改變了我們的方法，我們正在為未來而建設。所以我們過去常說 Coinbase 會隨著時間的推移，在一個週期內大致收支平衡，但現在我們非常專注於建立一家能夠在所有市場條件下產生 EBITDA 的公司，也就是說我們渴望成為一家全天候的公司。

Specifically, for 2023, our goal is to improve our adjusted EBITDA performance in absolute dollar terms year-over-year. And we're going to continue to work to build revenue streams with less volatility. And while the focus is on improving adjusted EBITDA, as I shared in my opening comments, our SBC, or our stock-based compensation, is coming down, too. So we are focused on overall expense performance, and we think that will set the stage for longer improved financial performance.

具體來說，到 2023 年，我們的目標是按絕對美元計算逐年改善調整後的 EBITDA 業績。我們將繼續努力建立波動性較小的收入來源。雖然重點是改善調整後的 EBITDA，但正如我在開場評論中所分享的那樣，我們的 SBC 或基於股票的薪酬也在下降。因此，我們專注於整體支出績效，我們認為這將為更長期改善財務績效奠定基礎。

Next question, will Coinbase expand the stocks to compete with platforms like Robinhood? Brian?

下一個問題，Coinbase 是否會擴大存量以與 Robinhood 等平台競爭？布萊恩？

Yes, I can take that one. So the short answer is no. We feel our best opportunities are still in the crypto, in the Web3 space. There's a lot of [lotion] there. We want to go make sure we're the leader in that space. And there's a number of places people can trade traditional securities today, so I don't know how we would necessarily be differentiated on that dimension.

是的，我可以拿那個。所以簡短的回答是否定的。我們覺得我們最好的機會仍然在加密領域，在 Web3 領域。那裡有很多[乳液]。我們想確保我們是該領域的領導者。今天人們可以在很多地方交易傳統證券，所以我不知道我們在這方面有何不同。

There is an exception to that I can think of, which is that if we found a way to tokenize or wrap traditional securities, making them more crypto native, that could be pretty interesting, I think, for our customers and for us. It would unlock some additional functionality, for instance, 24/7 trading, people could more easily trade fractions of a share or they could have access to more global capital.

我能想到的是一個例外，那就是如果我們找到一種方法來標記或包裝傳統證券，使它們更加加密原生，我認為，對於我們的客戶和我們來說，這可能會非常有趣。它將解鎖一些額外的功能，例如，24/7 交易，人們可以更輕鬆地交易一小部分股票，或者他們可以獲得更多的全球資本。

But the regulatory environment in the U.S. right now is not currently hospitable to that type of product. It's something that we're working to change. We actually acquired a broker-dealer license several years ago, but it's dormant right now, and we'd like to work with the SEC to make it active. I think that something like that, that would allow us to wrap traditional securities could -- and also just make it really simple for people to go and register crypto securities, that could be pretty interesting and something we'd like pursue in the future. But I don't think that will happen in the short term. So it's something we'll have to work towards over time.

但美國目前的監管環境目前並不適合此類產品。這是我們正在努力改變的事情。事實上，我們幾年前就獲得了經紀自營商執照，但現在處於休眠狀態，我們希望與美國證券交易委員會合作，使其活躍起來。我認為類似的東西，可以讓我們包裝傳統證券——也可以讓人們去註冊加密證券變得非常簡單，這可能非常有趣，也是我們未來想要追求的東西。但我認為這不會在短期內發生。所以這是我們必須隨著時間的推移而努力的事情。

Next question, how does Coinbase plan to compete with other trading platforms that allow its users to purchase crypto without fees? Alesia?

下一個問題，Coinbase 計劃如何與允許其用戶免費購買加密貨幣的其他交易平台競爭？阿萊西亞？

Thanks for the question. So I want to start with just a comment that there are no true 0 fee products out there. Some monetize, like Coinbase do, via our fees that we post, but others monetize on the back end where the fees are not transparent to the users, but there really are no 0 fee platforms.

謝謝你的問題。所以我想首先評論一下，那裡沒有真正的 0 費用產品。有些人通過我們發布的費用獲利，例如 Coinbase，但其他人在後端獲利，費用對用戶不透明，但實際上沒有 0 費用平台。

So we do generate most of our transaction revenue today from our retail customer base. They are trusting our products because they are safe and easy to use, and we're giving them an integrated platform to engage with a range of crypto assets and activities. So you can stake, you can participate and you can spend your crypto on a Coinbase card. You can do many different things. And we believe this is a premium product that our customers are willing to pay for.

因此，我們今天的大部分交易收入確實來自我們的零售客戶群。他們信任我們的產品，因為它們安全且易於使用，我們正在為他們提供一個集成平台來參與一系列加密資產和活動。所以你可以抵押，你可以參與，你可以在 Coinbase 卡上使用你的加密貨幣。你可以做很多不同的事情。我們相信這是我們的客戶願意支付的優質產品。

But we also have from our subscription product, Coinbase One, where users can trade without fees. So we are definitely experimenting with different monetization models and different ways to offer our services to our customers. As we said before, over the long term, we believe fees will compress due to commoditization, but we have yet to see that in crypto. And we think that after coming to 2022, there is more value placed on a trusted platform, our regulated compliant approach, and people are willing to pay for that premium offering.

但我們也有訂閱產品 Coinbase One，用戶可以在其中免費進行交易。所以我們肯定在嘗試不同的貨幣化模型和不同的方式來為我們的客戶提供我們的服務。正如我們之前所說，從長遠來看，我們認為費用會因商品化而壓縮，但我們尚未在加密貨幣中看到這一點。而且我們認為，到 2022 年之後，可信平台、我們的合規合規方法將獲得更多價值，人們願意為這種優質產品買單。

Next question, how is Coinbase working alongside lawmakers to shape U.S. crypto regulation? Brian?

下一個問題，Coinbase 如何與立法者一起制定美國加密監管？布萊恩？

Yes. So I've been spending a lot of time in D.C. I was just there last week, actually. And I'd say policy is my top priority for this year. So when I was there just last week, we met with a number of relevant senators that are working on different crypto bills. There's actually a lot of bipartisan support, I would say, out there for getting comprehensive crypto legislation pass. There's a recognition that in the wake of FTX, we need stronger consumer protection. There's also a lot of excitement just about the potential of this technology. And there's a lot of desire for people to have this built here in America. And they feel that it's important for all kinds of reasons: economic growth, national security, et cetera. So I was very pleased to see that.

是的。所以我在華盛頓花了很多時間。事實上，我上周剛去過那裡。我會說政策是我今年的首要任務。因此，就在上週我在那裡時，我們會見了許多正在研究不同加密法案的相關參議員。我想說，實際上有很多兩黨支持，以獲得全面的加密立法通過。人們認識到，在 FTX 之後，我們需要加強對消費者的保護。這項技術的潛力也令人興奮。人們非常希望在美國建造這個。他們認為出於各種原因它很重要：經濟增長、國家安全等等。所以我很高興看到這一點。

I think the folks that I spoke with, they also realize that the U.S. is a little bit behind right now. The EU has already kind of passed comprehensive crypto legislation. They're looking at others like in the U.K., Singapore, et cetera, that are moving on this dimension and seeing what they can take and put in their bill. So I'm spending more time in D.C.

我認為與我交談過的人也意識到美國現在有點落後了。歐盟已經通過了全面的加密立法。他們正在關注其他國家，例如英國、新加坡等，他們正在朝著這個方向邁進，看看他們可以採取什麼措施並付諸實施。所以我會花更多的時間在 D.C.

But I think what's even more important than that actually is that we can go and activate the roughly 50 million people or so who have used crypto in the United States and asking them to -- they're very passionate about crypto, many of them. And so it's about asking them to contact the representatives and encouraging them to say, we want this industry to be built in America with strong consumer protection and preserving innovation potential.

但我認為比實際更重要的是，我們可以去激活大約 5000 萬在美國使用過加密貨幣並要求他們這樣做的人——他們中的許多人對加密貨幣非常熱情。因此，這是關於要求他們聯繫代表並鼓勵他們說，我們希望這個行業在美國建立，具有強大的消費者保護和保持創新潛力。

So I think we need to really make it clear that -- let's say, in the upcoming election in 2024, for instance, that this is going to be a big issue, I think, for a lot of voters. Crypto is now used by 1 in 5 households in the United States, and it's becoming a pretty powerful lobby and a constituent. So Coinbase, of course, we can do our part here by helping organize, and we've been actually giving customers information right in our app about policy issues and even scores for different candidates that represent them. But we're just 1 company in the space. The whole industry is really going to have to come together to make this happen and -- of all the crypto users out there.

因此，我認為我們需要真正明確地表明——比方說，在即將到來的 2024 年選舉中，我認為這對很多選民來說將是一個大問題。美國現在有五分之一的家庭使用加密貨幣，它正在成為一個非常強大的遊說團體和選民。所以 Coinbase，當然，我們可以通過幫助組織來發揮我們的作用，我們實際上一直在我們的應用程序中向客戶提供有關政策問題的信息，甚至是代表他們的不同候選人的分數。但我們只是該領域的一家公司。整個行業真的必須齊心協力才能實現這一目標——所有加密貨幣用戶都需要這樣做。

So there's lots more that we're doing. We're donating to key crypto advocates. We've hired an incredible policy team. Our Head of Policy, Faryar Shirzad, came from Goldman Sachs where he was coleading policy. We're working with various trade groups. We actually wrote a really detailed petition that we sent to the SEC, requesting more clarity on regulation and pointing out sort of many of the areas where in the law today, it's not clear how crypto should be regulated. We have a public policy page on our website, which I encourage people to go check out. So there's a lot we can do here, and I think it's a major focus for myself and the company.

所以我們要做的還有很多。我們正在向主要的加密倡導者捐款。我們聘請了一支了不起的政策團隊。我們的政策主管 Faryar Shirzad 來自高盛，他在那里共同領導政策。我們正在與各種貿易團體合作。我們實際上寫了一份非常詳細的請願書，我們發送給了美國證券交易委員會，要求更加明確監管並指出當今法律中的許多領域，尚不清楚應如何監管加密貨幣。我們的網站上有一個公共政策頁面，我鼓勵人們去看看。所以我們可以在這裡做很多事情，我認為這是我自己和公司的主要關注點。

Actually, Paul, our Chief Legal Officer, do you want to add anything here?

實際上，我們的首席法務官保羅，你想在這裡補充什麼嗎？

Yes. Happy to, Brian. Coinbase, we have a 10-year plus record of regulatory compliance engagement, and we remain committed to working with regulators to develop solutions that are sensible, that put consumers first and protect them and ultimately help to grow the crypto economy. We are in constant conversation with all of these regulators and, of course, the policymakers as well, particularly in D.C. In those conversations, our agenda is very clear. Regulators should follow the standard course and undertake public rule-making that will give clarity not just to the industry and to consumers but, of course, investors as well.

是的。很高興，布賴恩。 Coinbase，我們有超過 10 年的監管合規參與記錄，我們仍然致力於與監管機構合作開發明智的解決方案，將消費者放在首位並保護他們，並最終幫助發展加密經濟。我們一直在與所有這些監管機構進行對話，當然還有政策制定者，尤其是在華盛頓特區。在這些對話中，我們的議程非常明確。監管機構應遵循標準路線並製定公共規則，不僅要讓行業和消費者清楚，當然也要讓投資者清楚。

The bottom line is this, not everything in crypto is a security. That's just not the law today. And it shouldn't be the law tomorrow and in the future. Securities laws doesn't exist in order to turn everything of value in our economy, whether it's baseball cards or sneakers or digital assets like crypto, into a security that only a small number of people or the elite are able to buy or trade. That's why we have to get these lines right. It's not just about crypto.

底線是，並非加密貨幣中的所有東西都是證券。這不是今天的法律。它不應該成為明天和未來的法律。證券法的存在並不是為了將我們經濟中的一切有價值的東西，無論是棒球卡、運動鞋還是加密等數字資產，都變成只有少數人或精英才能購買或交易的證券。這就是為什麼我們必須把這些線弄好。這不僅僅是關於加密。

And so in that same spirit, last July, in July of 2022, we filed a comprehensive petition for rule-making with the SEC that outlined the issues with applying an existing or the existing securities into modern digital assets. And we suggest that each area in which the SEC could and should engage in rule-making in order to provide clarity for the entire industry. We're very hopeful that the SEC and others will recognize that rule-making is the appropriate path forward. And importantly, we're not going to stop engaging until they do so. It's not too late.

因此，本著同樣的精神，去年 7 月，即 2022 年 7 月，我們向美國證券交易委員會提交了一份全面的規則制定請願書，其中概述了將現有或現有證券應用於現代數字資產的問題。我們建議 SEC 可以並且應該參與規則制定的每個領域，以便為整個行業提供清晰度。我們非常希望 SEC 和其他人能夠認識到規則制定是正確的前進道路。重要的是，在他們這樣做之前，我們不會停止參與。不算太晚。

One final point, just recently, the SEC issued a notice of proposed rule for safeguarding crypto assets with qualified custodians such as Coinbase. We see that as a signal that the SEC recognizes and is willing to follow a standard public rule-making process in order to get these answers right.

最後一點，就在最近，美國證券交易委員會發布了一份通知，提議與 Coinbase 等合格託管人一起保護加密資產。我們認為這是一個信號，表明 SEC 承認並願意遵循標準的公共規則制定流程，以便獲得正確的答案。

Great. Thanks. Next question, are there any plans to initiate stock buybacks or reduce overall debt load if the company valuation becomes low enough. Alesia?

偉大的。謝謝。下一個問題，如果公司估值足夠低，是否有計劃啟動股票回購或減少整體債務負擔。阿萊西亞？

Thanks for the question. So I would share with you that we constantly evaluate what is the most accretive way to allocate our capital. So it's something we've looked at, we talked about. But today, our focus is on cash conservation and maximizing the options that we have available to us, maximizing our ability to navigate through this transition period as we shift from being a company that has volatility in our P&L to a more stable P&L where we can have the opportunity to generate EBITDA in an up and down market. So while we have the right (inaudible), we don't have any news to share at this time around with stock buyback or a debt buyback program.

謝謝你的問題。因此，我想與您分享的是，我們不斷評估什麼是最具增值性的資本分配方式。所以這是我們已經研究過的，我們討論過的。但是今天，我們的重點是保存現金並最大限度地增加我們可用的選擇，最大限度地提高我們度過這個過渡期的能力，因為我們從一家損益波動較大的公司轉變為一個我們可以做到的更穩定的損益有機會在漲跌市場中產生 EBITDA。因此，雖然我們有權利（聽不清），但我們目前沒有任何關於股票回購或債務回購計劃的消息要分享。

I would point out that while we do not have a formal buyback program, we do generally net settle our equity awards to employees. What that means is that we pay taxes on behalf of the employees, and those shares don't end up in the market. So as a result, since we went public, we've effectively bought back just over 5 million shares due to this approach. So while this is not a formal stock buyback, it has the effect of reducing shares outstanding and reducing our amount of dilution that we've put into the market.

我要指出的是，雖然我們沒有正式的回購計劃，但我們通常會淨結算對員工的股權獎勵。這意味著我們代表員工納稅，而這些股票最終不會進入市場。因此，自從我們上市以來，由於這種方法，我們實際上回購了超過 500 萬股股票。因此，雖然這不是正式的股票回購，但它具有減少流通股和減少我們投入市場的稀釋程度的效果。

Our next question is, with Kraken's staking as a service being cracked down upon by the SEC, what differentiates Coinbase's staking as a service from theirs? And what assurances can you give investors that their funds will not be affected? Paul?

我們的下一個問題是，隨著 Kraken 的質押服務被美國證券交易委員會打擊，Coinbase 的質押服務與他們的服務有什麼區別？你能向投資者保證他們的資金不會受到影響嗎？保羅？

The Coinbase's staking products are not securities, and so they are not affected by this news. Staking on Coinbase continues to be available to our customers, and stake assets continue to earn rewards. The staking products that we offer on Coinbase are fundamentally different from the yield products that were described in the recent (inaudible) action against Kraken.

Coinbase 的質押產品不是證券，因此不受此消息的影響。我們的客戶繼續可以在 Coinbase 上質押，質押資產繼續賺取回報。我們在 Coinbase 上提供的質押產品與最近（聽不清）針對 Kraken 的行動中描述的收益產品有根本不同。

The differences matter. Just to highlight a few of them, first and foremost, on Coinbase, customer assets always remain theirs. At all times, customers retain the title to and ownership of their tokens. And of course, we hold all user assets, including tokens, 1:1. Another important difference is that our fees are tethered to realities. They're determined by the network protocols and commissions that we take are fully disclosed in our health center.

差異很重要。只是為了強調其中的一些，首先，在 Coinbase 上，客戶資產始終是他們的。在任何時候，客戶都保留其代幣的所有權。當然，我們以 1:1 的比例持有所有用戶資產，包括代幣。另一個重要的區別是我們的費用與現實掛鉤。它們由網絡協議決定，我們收取的佣金在我們的健康中心完全公開。

On Coinbase, our customers have a right to their returns. We can't simply just decide not to pay any returns at all. And critically, Coinbase customers have deep transparent insights into our financials because, of course, Coinbase is a publicly traded company with public audited financials. The bottom line is that Coinbase customers have access to proper disclosures. Coinbase has always disclosed critical information for its staking users, such as what happens to assets when they're staked. And we do that in our retail user agreement. Rules, making clear these distinctions would provide a very real clarity, and we think the public shouldn't have to parse complaints in federal court in order to understand what a regulator expects.

在 Coinbase 上，我們的客戶有權要求退貨。我們不能簡單地決定根本不支付任何回報。至關重要的是，Coinbase 客戶對我們的財務狀況有著深刻而透明的洞察力，因為 Coinbase 當然是一家上市公司，其財務狀況經過公開審計。底線是 Coinbase 客戶可以獲得適當的披露。 Coinbase 一直為其質押用戶披露關鍵信息，例如資產在質押時發生的情況。我們在零售用戶協議中這樣做。規則，明確這些區別將提供非常真實的清晰度，我們認為公眾不應該為了理解監管機構的期望而必須在聯邦法院解析投訴。

Our next question is, what is Coinbase going to do to recover the value of its stock from the initial IPO? Emilie?

我們的下一個問題是，Coinbase 打算如何從最初的 IPO 中恢復其股票的價值？埃米莉？

I'll take that, yes. Coinbase is focused on generating long-term value. We are the leading regulated player in a still nascent market. And as such, much of our economic potential will come in future years, much like it has for other new category leaders over time. And like all tech and high-growth companies, we've experienced a market reset over the past year. This isn't Coinbase or crypto-specific. That said, we are laser-focused on driving positive shareholder value and, in particular, are focusing our energy on, one, cost management and efficiency; two, investing in core product growth so that we offer our users the absolute best crypto products and services; and three, landing a positive regulatory outcome for the ecosystem and for our users.

我會接受的，是的。 Coinbase 專注於創造長期價值。我們是一個仍處於起步階段的受監管的主要參與者。因此，我們的大部分經濟潛力將在未來幾年出現，就像其他新類別領導者隨著時間的推移一樣。與所有科技和高增長公司一樣，我們在過去一年經歷了市場重置。這不是 Coinbase 或特定於加密貨幣的。也就是說，我們非常專注於推動積極的股東價值，尤其是將我們的精力集中在成本管理和效率上；第二，投資核心產品增長，以便我們為用戶提供絕對最好的加密產品和服務；第三，為生態系統和我們的用戶帶來積極的監管成果。

Next question, do you feel that Coinbase can play a big role in making cryptocurrency go mainstream? Brian?

下一個問題，您認為 Coinbase 可以在使加密貨幣成為主流方面發揮重要作用嗎？布萊恩？

Yes. Absolutely. I mean one of our goals is we want to get crypto to 1 billion people globally. That would tell me that we were starting to have a real impact on a global scale around economic freedom, which the mission of Coinbase is to increase economic freedom. So I think we have a big and important role to play in that. And I think it happens -- it's going to happen across a number of different areas. I mean one is scalability. We just -- we need to get the blockchains to be more scalable. There's a lot of important developer work happening on that dimension. And there's a couple of areas where Coinbase has been able to help on the margin, but there's many great teams doing that.

是的。絕對地。我的意思是我們的目標之一是讓全球 10 億人使用加密貨幣。這會告訴我，我們開始在全球範圍內圍繞經濟自由產生真正的影響，而 Coinbase 的使命是增加經濟自由。所以我認為我們在這方面可以發揮重要作用。我認為它會發生——它會在許多不同的領域發生。我的意思是一個是可擴展性。我們只是 - 我們需要讓區塊鏈更具可擴展性。在那個維度上有很多重要的開發人員工作。 Coinbase 在一些領域可以提供一定的幫助，但有很多優秀的團隊在做這件事。

Also, in terms of usability, I think just sort of like many people don't understand how electricity works, but they can benefit from it. They can access it through a light switch. Coinbase has a role here to play and just trying to make crypto easier to use. Many people, they don't even really know how it works underneath, but they just want to get paid. They want to transfer funds with lower fees. They want to earn a living. They want to have stable currency, et cetera. And so we can make those things easy and intuitive.

此外，就可用性而言，我認為就像許多人不了解電的工作原理一樣，但他們可以從中受益。他們可以通過電燈開關訪問它。 Coinbase 在這裡可以發揮作用，只是試圖讓加密貨幣更易於使用。很多人，他們甚至不知道背後是如何運作的，但他們只是想得到報酬。他們想以較低的費用轉移資金。他們想謀生。他們想要穩定的貨幣，等等。因此，我們可以使這些事情變得簡單和直觀。

And then lastly, I think on the regulatory environment, we have an important role here just to play around education, advocacy, policy. So there's a lot we can do to try to help crypto get to that 1 billion user mark and beyond.

最後，我認為在監管環境方面，我們在這裡可以發揮重要作用，只是圍繞教育、宣傳和政策發揮作用。因此，我們可以做很多事情來幫助加密貨幣達到 10 億用戶大關甚至更多。

Okay. Last question before we turn it over to the analysts. Coinbase NFT. One, what is your cumulative loss? Two, what is your plan to reduce the burn, increase market share? And overall, what's your plan in connection with Coinbase NFT? What will you do differently next time when developing new platforms? Emilie?

好的。在我們將其交給分析師之前的最後一個問題。幣基 NFT。一，你的累計損失是多少？第二，你有什麼減少燒錢、增加市場份額的計劃？總的來說，你對 Coinbase NFT 有什麼計劃？下次開發新平台時，您會採取哪些不同的做法？埃米莉？

So we allocate our resources, 70-20-10, 70% to core, 20% to strategic adjacencies and 10% to venture opportunities. We are always looking to expand our portfolio of products to serve our customers in the best way. And NFTs were an example of a venture initiative in that 10% bucket. And we continue to see medium- and long-term opportunities here. So we're -- we've got a very lean team on it now, but we're not throwing in the towel by any means.

因此，我們分配資源，70-20-10，70% 用於核心，20% 用於戰略鄰接，10% 用於風險機會。我們一直在尋求擴展我們的產品組合，以最好的方式為我們的客戶服務。 NFT 是這 10% 桶中風險投資計劃的一個例子。我們繼續在這裡看到中長期機會。所以我們 - 我們現在有一個非常精幹的團隊，但我們不會以任何方式認輸。

There's a lot of Fortune 100 companies who are experimenting with NFT opportunities, including Meta, Starbucks, Nike, Anheuser-Busch. And we're proud of a product that is creating a more social customer NFT experience. We have a lot of work to do, but we want to continue to invest limited resources there.

有很多財富 100 強公司正在嘗試 NFT 機會，包括 Meta、星巴克、耐克、Anheuser-Busch。我們為創造更具社交性的客戶 NFT 體驗的產品感到自豪。我們有很多工作要做，但我們想繼續在那裡投入有限的資源。

So in terms of investments, as we indicated in the shareholder letter, we're taking a more rigorous approach to investment in new and unproven products, but we're going to do that in a very lean, efficient way and get back to just smaller team sizes and getting things out there in a more of an experimental way so that we do it in the most operationally efficient way possible. USDC was an example of something that started with just a couple of folks and has expanded to be something much bigger.

因此，在投資方面，正如我們在股東信中指出的那樣，我們正在採取更嚴格的方法來投資新的和未經證實的產品，但我們將以一種非常精簡、高效的方式進行投資，並回到剛剛更小的團隊規模，並以更具實驗性的方式把事情做完，這樣我們就可以以最高效的方式來做。 USDC 就是一個例子，它從幾個人開始，現在已經發展壯大。

Okay. Thanks. So with that, Paula, let's switch take some live questions from the research analysts.

好的。謝謝。因此，寶拉，讓我們轉而接受研究分析師的一些現場提問。

Your first question comes from Owen Lau of Oppenheimer.

你的第一個問題來自 Oppenheimer 的 Owen Lau。

So I have a question about international expansion. So yesterday, Hong Kong SFC put out a consultation paper on virtual assets trading platform. They proposed to a lot of digital assets trading for retail customers. So I have 2 quick questions here related to this topic. The first one is, will Coinbase apply for this license or how Coinbase will approach this regime?

所以我有一個關於國際擴張的問題。所以昨日，香港證監會就虛擬資產交易平台發布了諮詢文件。他們向零售客戶提出了很多數字資產交易。所以我在這裡有 2 個與此主題相關的快速問題。第一個是，Coinbase 是否會申請此許可證或 Coinbase 將如何處理此制度？

The second point is the requirement seems to be that the platform operate has [put] client money on a trust to a wholly-owned subsidiary and no more than 2% of client virtual assets are stored in hot wallets. Can Coinbase be compliant with this? And based on your knowledge, how many exchanges in the world can meet this high bar?

第二點要求似乎是平台運營已將客戶資金 [put] 委託給一家全資子公司，並且不超過 2% 的客戶虛擬資產存儲在熱錢包中。 Coinbase 可以遵守嗎？而據您所知，世界上有多少交易所可以達到這個高標準？

Yes. I mean so this is a detailed question. I would say that, in general, we don't currently have today an entity in Hong Kong, but I've been really pleasantly surprised to see that there is clarity like this -- this is a great example, what you just mentioned, of the financial hubs around the world, of which Hong Kong is one of those, are making really good progress towards regulatory clarity. We'd have to look in detail to see if Coinbase met those requirements, and we don't have currently anything that we've done in that country to date. But I think it's exciting as a general trend.

是的。我的意思是，這是一個詳細的問題。我想說的是，總的來說，我們目前在香港沒有實體，但我真的很驚喜地看到有這樣的清晰度——這是一個很好的例子，你剛才提到的，世界各地的金融中心，其中香港是其中之一，在監管清晰度方面取得了非常好的進展。我們必須詳細查看 Coinbase 是否滿足這些要求，而我們目前還沒有在那個國家做過任何事情。但我認為這是一個總體趨勢，令人興奮。

I don't know, Paul or anybody else, do you want to add anything?

我不知道，保羅或其他人，你想補充什麼嗎？

Other thing I would add is we do have a practice of holding the vast majority of funds on our platform in cold storage. And so we do have mechanisms in place to keep a very small amount of assets in a hot wallet or subject to cyber risk, which is one of the requirements. I also think that Coinbase has operated Trust Co for a number of years now. And so there's definitely parts of our business that we could lean on if we chose to build in that market.

我要補充的另一件事是，我們確實有將平台上的絕大部分資金冷藏起來的做法。因此，我們確實有機制將極少量資產保存在熱錢包中或承受網絡風險，這是要求之一。我還認為 Coinbase 已經經營 Trust Co 很多年了。因此，如果我們選擇在該市場建立業務，我們肯定可以依靠我們的部分業務。

Our broad international strategy, as we outlined in previous years, we have a go broad and go deep. At this point in time, we don't have any announcements on adding additional countries to our portfolio. We're focused on building in the countries that we're currently in. But conditions like you provided, having clear regulatory structure, our markets become attractive to us. So at the time that we were adding new countries to our list, we would look at that as a positive indicator of a country that we can go into and assess our ability to comply with those standards.

我們廣泛的國際戰略，正如我們在前幾年概述的那樣，我們有一個廣泛而深入的方向。目前，我們沒有任何關於在我們的產品組合中添加更多國家/地區的公告。我們專注於在我們目前所在的國家/地區建設。但是像您提供的條件，具有清晰的監管結構，我們的市場對我們具有吸引力。因此，在我們向列表中添加新國家時，我們會將其視為我們可以進入並評估我們遵守這些標準的能力的國家的積極指標。

Your next question comes from the line of Devin Ryan of JMP Securities.

你的下一個問題來自 JMP Securities 的 Devin Ryan。

This is Michael Falco actually standing in for Devin. I wanted to ask a quick question. You highlighted your goal for 2023 is to improve full year adjusted EBITDA in absolute dollar terms versus 2022. And then that you're setting your sights on positioning the company to generate adjusted EBITDA in all market conditions. So it seems like after the current 25%-plus expense reduction, you believe this is a reasonable goal. Just curious on the revenue side of the equation, what are the revenue scenarios kind of underpinning that? And what's the revenue threshold that would make that goal achievable?

這是 Michael Falco 實際上代表 Devin。我想問一個簡短的問題。您強調了 2023 年的目標是與 2022 年相比以絕對美元計算提高全年調整後的 EBITDA。然後您將目光投向定位公司以在所有市場條件下產生調整後的 EBITDA。因此，在目前 25% 以上的費用削減之後，您認為這是一個合理的目標。只是對等式的收入方面感到好奇，支撐它的收入情景是什麼？實現該目標的收入門檻是多少？

Great question. So as we shared in our outlook, we're really focusing our near-term outlook on things that we can control. So our subscription and services revenue, we believe, converts $300 million to $325 million in Q1, which has healthy growth off of the reported results of Q4. We've also seen a lot of volatility in our transaction revenues, and we continue to see volatility as we saw that crypto market cap was up 40% quarter-to-date in Q1 -- transaction revenue to be volatile. It could be up. It could be down. It could be static over the year. We are preparing for that range, and we are prepared to grow subscription and services against this more moderate expense base.

很好的問題。因此，當我們分享我們的展望時，我們確實將近期展望集中在我們可以控制的事情上。因此，我們相信，我們的訂閱和服務收入在第一季度將 3 億美元轉化為 3.25 億美元，這比第四季度的報告結果健康增長。我們還看到我們的交易收入波動很大，而且我們繼續看到波動，因為我們看到加密貨幣市值在第一季度季度迄今增長了 40%——交易收入波動很大。它可能會上升。它可能會下降。它可以在一年內保持不變。我們正在為這個範圍做準備，我們準備在這個更適度的費用基礎上增加訂閱和服務。

There are scenarios that we could be EBITDA positive this year. But the goal, because we're preparing for the worst and hoping for best, is to ensure that we improve EBITDA year-over-year. And that is what we're setting at this point in time. We will continue to update you as we get more data points as we go through the year.

在某些情況下，我們今年的 EBITDA 可能為正。但目標是確保我們的 EBITDA 逐年提高，因為我們正在做最壞的打算並抱最好的希望。這就是我們在這個時間點設定的。隨著我們在這一年中獲得更多數據點，我們將繼續為您更新。

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

你的下一個問題來自摩根大通證券的肯尼斯沃辛頓。

Maybe for Brian, Coinbase has historically been a large investor in crypto businesses and technology. And based on the number of developers, innovation continues at a robust pace in the crypto ecosystem. The industry has had big leap forward with the development of DeFi and the popularity and use cases for NFTs, for example. As you look to 2023 and 2024, are there use cases or developments on the level of DeFi or NFTs that particularly excite you? And maybe broadly, what do you see as the next big leg forward for use cases in crypto?

也許對於 Brian 來說，Coinbase 歷來是加密業務和技術的大投資者。根據開發人員的數量，創新在加密生態系統中繼續以強勁的步伐進行。例如，隨著 DeFi 的發展以及 NFT 的流行和用例，該行業取得了巨大飛躍。展望 2023 年和 2024 年，在 DeFi 或 NFT 層面上是否有特別令您興奮的用例或發展？也許從廣義上講，您認為加密用例的下一個重要發展方向是什麼？

Yes. Well, okay. So I always have to be a little careful when you're trying to predict the future, especially if it influences anything on the M&A front. So let me keep my comments just pretty broad here. But you're correct. We have been investors in the space. I think we recognize that this is the beginning of a big trend and big industry. And we're going to build our own products. We're going to also buy other companies, but we're also going to invest. And so we do all 3, build, buy and invest.

是的。哦，那好吧。所以當你試圖預測未來時，我總是要小心一點，尤其是當它影響併購方面的任何事情時。因此，讓我在這裡保留我的評論非常廣泛。但你是對的。我們一直是該領域的投資者。我想我們認識到這是一個大趨勢和大產業的開始。我們將構建自己的產品。我們還將收購其他公司，但我們也將進行投資。所以我們做這三件事，建造、購買和投資。

You mentioned some of these areas that got popular in prior down cycles. We had DeFi and things like that, which were exciting, and NFTs. A couple of areas that we're excited about, just kind of looking forward, I think decentralized identity is exciting. It allows crypto to move beyond just a new form of money or new types of financial services, but also, it allows the beginnings of a new type of app platform, right? And if you have a decentralized identity where people can kind of have access to their own information, and it's not owned by one of the big tech companies, then you can start to do interesting things like create a social graph between those identities and have decentralized social networks. You can even have reputation associated with those decentralized identities, kind of like a FICO score, if you will, or something similar to Google PageRank algorithm, which rank different pages on the Internet, but you could sort of have the reputation for each of these decentralized identities. So that's one area, just among many that I'm interested in.

您提到了其中一些在之前的下行週期中很受歡迎的領域。我們有 DeFi 之類的東西，這很令人興奮，還有 NFT。我們很興奮的幾個領域，只是有點期待，我認為去中心化的身份是令人興奮的。它允許加密貨幣超越一種新的貨幣形式或新型金融服務，而且它還允許一種新型應用程序平台的開始，對吧？如果你有一個去中心化的身份，人們可以在其中訪問自己的信息，而且它不屬於任何一家大型科技公司，那麼你就可以開始做一些有趣的事情，比如在這些身份之間創建一個社交圖譜，並去中心化社交網絡。你甚至可以擁有與這些去中心化身份相關聯的聲譽，如果你願意的話，有點像 FICO 分數，或者類似於 Google PageRank 算法的東西，它可以對互聯網上的不同頁面進行排名，但你可以對每個這些都有聲譽分散的身份。所以這是一個領域，只是我感興趣的眾多領域之一。

And we generally try to look at the landscape of start-ups that are coming out. There are a lot of developers, as you mentioned, operating in this space now. That has actually continued to grow even in the market coming down. And I think if you look at where the brightest young engineers are focusing their time on the weekend, what they're hacking on in their free time, I think that's a really good predictor of the future. And so by that measure, crypto is doing quite well.

而且我們通常會嘗試查看即將出現的初創企業的情況。正如您提到的，現在有很多開發人員在這個領域開展業務。即使在市場下跌的情況下，它實際上仍在繼續增長。而且我認為，如果你看看最聰明的年輕工程師在周末把時間集中在哪裡，他們在空閒時間做什麼，我認為這是對未來的一個很好的預測。因此，按照這個標準，加密貨幣做得很好。

Okay. If I can sneak in another one just quickly for Paul. The SEC -- or SEC Chair Gensler continues to say that he wants crypto firms and crypto products to register with the SEC. What is the risk to Coinbase or the downside of registering either firm or the products with the SEC?

好的。如果我能盡快為 Paul 偷偷帶上另一個。 SEC——或 SEC 主席 Gensler 繼續表示，他希望加密公司和加密產品在 SEC 註冊。 Coinbase 的風險是什麼，或者在美國證券交易委員會註冊公司或產品的缺點是什麼？

Well, Coinbase is certainly familiar with registration with the SEC. And then, of course, as a publicly listed company, we were required to complete an S-1 back in April 2021. We're also quite familiar with the Chair's comments regarding registration of individual products and services. To the extent that registration is appropriate because, first and foremost, products and services qualified securities under the federal securities laws. Coinbase is quite open and eager to seek a path to registration where one is made available. I think it's fair to say that at this point in time, the path to registration for products and services that may qualify as securities has not been open or at least readily or easily opened. So that's proven to be challenging. But we're always eager to pursue a registration where it makes sense, and we will continue to engage in conversations and dialogue where we have an opportunity to do so with the SEC or anybody else.

好吧，Coinbase 當然熟悉美國證券交易委員會的註冊。然後，當然，作為一家上市公司，我們需要在 2021 年 4 月完成 S-1。我們也非常熟悉主席關於個別產品和服務註冊的評論。在某種程度上，註冊是適當的，因為首先，產品和服務符合聯邦證券法的規定。 Coinbase 非常開放，並且渴望找到一種可用的註冊途徑。我認為可以公平地說，在這個時間點，可能符合證券條件的產品和服務的註冊途徑尚未開放，或者至少尚未開放或容易開放。所以這被證明是具有挑戰性的。但我們總是渴望在有意義的地方進行註冊，我們將繼續在有機會與 SEC 或其他任何人進行對話和對話時進行對話。

Your next question comes from Lisa Ellis of SVB MoffettNathanson.

你的下一個問題來自 SVB MoffettNathanson 的 Lisa Ellis。

A follow-up there on the regulatory front, I know -- and policy front, I guess, more broadly. You have highlighted now several times that you expect 2023 to be a significant year for crypto policy. There's a lot of moving pieces here for us. So in your view, overall, what are the top like 3 or 4 things that would constitute a win on the policy or regulatory front over the next year?

監管方面的後續行動，我知道 - 以及政策方面，我想，更廣泛。您現在已經多次強調您預計 2023 年將是加密貨幣政策的重要一年。這裡有很多讓我們感動的作品。因此，在您看來，總體而言，明年在政策或監管方面取得勝利的最重要的 3 或 4 件事是什麼？

Yes. Well, I want to temper expectations a little bit. I think any time new legislation gets passed, it's kind of -- a lot of stars have to align for that to happen, and for good reason, at least in the United States government. So we're going to keep pushing on that. I don't -- we don't know exactly what the chances are of that happening specifically this year, but I think over time, the chances are quite good.

是的。好吧，我想稍微降低一下期望值。我認為任何時候通過新的立法，都是——很多明星必須齊心協力才能實現這一目標，而且有充分的理由，至少在美國政府中是這樣。所以我們將繼續推動這一點。我不——我們不知道今年具體發生這種情況的可能性有多大，但我認為隨著時間的推移，這種可能性非常大。

There's a number of different areas that people are looking at. I mean one of them is simply on the stablecoin front. And I think there's generally a pretty broad consensus amongst Congress, the folks that I've spoken with, that we do want to bring that into the regulatory perimeter and to new legislation that just had some good best practices around making sure that funds were audited, things were back to 1:1. That would be a great win, and we could see some progress there.

人們正在關注許多不同的領域。我的意思是其中之一隻是在穩定幣方面。而且我認為國會和與我交談過的人之間普遍達成了相當廣泛的共識，我們確實希望將其納入監管範圍和新立法，這些立法在確保資金得到審計方面有一些良好的最佳實踐，事情回到了1：1。那將是一場偉大的勝利，我們可以在那裡看到一些進展。

I think the other one is really around how to carve up the territory between CFTC and SEC, what's a crypto commodity, what's a crypto security, what is something else entirely like a stablecoin or artwork likes NFTs. And I think we could use sort of an updated definition of the Howey Test, which was created before computers even existed, back in the 1930s, and really kind of clarify how does this apply to digital assets. I think that would be another core piece. And there's a number of other rules there that I think just, again, apply the best practices from traditional financial services around let's have a great anti-money laundering program and get rid of any kind of wash trading and reasonable kind of KYC procedures and things like that.

我認為另一個問題實際上是關於如何劃分 CFTC 和 SEC 之間的領土，什麼是加密商品，什麼是加密證券，什麼是完全像穩定幣或像 NFT 這樣的藝術品的其他東西。而且我認為我們可以使用 Howey 測試的更新定義，它是在計算機出現之前創建的，早在 1930 年代，並且真正澄清了它如何應用於數字資產。我認為那將是另一個核心部分。還有許多其他規則，我認為只是再次應用傳統金融服務的最佳實踐，讓我們有一個很好的反洗錢計劃，擺脫任何形式的洗錢交易和合理的 KYC 程序和事情像那樣。

So those are a couple of the things that I think would help. And then if we get all that stuff working, then we could probably think about how DeFi could fit in the regulatory perimeter or not. And so these are all different areas that could be looked at. But probably stablecoins and some of those early things would be the first ones to get looked at.

所以這些是我認為會有所幫助的幾件事。然後，如果我們讓所有這些東西發揮作用，那麼我們可能會考慮 DeFi 如何適應監管範圍。因此，這些都是可以關注的不同領域。但可能穩定幣和其中一些早期的東西會是第一個被關注的。

Paul or anybody else want to add anything?

保羅或其他任何人想補充什麼嗎？

The only thing I would add, Brian, is that back in July of last year, as mentioned earlier, we did file a petition for rule-making with the SEC that outlined dozens and dozens, some things like more than 50 questions that we believe need to be answered in order to bring regulatory clarity to the digital asset space. We think an excellent start would be to initiate rule-making as we requested, so that not just Coinbase but everyone in the industry, and frankly, anyone with an interest in digital assets, can have an opportunity to provide input to the commission and help the commission achieve the right balance between protecting consumers and investors, on the one hand, and promoting innovation on the other.

布賴恩，我唯一要補充的是，早在去年 7 月，如前所述，我們確實向美國證券交易委員會提交了一份制定規則的請願書，其中概述了數十個，我們認為有 50 多個問題需要得到回答，以便為數字資產領域帶來監管清晰度。我們認為，按照我們的要求開始製定規則是一個很好的開始，這樣不僅是 Coinbase，而且行業中的每個人，坦率地說，任何對數字資產感興趣的人，都有機會向委員會提供意見並提供幫助該委員會在一方面保護消費者和投資者與另一方面促進創新之間取得了適當的平衡。

Your next question comes from the line of Pete Christiansen of Citi.

你的下一個問題來自花旗銀行的皮特克里斯蒂安森。

I'm sorry. Can you hear me?

對不起。你能聽到我嗎？

Yes, we can hear you now.

是的，我們現在可以聽到你的聲音了。

Just remind us how we should think about how monetization (inaudible). Is that primarily through custody? Then I just have a quick follow-up.

只是提醒我們應該如何考慮貨幣化（聽不清）。這主要是通過監護嗎？然後我只是快速跟進。

I'm so sorry, Pete, you cut in and out. We heard a question on monetization, but we couldn't identify which product.

很抱歉，Pete，你打斷了我的話。我們聽到有關貨幣化的問題，但我們無法確定是哪個產品。

Sorry. If you could just take us through the integration with Aladdin and how we should think about monetization progressing there. Is that going to be primarily through custody?

對不起。如果你能帶我們了解一下與阿拉丁的整合，以及我們應該如何考慮那裡的貨幣化進展。這主要是通過監護嗎？

I'm sorry. Thank you for clarifying your question. So we don't have a material update on the integration with Aladdin. As we announced, we are now innovating on the back end, but the monetization is going to be that customers who have Aladdin can also [store into] Coinbase. And so we're hopeful that what this does is put crypto side by side with other stocks, bonds or tradable assets of hedge funds and asset managers. And it enables them to risk manage, have operational control commensurate in crypto that they could in other asset classes. And so those customers were also onboard onto Coinbase and trade on our products and services and monetize on our platform. And then there's going to be, obviously, some sort of commercial agreement between us and BlackRock that we haven't provided public information on at this time.

對不起。感謝您澄清您的問題。所以我們沒有關於與阿拉丁集成的重大更新。正如我們宣布的那樣，我們現在正在後端進行創新，但貨幣化將是擁有阿拉丁的客戶也可以 [存儲到] Coinbase。因此，我們希望這樣做能將加密貨幣與其他股票、債券或對沖基金和資產管理公司的可交易資產並列。它使他們能夠進行風險管理，在加密貨幣中擁有與其他資產類別相稱的運營控制。因此，這些客戶也加入了 Coinbase，並在我們的產品和服務上進行交易，並在我們的平台上獲利。顯然，我們與貝萊德之間將達成某種商業協議，我們目前尚未提供公開信息。

That's helpful. And then finally, Brian, I would love to hear your take on kind of like the pulse right now at the company. Now on your second restructuring, obviously, there's just been a lot of volatility all around. Just wondering if you could comment basically on the pulse of your people there, perhaps the sense of how employee engagement is faring under these conditions.

這很有幫助。最後，布賴恩，我很想听聽你對公司現在的脈搏的看法。現在，在你的第二次重組中，很明顯，周圍有很多波動。只是想知道您是否可以基本上評論那裡員工的脈搏，也許是在這些條件下員工敬業度的感覺。

Yes, I can touch on that just briefly. I think actually, overall engagement is pretty good. We have a lot of people who are really just passionate about the mission. And they want to see this happen in the world. And so some of them have been through crypto cycles before. I mean this is the fourth one I've been through, but many of the people at the company have gone through crypto cycles before. They're relatively unfazed by it. It's only people who maybe it was their first time going through something like this, it's a little scary. But they've seen when people were irrational exuberant and when people had despair about crypto in the past and they've kept building. And I think what people ended up realizing was that actually in the down cycle, it's sometimes better. You come to appreciate the down cycles because there's less noise. All the people who are in it for the wrong reasons kind of wash out, and the people who are true builders in the space kind of have some time to get some real work done. So a lot of the best innovation actually happens in down markets.

是的，我可以簡單地談一談。我認為實際上，整體參與度非常好。我們有很多人真的只是對使命充滿熱情。他們希望看到這在世界上發生。因此，他們中的一些人之前已經經歷過加密貨幣週期。我的意思是這是我經歷的第四次，但公司的許多人之前都經歷過加密週期。他們對此並不擔心。只有這樣的人，或許是第一次經歷，有點害怕。但他們已經看到人們在過去什麼時候是非理性的旺盛，什麼時候人們對加密貨幣感到絕望並且他們一直在建設。而且我認為人們最終意識到的是，實際上在下行週期中，有時會更好。你開始欣賞下降週期，因為噪音更少。所有因為錯誤的原因而加入其中的人都會被淘汰，而這個領域真正的建設者會有一些時間來完成一些真正的工作。所以很多最好的創新實際上發生在低迷的市場。

Okay. Well, we're out of time for today's call. So thank you for joining us, and we look forward to speaking to you again on our next call.

好的。好吧，我們今天的電話會議沒時間了。感謝您加入我們，我們期待在下次通話中再次與您交談。

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

謝謝。今天的電話會議到此結束。您現在可以斷開連接。