Coinbase Global Inc (COIN) 2023 Q1 法說會逐字稿

Good afternoon. My name is Christie, and I will be your conference operator today. At this time, I would like to welcome everyone to the Coinbase First Quarter 2023 Earnings Call. (Operator Instructions)

下午好。我叫克里斯蒂，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 2023 年第一季度財報電話會議。 （操作員說明）

I would now like to turn the call over to Anil Gupta, Vice President, Investor Relations. You may begin your conference.

我現在想把電話轉給投資者關係副總裁 Anil Gupta。你可以開始你的會議。

Thank you. Good afternoon, and welcome to the Coinbase First Quarter 2023 Earnings Call. Joining me on today's call are Brian Armstrong, Co-Founder and CEO; Emilie Choi, President and COO; Alesia Haas, CFO; and Paul Grewal, Chief Legal Officer. I hope you've all had the opportunity to read our shareholder letter, which was published on our Investor Relations website earlier today.

謝謝。下午好，歡迎來到 Coinbase 2023 年第一季度收益電話會議。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；首席法務官 Paul Grewal。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 also include references to certain non-GAAP financial measures. Reconciliations to the most directly comparable GAAP financial measures are provided in the shareholder letter on our Investor Relations website. Non-GAAP financial measures should be considered in addition to, not as a substitute for, GAAP measures.

我們今天的討論還將包括對某些非 GAAP 財務措施的參考。我們的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 財務指標應作為 GAAP 指標的補充而非替代品。

We are once again using the Say Technologies platform to enable our shareholders to post questions. In addition, we will take some live questions from our research analysts. So with that, I'll turn it over to Brian and Alesia for opening comments.

我們再次使用 Say Technologies 平台讓我們的股東能夠提出問題。此外，我們將從我們的研究分析師那裡接受一些現場提問。因此，我將把它交給 Brian 和 Alesia 來發表評論。

Thanks, Anil. So I think it's always helpful to zoom out and remind everyone why Coinbase exists with our mission and vision. And our mission at Coinbase is to increase economic freedom in the world. We think crypto is the most important technology out there to do that. So many people today, they're still thinking about crypto as an asset class that people like to trade, and that certainly is part of it. But it's actually a technology that can be used to update many different aspects of the financial system.

謝謝，阿尼爾。所以我認為縮小範圍並提醒大家為什麼 Coinbase 與我們的使命和願景一起存在總是有幫助的。我們在 Coinbase 的使命是增加世界的經濟自由。我們認為加密是最重要的技術。今天有很多人，他們仍然認為加密貨幣是人們喜歡交易的一種資產類別，這當然是其中的一部分。但它實際上是一種可用於更新金融系統許多不同方面的技術。

And we think that's really important because 80% of Americans believe the financial system doesn't work for them. They see issues with it. They see that it's too slow. It's too expensive. There isn't equal access for everyone. And that's not really surprising. A lot of the traditional financial system is running on outdated code with laws that, in some cases, are 100 years old.

我們認為這非常重要，因為 80% 的美國人認為金融體係不適合他們。他們看到了它的問題。他們看到它太慢了。太貴。每個人都沒有平等的機會。這並不奇怪。許多傳統金融系統都在過時的代碼和法律上運行，在某些情況下，這些法律已經有 100 年的歷史了。

So crypto can help improve this. It can help make payments fast and cheap and global like sending an e-mail. It can improve settlement times, it can reduce fees. It can even tokenize different asset classes to make markets more efficient and help with nonfinancial use cases like decentralized identity or voting and new types of ways for artists to monetize their content.

所以加密可以幫助改善這一點。它可以像發送電子郵件一樣幫助快速、廉價和全球化地進行支付。它可以縮短結算時間，降低費用。它甚至可以標記不同的資產類別，以提高市場效率，並幫助處理非金融用例，例如去中心化身份或投票，以及藝術家通過其內容獲利的新型方式。

So if you think of crypto as the technology to update the financial system. It's also kind of the next generation of the Internet, if you will, what people are calling Web3. And Coinbase has a very important role to play here where people's primary financial account in the crypto economy, making it trusted and easy to use, and we're going to hopefully help bring the power of this technology to eventually 1 billion or more people someday.

因此，如果您將加密貨幣視為更新金融系統的技術。它也是下一代互聯網，如果你願意的話，人們稱之為 Web3。 Coinbase 在這裡扮演著非常重要的角色，這裡是人們在加密經濟中的主要金融賬戶，使其值得信賴且易於使用，我們希望有一天能幫助將這項技術的力量帶給最終 10 億或更多的人.

So with that background, I just want to touch on 2 areas that are most relevant for Q1. The first one is going to be about how we've shifted the business to operate more efficiently in this down market by driving positive adjusted EBITDA in Q1. And secondly, we're going to talk about how we've had a really impressive pace of product innovation, again, even in this down market, operating in a more lean environment.

因此，在這種背景下，我只想談談與第一季度最相關的 2 個領域。第一個是關於我們如何通過在第一季度推動積極的調整後 EBITDA 來轉變業務以在這個低迷的市場中更有效地運營。其次，我們將再次討論我們如何擁有令人印象深刻的產品創新步伐，即使在這個低迷的市場中，也能在更精簡的環境中運營。

So let's talk about operating more efficiently. Q1 marked a real turning point in our financial performance. Revenue was up and costs were down. So net revenue increased 22% quarter-over-quarter, while we decreased total operating expenses 24% quarter-over-quarter. The net result of this is that we had positive adjusted EBITDA in Q1. We're better positioned at Coinbase to generate adjusted EBITDA in all market conditions as I mentioned on our last earnings call.

因此，讓我們談談更高效的運營。第一季度標誌著我們財務業績的真正轉折點。收入增加，成本下降。因此，淨收入環比增長 22%，而我們的總運營支出環比下降 24%。最終結果是我們在第一季度調整後的 EBITDA 為正。正如我在上次財報電話會議上提到的那樣，我們在 Coinbase 處於更好的位置，可以在所有市場條件下產生調整後的 EBITDA。

And to cut the expenses 24% quarter-over-quarter, we had to take a close look at every investment we're making, every vendor we work with, every dollar that goes out the door and frankly, even every headcount in the company. And we ask ourselves how can we do more with less to be a more efficient company. We conducted a reduction in force in January. We reduced costs substantially from our top 5 vendors by rebuilding parts of our technology stack to do things like optimizing data storage and CPU utilization in the cloud.

為了比上一季度削減 24% 的開支，我們必須仔細審視我們所做的每一項投資、我們合作的每一家供應商、花出去的每一美元，坦率地說，甚至是公司的每一位員工.我們問自己如何才能事半功倍，成為一家更有效率的公司。我們在一月份進行了裁員。我們通過重建部分技術堆棧來優化雲中的數據存儲和 CPU 利用率，從而大幅降低了前 5 大供應商的成本。

We also reduced our real estate footprint to achieve additional savings and, just in general, took a much scrappier approach with more nimble teams. All of this, of course, we continue to have a strong balance sheet of $5.3 billion of USD resources. And with this more nimbler, efficient team, we've still been able to ship an incredible amount of product.

我們還減少了我們的房地產足跡以實現額外的節省，並且總的來說，我們採用了更靈活的團隊的更積極的方法。當然，所有這一切，我們繼續擁有 53 億美元資源的強大資產負債表。有了這個更靈活、更高效的團隊，我們仍然能夠交付數量驚人的產品。

So that's my second topic here. Let's talk about how we've been continuing to drive product innovation in the crypto space. We have a more nimble team, and we're also in a bit of a down market in crypto. And I've said this in the past that actually, I think down markets are the best time to do the building of new things. Because in the upmarket, things seem to be growing so fast that we often have to focus most of our time on scaling.

這是我的第二個主題。讓我們談談我們如何繼續推動加密領域的產品創新。我們有一個更靈活的團隊，而且我們在加密市場也處於低迷狀態。我過去曾說過，實際上，我認為市場低迷是構建新事物的最佳時機。因為在高端市場，事情似乎發展得如此之快，以至於我們常常不得不將大部分時間集中在擴大規模上。

And so we've gotten a chance to build a lot of great stuff even as we've become more efficient. And some recent examples of that, just in the last week, we launched our International Exchange, which helps us get into the derivative space. We acquired One River Asset Management, which helps us get into the asset management business. I think this could be a really interesting source of subscription and services revenue over time.

因此，即使我們變得更有效率，我們也有機會打造很多偉大的東西。最近的一些例子，就在上週，我們推出了國際交易所，幫助我們進入衍生品領域。我們收購了 One River Asset Management，這有助於我們進入資產管理業務。我認為隨著時間的推移，這可能是一個非常有趣的訂閱和服務收入來源。

We launched our Base Layer 2 solution, which is a really important way for us to help scale blockchain. This is going to be one of the most important ways we unlock the next wave of crypto adoption. And we launched something called Wallet as a Service, which is an important part of our Coinbase cloud offering. It helps any business out there integrate crypto custody into their services.

我們推出了 Base Layer 2 解決方案，這是我們幫助擴展區塊鏈的一種非常重要的方式。這將是我們解鎖下一波加密採用的最重要方式之一。我們推出了一種名為“錢包即服務”的服務，這是我們 Coinbase 雲產品的重要組成部分。它可以幫助任何企業將加密託管集成到他們的服務中。

So just zooming out, crypto, obviously, go through many up and down cycles, but the best companies in the world, including the most trusted brands like Coinbase, they tend to get stronger in down markets. This is the fourth crypto cycle that Coinbase has been through, and we've emerged stronger after each one of them. So I think we've built a really resilient business here. We've diversified our revenue stream away from trading fees, and we're in a really strong financial position with positive adjusted EBITDA in Q1.

因此，只要縮小範圍，加密貨幣顯然會經歷許多起起伏伏的周期，但世界上最好的公司，包括像 Coinbase 這樣最值得信賴的品牌，它們往往會在低迷的市場中變得更強大。這是 Coinbase 經歷的第四個加密貨幣週期，我們在每一個週期之後都變得更加強大。所以我認為我們在這裡建立了一個真正有彈性的業務。我們已經將收入來源從交易費用中分散出來，而且我們的財務狀況非常強勁，第一季度調整後的 EBITDA 為正。

With that, let me turn it over to Alesia to discuss our financial details -- our financial results in more detail.

有了這個，讓我把它交給 Alesia 來討論我們的財務細節 - 我們的財務結果更詳細。

Thanks, Brian. I'm going to start with our market conditions and the trading volume in the quarter. Average crypto market cap increased 16% quarter-over-quarter. Meanwhile, crypto asset volatility increased 8% quarter-over-quarter. And it's important to note that crypto asset volatility remained at multiyear lows.

謝謝，布萊恩。我將從我們的市場狀況和本季度的交易量開始。平均加密貨幣市值環比增長 16%。與此同時，加密資產的波動性環比上升了 8%。值得注意的是，加密資產的波動性仍處於多年低點。

Consumer trading volume grew in line with the overall U.S. spot market and 5% quarter-over-quarter. And on the institutional side, trading volume was roughly flat, and we made an intentional trade-off to focus on revenue over market share by removing some discounts, and I'll talk about those in a minute.

消費者交易量與美國現貨市場整體增長一致，環比增長 5%。在機構方面，交易量大致持平，我們通過取消一些折扣進行了有意的權衡，將重點放在收入而不是市場份額上，我稍後會談到這些。

We're really happy to show that trading volume through our prime application reached record volumes in the first quarter. Against this backdrop, we generated $736 million in net revenue, a 22% quarter-over-quarter increase, and we saw revenue growth across the board. Transaction revenues increased 16% quarter-over-quarter to $375 million. Consumer revenue grew 14% quarter-over-quarter, and we grew trading volume in fiat-to-crypto faster than the market. Fiat-to-crypto is the market where we are strongest, and it's also the market where the majority of revenue is generated in the spot market.

我們非常高興地表明，通過我們的主要應用程序的交易量在第一季度達到了創紀錄的數量。在此背景下，我們實現了 7.36 億美元的淨收入，環比增長 22%，並且收入全面增長。交易收入環比增長 16% 至 3.75 億美元。消費者收入環比增長 14%，法幣到加密貨幣的交易量增長速度快於市場。 Fiat-to-crypto 是我們最強大的市場，也是大部分收入來自現貨市場的市場。

Institutional revenue grew 67% quarter-over-quarter, and this was driven by our decision to roll back aspects of our discounted pricing for certain market maker clients. Again, this is an intentional trade-off on our part.

機構收入環比增長 67%，這是因為我們決定取消對某些做市商客戶的折扣定價。同樣，這是我們有意的權衡。

Subscription and services revenue grew 28% quarter-over-quarter to $362 million, which exceeded the high end of our outlook range. This strong increase was driven by a growth in market cap, notably with Bitcoin and Ethereum prices in the quarter, and this contributed better-than-expected revenue, particularly across staking and custody. We also saw growth in interest income, in particular, our USDC revenue, which was driven by higher interest rates.

訂閱和服務收入環比增長 28% 至 3.62 億美元，超出了我們預期範圍的上限。這一強勁增長是由市值增長推動的，尤其是本季度比特幣和以太坊價格的增長，這帶來了好於預期的收入，尤其是在質押和託管方面。我們還看到了利息收入的增長，特別是我們的 USDC 收入，這是由更高的利率推動的。

Switching to the expense side. As Brian shared, total operating expenses declined 24% quarter-over-quarter to $896 million. This is the lowest level of expense we've seen since Q1 of 2021. Included in this number includes $144 million of onetime restructuring charges related to our January headcount reduction. When I look at recurring operating expense, including technology and development, general and administrative and sales and marketing, fees would have collectively declined 37% quarter-over-quarter.

切換到費用方面。正如 Brian 分享的那樣，總運營費用環比下降 24% 至 8.96 億美元。這是我們自 2021 年第一季度以來的最低支出水平。這個數字包括與我們 1 月份裁員相關的 1.44 億美元一次性重組費用。當我查看經常性運營費用時，包括技術和開發、一般和行政以及銷售和營銷，費用將比上一季度共同下降 37%。

Lastly, it's important for me to note, stock-based compensation declined 54% quarter-over-quarter to $199 million. Combined, these results generated a net loss of $79 million and a return to positive adjusted EBITDA of $284 million.

最後，對我來說很重要的一點是，基於股票的薪酬環比下降 54% 至 1.99 億美元。這些結果加在一起產生了 7900 萬美元的淨虧損和 2.84 億美元的調整後 EBITDA 回報。

Brian shared that we ended the quarter with $5.3 billion of USD resources. I want to note that while corporate cash declined $172 million quarter-over-quarter, this spend included $204 million in onetime items, and we deployed $112 million towards our financing products. We saw inflows of custodial cash and crypto during the quarter, and we believe this is a direct result of our trusted brand and ongoing commitment to risk management.

布賴恩分享說，我們在本季度結束時擁有 53 億美元的資源。我想指出的是，雖然公司現金環比下降了 1.72 億美元，但這筆支出包括 2.04 億美元的一次性項目，並且我們將 1.12 億美元用於我們的融資產品。我們在本季度看到了託管現金和加密貨幣的流入，我們認為這是我們值得信賴的品牌和對風險管理的持續承諾的直接結果。

To touch briefly on the bank failures in Q1, we maintained operational and risk excellence throughout the banking turbulence. We experienced no loss of corporate or customer funds, and we largely maintained business as usual operations. As of today, we've replaced lost banking services, we've rebuilt our layers of redundancy and we've restored access to 24/7 instant settlement, which is a critical infrastructure component to our market maker clients.

簡要談談第一季度的銀行倒閉事件，我們在整個銀行業動盪期間保持了卓越的運營和風險管理。我們沒有經歷過公司或客戶資金的損失，並且我們在很大程度上保持了正常運營。截至今天，我們已經更換了丟失的銀行服務，重建了冗餘層，並恢復了對 24/7 即時結算的訪問，這是我們做市商客戶的關鍵基礎設施組件。

Next and last, I want to turn to our outlook for Q2. Crypto market cap and asset volatility have diverged in Q2 compared to Q1. In April, we've seen average capital market cap up 17%, while volatility was down 25%. This market dynamic is reflected in our April transaction revenue, which is approximately $110 million. Again, I need to caution investors to not extrapolate these results. We here at Coinbase continue to run scenarios where crypto market cap could increase, decrease or remain flat from these levels.

接下來也是最後一點，我想談談我們對第二季度的展望。與第一季度相比，第二季度的加密貨幣市值和資產波動率有所不同。 4 月份，我們看到平均資本市值上漲了 17%，而波動率下降了 25%。這種市場動態反映在我們 4 月份的交易收入中，約為 1.1 億美元。再次，我需要提醒投資者不要推斷這些結果。我們在 Coinbase 繼續運行加密市值可能從這些水平增加、減少或持平的場景。

So I want to shift and talk about the more predictable elements of our business. We expect subscription and services revenue in Q2 to be around $300 million. This decline is largely driven by USDC market cap, which fell 23% in April from the Q1 average levels, directly correlated with the banking crisis.

所以我想轉移話題，談談我們業務中更可預測的元素。我們預計第二季度的訂閱和服務收入約為 3 億美元。這種下降主要是由 USDC 市值推動的，該市值在 4 月份比第一季度平均水平下降了 23%，這與銀行業危機直接相關。

For Q2, we anticipate technology and development and general and administrative expenses will be between $600 million and $650 million and that sales and marketing will be between $80 million and $90 million. We expect higher general and administrative expenses due to higher legal expenses and a short-term increase in our rent expense associated with the lease termination.

對於第二季度，我們預計技術和開發以及一般和管理費用將在 6 億至 6.5 億美元之間，銷售和營銷費用將在 8000 萬至 9000 萬美元之間。由於較高的法律費用以及與租賃終止相關的租金費用的短期增加，我們預計一般和行政費用會增加。

We also expect some seasonal spend associated with our NBA partnership to increase our sales and marketing for the quarter. We don't anticipate any meaningful changes to our headcount. Overall, I just want to repeat what Brian said that Q1 marked a real turning point in our effort to operate a more efficient company. We're controlling what we can control and are really pleased with our execution and financial results. Anil, back to you for Q&A.

我們還預計與 NBA 合作夥伴關係相關的一些季節性支出將增加我們本季度的銷售和營銷。我們預計我們的員工人數不會有任何有意義的變化。總的來說，我只想重複布賴恩所說的，第一季度標誌著我們努力運營一家更高效公司的真正轉折點。我們正在控制我們可以控制的東西，並對我們的執行和財務結果感到非常滿意。阿尼爾，回到你的問答環節。

Great. Thank you both. So with that, we'll turn to shareholder questions. We're taking the most uploaded questions as determined by the number of shares, and we might combine some questions that touch on the same themes. So the first question is, is Coinbase planning to build a DEX that uses Base? Brian?

偉大的。謝謝你倆。因此，我們將轉向股東問題。我們將根據分享數量確定上傳次數最多的問題，並且我們可能會合併一些涉及相同主題的問題。那麼第一個問題是，Coinbase 是否計劃構建一個使用 Base 的 DEX？布萊恩？

Yes. So for Base -- if people don't know, Base is our Layer 2 solution that is helping scale the blockchains and allow developers to build all kinds of different applications. We at Coinbase don't have any specific effort to build a DEX at the moment. Our main goal is to just build the ecosystem and actually get Base from testnet to mainnet. So I just want to temper people's expectations a little bit. Base is still on testnet, we're still trying to build it out. And in the future, I hope that people are able to build all kinds of things with it, and that's actually one of many possibilities.

是的。所以對於 Base——如果人們不知道，Base 是我們的第 2 層解決方案，它有助於擴展區塊鏈並允許開發人員構建各種不同的應用程序。我們 Coinbase 目前沒有任何具體的努力來構建 DEX。我們的主要目標是構建生態系統並實際將 Base 從測試網轉移到主網。所以我只是想稍微緩和一下人們的期望。 Base 仍在測試網上，我們仍在努力構建它。在未來，我希望人們能夠用它來建造各種各樣的東西，這實際上是眾多可能性中的一種。

The last comment I'll just make is that I think this is such a great example of the breadth of innovation we're able to do right now. Base is a really on-chain, crypto-forward effort that's been really awesome to see come out of Coinbase. And at the same time, we've been launching innovation in our centralized aspects of our company like our International Exchange that's entering the derivative space. So it's been really cool to see the breadth of innovation happening at the company right now.

我最後要說的是，我認為這是一個很好的例子，說明我們現在能夠進行的創新範圍如此之廣。 Base 是一項真正的鏈上加密貨幣轉發工作，看到 Coinbase 的出現真是太棒了。與此同時，我們一直在公司的集中方面開展創新，比如我們正在進入衍生品領域的國際交易所。因此，看到公司現在發生的創新廣度真的很酷。

Next question from a number of shareholders is if we have plans to move operations outside of the U.S. and what the implications would be. So some specific questions are, is Coinbase leaving the U.S.? Are we willing to fight tooth and nail before making a move out of the country? And how are you thinking about the prospect of moving operations outside of the U.S.? And what would the implications be for U.S. customers, if you did? Brian?

許多股東的下一個問題是，我們是否有計劃將業務轉移到美國以外，這會產生什麼影響。所以一些具體的問題是，Coinbase 會離開美國嗎？在搬出這個國家之前，我們是否願意竭盡全力？您如何看待將業務轉移到美國以外的前景？如果您這樣做，對美國客戶有何影響？布萊恩？

Yes. So let me be clear, we're 100% committed to the U.S. I founded this company in the United States because I saw that rule of law prevails here. That's really important. And I'm actually really optimistic on the U.S. getting this right. When I go visit DC, there is strong bipartisan support for Congress to come in and create new legislation that would create a clear rule book in the U.S.

是的。所以讓我明確一點，我們 100% 致力於美國。我在美國創立這家公司是因為我看到這裡盛行法治。這真的很重要。事實上，我對美國能做到這一點非常樂觀。當我去訪問華盛頓時，兩黨強烈支持國會介入並製定新的立法，從而在美國製定明確的規則手冊。

And I think it's really important for America to get this right. There's a number of other countries around the world, pretty much every other major financial hub or -- they're vying to take the top spot here in the crypto space. And so the rhetoric that we're seeing from the U.K. or Hong Kong or Singapore, et cetera, it's a little different. It's more optimistic, frankly, than the U.S. right now. And the EU actually has already passed comprehensive crypto legislation, so they're actually kind of in the lead at this point.

我認為對美國來說，做到這一點非常重要。世界上還有許多其他國家，幾乎所有其他主要金融中心，或者——他們都在爭奪加密貨幣領域的頭把交椅。因此，我們從英國、香港或新加坡等地看到的言論有點不同。坦率地說，它現在比美國更樂觀。歐盟實際上已經通過了全面的加密立法，所以他們實際上在這一點上處於領先地位。

But I really think the U.S. is going to get this right. And we're a global company. So we started in America. We have a big mandate to be an international, a multinational company, and we want to serve as many people around the world as we can. Obviously, we have to make choices about where we're going to allocate our capital every year. And so we do look at where we could think back and have the greatest ROI. But yes, the leading financial centers, they're all working to create responsible crypto rules and clarity right now, and the U.S. is going to follow suit, I believe.

但我真的認為美國會做對的。我們是一家全球性公司。所以我們從美國開始。我們肩負著成為一家國際化、跨國公司的重大使命，我們希望為世界各地盡可能多的人服務。顯然，我們必須每年就我們將在哪里分配資金做出選擇。因此，我們確實在研究我們可以回想並獲得最大投資回報率的地方。但是，是的，領先的金融中心，他們現在都在努力製定負責任的加密貨幣規則和清晰度，我相信美國也會效仿。

Our next question is, when is Coinbase expected to be a profitable company like PayPal or Cash App? Alesia?

我們的下一個問題是，Coinbase 什麼時候有望像 PayPal 或 Cash App 一樣盈利？阿萊西亞？

Thanks for the question. So when we went public, we shared that there's volatility in our business and that our business performance historically had been measured with crypto asset price cycles. So we have had periods in the past where we've been net income positive, and we had periods in the past where we lost -- had net income loss.

謝謝你的問題。因此，當我們上市時，我們分享了我們的業務存在波動性，並且我們的業務績效歷來是用加密資產價格週期來衡量的。因此，我們過去曾有過淨收入為正的時期，也有過虧損的時期——淨收入出現虧損。

Last quarter, we spoke about our intention to evolve the business with a goal to generate positive adjusted EBITDA in all market conditions. That was the goal that we set forth. And we've been working hard towards that goal. And as we mentioned in our prepared remarks, we believe Q1 was a turning point where we really focused on lowering our expenses and operating more efficiently. And we believe these are setting the stages to get to a future place where we can generate positive EBITDA in all market conditions.

上個季度，我們談到了我們發展業務的意圖，目標是在所有市場條件下產生積極的調整後 EBITDA。這是我們設定的目標。我們一直在努力實現這一目標。正如我們在準備好的評論中提到的那樣，我們認為第一季度是一個轉折點，我們真正專注於降低開支和提高運營效率。我們相信這些正在為未來的發展奠定基礎，我們可以在所有市場條件下產生積極的 EBITDA。

I shared all the details on revenue and expense in my prepared comments. But what I want to emphasize here is we're pleased to see the diversification of revenue in the business. We're continuing to invest down that path to ensure that we have revenue that is driven by different macro drivers.

我在準備好的評論中分享了所有關於收入和支出的細節。但我想在這裡強調的是，我們很高興看到業務收入的多元化。我們將繼續沿著這條道路投資，以確保我們的收入是由不同的宏觀驅動因素驅動的。

We're also seeing the benefits of increased cost efficiencies, and we've taken deep lessons from growing too quickly and believe that we are going to be prudent in our spend going forward. And last, we believe that this improved cost structure will serve us well to hit our goal for 2023, which is to improve adjusted EBITDA on a year-over-year basis.

我們也看到了提高成本效率的好處，我們從過快的增長中吸取了深刻的教訓，並相信我們將在未來的支出中保持謹慎。最後，我們相信這種改進的成本結構將有助於我們實現 2023 年的目標，即同比改善調整後的 EBITDA。

Okay. Next up, we received several questions from shareholders regarding the SEC. So if Congress doesn't pass any bill for crypto, how many years do you expect Coinbase to fight the SEC in court for clarity? Will Coinbase be able to operate the business during that time? Should the SEC rule that all tokens other than Bitcoin and Ethereum are securities, what would be the impact on Coinbase? And what plan do you have to protect the investment of all stakeholders should this occur? Paul?

好的。接下來，我們收到了股東關於 SEC 的幾個問題。因此，如果國會不通過任何加密法案，您預計 Coinbase 會在法庭上與 SEC 抗辯多少年才能澄清？在那段時間 Coinbase 可以經營業務嗎？如果 SEC 規定除比特幣和以太坊以外的所有代幣都是證券，對 Coinbase 有何影響？如果發生這種情況，您有什麼計劃來保護所有利益相關者的投資？保羅？

Let me just say at the beginning that we're committed to being transparent about our engagement with all of our regulators, including the SEC, as much as we can. We want to share that information with our customers, our stakeholders, investors, of course, as this process plays out over time.

讓我在一開始就說，我們致力於盡可能透明地了解我們與所有監管機構（包括美國證券交易委員會）的接觸。我們希望與我們的客戶、我們的利益相關者、投資者分享這些信息，當然，隨著這個過程的進行。

As for the engagement itself, unfortunately, despite our ongoing engagement with the commission, they have not been as clear about what their specific concerns are with Coinbase as we might like. And so I have to refrain from speculating too much. It's especially difficult to predict the time line of any potential SEC litigation that we might face. There are a number of factors that would apply. It would, of course, depend upon the type of case that the SEC chose to bring and the schedule that a court would set for that case. It could be lengthy, to be sure. And at the same time, we fully expect that we will be fully operational during whatever time period is required in order to resolve the matter.

至於參與本身，不幸的是，儘管我們正在與委員會進行接觸，但他們並沒有像我們希望的那樣清楚他們對 Coinbase 的具體擔憂。所以我必須避免過度猜測。預測我們可能面臨的任何潛在美國證券交易委員會訴訟的時間表尤其困難。有許多因素適用。當然，這取決於 SEC 選擇提起的案件類型以及法院為該案件設定的時間表。可以肯定的是，它可能會很長。同時，我們完全期望我們將在解決問題所需的任何時間段內全面運作。

The last thing I'll just say on this is that the SEC, of course, itself does not get to decide which tokens are securities. It does not have that authority. What the SEC could do is begin the rulemaking process to set up standards for figuring out whether or not a given token is a security. And of course, we've repeatedly asked them for that.

我要說的最後一件事是，當然，美國證券交易委員會本身無法決定哪些代幣是證券。它沒有那個權限。 SEC 可以做的是開始製定規則的過程，以建立標準來確定給定的代幣是否是證券。當然，我們一再要求他們這樣做。

Those determinations ultimately are going to be made in courts of law. And as that process plays out, we're going to continue to see regulatory clarity. And we're going to support legislation that we believe will be of value not just to Coinbase but the entire industry, which, of course, is going to protect the value of investments for all shareholders.

這些決定最終將在法庭上做出。隨著這個過程的進行，我們將繼續看到監管的明確性。我們將支持立法，我們認為這不僅對 Coinbase 有價值，對整個行業也有價值，當然，這將保護所有股東的投資價值。

Well, maybe I can jump in and just talk a little bit about the business impact of these questions. Paul shared this, but it serves to reiterate that the Wells notice was vague. Among other things, it was not made clear to us which assets they take an issue with, and so we're left to guess. But I want to assure you, as part of our ongoing commitment to risk management and the way that we manage our business, we have proactively worked to identify a number of different scenarios and evaluate a number of different impacts to our business.

好吧，也許我可以插嘴談談這些問題對業務的影響。保羅分享了這一點，但它重申了威爾斯的通知含糊不清。除其他外，我們不清楚他們對哪些資產有問題，所以我們只能猜測。但我想向您保證，作為我們對風險管理和我們管理業務方式的持續承諾的一部分，我們已積極努力確定許多不同的場景並評估對我們業務的許多不同影響。

I want to remind everyone listening to the call that staking represented roughly 3% of net revenue. I want to remind everyone that Bitcoin and Ethereum represent the majority of our trading volume and transaction revenue attributable to those assets. I also want to remind you that just under 20% of our business is international.

我想提醒所有聽電話的人，質押約占淨收入的 3%。我想提醒大家，比特幣和以太坊代表了我們歸屬於這些資產的大部分交易量和交易收入。我還想提醒您，我們只有不到 20% 的業務是國際業務。

So while this is a meaningful notice from the SEC, we have many different revenues that we are looking to grow on our platform, and we're looking for revenue diversification. So at this point, we're running scenarios, and we feel really confident in our ability to operate through any of these scenarios and deliver on the financial objectives that we've laid out for this year, which is to improve adjusted EBITDA on a year-over-year basis.

因此，儘管這是來自美國證券交易委員會的有意義的通知，但我們希望在我們的平台上增加許多不同的收入，並且我們正在尋求收入多元化。所以在這一點上，我們正在運行場景，我們對我們在任何這些場景中進行操作並實現我們為今年制定的財務目標的能力充滿信心，即提高調整後的 EBITDA按年計算。

Okay. So combining a couple of additional questions. The next one is, what kind of new features are coming down the pipeline? And what's the product road map for the next 5 years?

好的。所以結合幾個額外的問題。下一個是，什麼樣的新功能即將推出？未來 5 年的產品路線圖是什麼？

Yes. I can take that one. So just specifically on new features coming down the pipe, I mean, we try not to ever preannounce things. We try to announce them only when they're ready, not vaporware. So I'll just try to focus on the broader question here about the types of things that we think about putting on the road map over a longer time period.

是的。我可以拿那個。因此，特別是關於即將推出的新功能，我的意思是，我們盡量不預先宣布事情。我們嘗試僅在它們準備就緒時才公佈它們，而不是在汽化器上公佈它們。因此，我將在這裡嘗試關注更廣泛的問題，即我們考慮在較長時間內將哪些內容放在路線圖上。

So to answer that, I'll talk about how we see crypto evolving over time. Now of course, crypto started as an asset class that people wanted to trade, and so a lot of the features that we launch are still around trading, both in the spot market and also with derivatives, as you heard with our International Exchange.

因此，為了回答這個問題，我將談談我們如何看待加密貨幣隨著時間的推移而演變。當然，現在加密最初是人們想要交易的一種資產類別，因此我們推出的許多功能仍然圍繞交易，包括現貨市場和衍生品，正如您在我們的國際交易所中聽到的那樣。

The second phase of crypto adoption, we think, will really be about crypto as a new type of financial services or crypto as a technology to update the financial system. And so you've seen us launch products there around commerce, making global payments easier, staking, et cetera.

我們認為，採用加密技術的第二階段實際上是將加密技術作為一種新型金融服務，或者將加密技術作為一種更新金融系統的技術。因此，您已經看到我們圍繞商業推出產品，使全球支付、質押等變得更容易。

And then the third phase of crypto adoption, we think, will be about crypto powering the future of the Internet. So things that are not even necessarily related to financial services at all, like, this is commonly called Web3, but it could include everything from decentralized identity, voting and governance systems, games, social, et cetera. There's a long tail of new applications now being built with crypto.

我們認為，加密技術採用的第三階段將是關於為互聯網的未來提供動力的加密技術。因此，有些東西甚至不一定與金融服務相關，例如，這通常稱為 Web3，但它可能包括去中心化身份、投票和治理系統、遊戲、社交等所有內容。現在有大量使用加密技術構建的新應用程序。

So we're doing this across multiple different customer segments, by the way, retail, institutional and developers. And the common theme that we try to inject into all of our products is to make them the most trusted and the easiest to use. And so trust can come from a lot of things. It can come from being compliant, having great cybersecurity, having great customer support, having great design. We try to be the most trusted brand out there in the space. I think we've accomplished that.

所以我們在多個不同的客戶群中這樣做，順便說一下，零售、機構和開發商。我們試圖注入所有產品的共同主題是使它們成為最值得信賴和最易於使用的產品。因此，信任可以來自很多方面。它可以來自合規性、出色的網絡安全性、出色的客戶支持和出色的設計。我們努力成為該領域最值得信賴的品牌。我認為我們已經做到了。

And we also try to make our products the easiest to use. And so crypto can be complicated underneath, but that doesn't mean that people can't benefit from it. They don't have to understand all the complexity underneath, what's happening in those products, kind of like people can benefit from using electricity, turning on a light switch. It's really simple, even if they don't understand how electrons move through copper wires.

我們還努力使我們的產品最易於使用。因此，加密背後可能很複雜，但這並不意味著人們無法從中受益。他們不必了解背後的所有復雜性，這些產品中發生的事情，有點像人們可以從使用電力、打開電燈開關中受益。這真的很簡單，即使他們不了解電子如何通過銅線移動。

So this is the way we think about the product road map. And ultimately, we're really just trying to drive the utility of crypto, create more and more compelling use cases, help the network scale so that we can eventually get 1 billion people accessing the open financial system through our products every day.

這就是我們思考產品路線圖的方式。最終，我們真的只是試圖推動加密的實用性，創造越來越多的引人注目的用例，幫助網絡擴展，以便我們最終可以讓 10 億人每天通過我們的產品訪問開放的金融系統。

Okay. We'll take our final prepared question before moving over to the analysts. So the final question for you, Brian, from the Say platform is, any update on crypto regulations?

好的。在轉向分析師之前，我們將提出最後準備好的問題。所以來自 Say 平台的 Brian，最後一個問題是，關於加密法規的任何更新？

Yes. So I think the general update is that there is broad consensus amongst financial hubs that crypto is here to stay. It's not going anywhere, and the centralized actors in crypto, like the exchanges and the custodians they should be regulated. It's pretty common sense. I think there's a broad view that new legislation is going to be needed for these centralized players to ensure that crypto is safe to use.

是的。所以我認為一般的更新是金融中心之間存在廣泛的共識，即加密貨幣將繼續存在。它無處可去，加密貨幣中的中心化參與者，如交易所和託管人，應該受到監管。這是常識。我認為有一種廣泛的觀點認為，這些中心化參與者需要新的立法來確保加密貨幣的使用安全。

And as I mentioned earlier, the EU is out in front on this. They've adopted comprehensive crypto legislation called MiCA, creates a single clear rule book for the entire region. It's pretty powerful. I just got back from a trip from the U.K. and DC. Both of those -- both have draft bills in the works that are working on things like around stablecoins and market structure. Singapore, Hong Kong, Australia, Brazil, all are essentially following in this direction.

正如我之前提到的，歐盟在這方面走在了前面。他們採用了稱為 MiCA 的全面加密立法，為整個地區創建了一個明確的規則手冊。它非常強大。我剛從英國和華盛頓旅行回來。這兩者——都在研究圍繞穩定幣和市場結構等問題的法案草案。新加坡、香港、澳大利亞、巴西基本上都在朝著這個方向努力。

And so I think it's really a miss that countries have to pick between keeping investors safe and embracing this next generation of technology. That's really not the case. I mean even in the U.S., we're seeing broad bipartisan support for new crypto legislation that protects investors and also embraces this technology as a really important way to update the financial system.

因此，我認為各國必須在保護投資者安全和擁抱下一代技術之間做出選擇，這真是一個錯誤。事實並非如此。我的意思是，即使在美國，我們也看到兩黨廣泛支持保護投資者的新加密立法，並將這項技術作為更新金融體系的真正重要方式。

And frankly, I mean, the citizens of these countries are demanding it, right? 20% of U.S. adults now own crypto. It's become a major constituent in elections. And I think the U.S. is still lagging here a little bit behind, but I'm optimistic we'll get there. And one of the ways Coinbase is helping do this actually is that we're trying to help shape a grassroots effort in the U.S. around crypto advocacy from all of the people, those 20% of adults, that have now used crypto.

坦率地說，我的意思是，這些國家的公民要求這樣做，對嗎？ 20% 的美國成年人現在擁有加密貨幣。它已成為選舉的主要組成部分。而且我認為美國在這方面仍然有點落後，但我很樂觀我們會到達那裡。實際上，Coinbase 幫助做到這一點的方式之一是，我們正在努力幫助在美國形成一個基層的努力，圍繞所有現在使用加密貨幣的人，即 20% 的成年人進行加密貨幣宣傳。

It can be a really powerful constituent and voice. So we've launched things like Crypto435, which is we now have 40,000 people signed up for that. It's named after the 435 congressional districts, and we have people in every single one of those districts who raised their hand and said, I want to be an advocate, a champion for crypto, going to town halls, donating, voting, writing Congress people, things like that.

它可以是一個非常強大的組成部分和聲音。所以我們推出了像 Crypto435 這樣的東西，我們現在有 40,000 人註冊了它。它以 435 個國會選區命名，每個選區都有人舉手說，我想成為一名倡導者，加密貨幣的擁護者，去市政廳，捐贈，投票，寫信給國會議員， 像這樣的東西。

We also launched something native on-chain, which was an NFT, called Stand with Crypto. And it's a way for people in the industry and the community to raise their hand and say, I want to support sensible crypto regulation. And so we've had over 100,000 of those NFTs now minted so far. So that's been a great way for us to sort of roll this out on-chain. So yes, just zooming out, I mean, crypto is here to stay. Every major market that we're seeing is moving towards sensible crypto regulation, and I think that's where this is going to go.

我們還在鏈上推出了一些原生的東西，這是一種 NFT，叫做 Stand with Crypto。這是業內人士和社區舉手說，我想支持明智的加密貨幣監管的一種方式。因此，到目前為止，我們已經鑄造了超過 100,000 個 NFT。所以這是我們在鏈上推出它的好方法。所以是的，只是縮小，我的意思是，加密貨幣將繼續存在。我們看到的每個主要市場都在朝著明智的加密監管方向發展，我認為這就是未來的發展方向。

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

好的。謝謝。因此，克里斯蒂，讓我們切換並回答分析師的一些現場問題。

Your first question comes from the line of Benjamin Budish with Barclays.

你的第一個問題來自 Benjamin Budish with Barclays。

I wanted to ask about -- Alesia, you talked about sort of the divergence between volatility and market cap and just sort of thinking about your business in terms of retail engagement. I'm curious, what do you think are the major reasons why with Coinbase, retail engagement hasn't really tracked the growth in crypto asset prices? And I guess, kind of along the same lines, it almost would suggest from your trading yields that we're seeing a lot more kind of resilience from like the more simple experience trader versus the advanced traders. I wonder if you can kind of comment on that as well and how sustainable you think that may be going forward.

我想問 - Alesia，你談到了波動性和市值之間的某種差異，只是從零售參與的角度考慮你的業務。我很好奇，您認為 Coinbase 的零售參與度沒有真正追踪加密資產價格增長的主要原因是什麼？而且我想，沿著同樣的路線，它幾乎會從你的交易收益率中表明我們看到了更多的彈性，比如更簡單的經驗交易者與高級交易者。我想知道您是否也可以對此發表評論，以及您認為未來的可持續性如何。

Thanks for the question, Ben. So historically, we've seen correlation between our retail transaction volumes and revenues highly correlated with volatility and crypto asset prices. And so as I shared with you in my opening remarks, we have seen crpyto asset prices increase, but volatility is still at multiyear lows. And that has been one of the factors that we attribute to the change in volume at this time.

謝謝你的問題，本。所以從歷史上看，我們已經看到我們的零售交易量和收入之間的相關性與波動性和加密資產價格高度相關。因此，正如我在開場白中與大家分享的那樣，我們已經看到 crpyto 資產價格上漲，但波動性仍處於多年低點。這是我們目前歸因於交易量變化的因素之一。

However, we are engaging our customers in new ways, and so we're really excited to see the engagement with our staking products. We're excited to see the growth of our subscription and services revenues quarter-over-quarter. And we're really excited by the growth. As I mentioned, we reached all-time highs with our institutions on the Prime platform in the quarter.

但是，我們正在以新的方式吸引客戶，因此我們很高興看到客戶使用我們的質押產品。我們很高興看到我們的訂閱和服務收入環比增長。我們對增長感到非常興奮。正如我所提到的，本季度我們在 Prime 平台上的機構達到了歷史新高。

So we're continuing to see good engagement. The market conditions are the things that we cannot predict precisely, but they do have a big impact on the trading volume and the trading revenue from the consumer side of our platform. But our focus is growth overall, our focus is diversification and getting engagement with these new products that Brian talked about and continuing to roll out new innovations.

因此，我們繼續看到良好的參與度。市場狀況是我們無法準確預測的事情，但它們確實對我們平台的消費者端的交易量和交易收入產生重大影響。但我們的重點是整體增長，我們的重點是多元化和參與 Brian 談到的這些新產品，並繼續推出新的創新。

Your next question comes from the line of John Todaro with Needham & Company.

你的下一個問題來自 John Todaro 與 Needham & Company 的合作。

Congrats on the quarter. Two here, if you don't mind. First one, just on that take rate, and it was kind of hinted at a little bit at the prior question. But really, what is to kind of explain the increase there? And then second question on volumes. Just wondering how you reconcile a strategy with encouraging customers to move more on-chain, but at the same time, is it encouraging some of those customers to pick up decentralized exchanges and other exchanges that might cannibalize some of Coinbase's volumes.

祝賀這個季度。如果你不介意的話，這裡有兩個。第一個，只是關於那個採納率，它有點暗示了先前的問題。但實際上，如何解釋那裡的增長？然後是關於卷的第二個問題。只是想知道你如何協調策略與鼓勵客戶在鏈上移動更多，但與此同時，它是否鼓勵其中一些客戶選擇去中心化交易所和其他可能蠶食 Coinbase 部分交易量的交易所。

Great questions. I'll do the first one, and then Brian, maybe I'll pass it over to you. So with regards to pricing, as I mentioned in my opening remarks, on the institutional side, we rolled back certain discounts for our market makers, and we saw an increase in the take rate and the pricing on the institutional side based on that decision.

很好的問題。我會做第一個，然後是 Brian，也許我會把它交給你。因此，關於定價，正如我在開場白中提到的那樣，在機構方面，我們為我們的做市商取消了某些折扣，並且我們看到基於該決定的機構方面的接受率和定價有所增加。

On the consumer side, we had increased our spread in the quarter. We're frequently assessing pricing on different transaction types and in Q1, due to an increase in certain simple trades that began late last year and rolled into Q1, we saw an increase in the consumer side as well. Consumers have a choice of which product to trade on between our simple trading and our advanced trading, they can choose whatever suits them best. But that's what's driving the results in the quarter.

在消費者方面，我們在本季度增加了價差。我們經常評估不同交易類型的定價，在第一季度，由於去年年底開始並進入第一季度的某些簡單交易有所增加，我們看到消費者方面也有所增加。消費者可以在我們的簡單交易和高級交易之間選擇交易哪種產品，他們可以選擇最適合自己的。但這就是推動本季度業績的因素。

Yes. Thanks, John. On your second question about are we encouraging volumes to move to decentralized exchanges and things like that. So look, I think there's going to be a big market for both centralized and decentralized exchanges, and Coinbase wants to play in both of those categories.

是的。謝謝，約翰。關於你的第二個問題，我們是否鼓勵交易量轉向去中心化交易所和類似的事情。所以看，我認為中心化和去中心化交易所都會有一個很大的市場，而 Coinbase 希望在這兩個類別中發揮作用。

So the centralized exchanges, they still have a scalability that really can't be achieved on-chain. And so I think that's going to -- there is going to be a very deep liquid market. We're going to see that with derivatives and spot all over the world for a long, long time. I don't see that really going away.

所以中心化交易所，它們仍然具有鏈上無法實現的可擴展性。所以我認為這將會 - 將會有一個非常深入的流動性市場。我們將在很長很長一段時間內通過衍生品和現貨在世界各地看到這一點。我不認為這真的會消失。

At the same time, decentralized exchanges offer some interesting advantages, and we want to make sure we're providing that to customers as well. It doesn't do us any benefit to pretend that doesn't exist or something like that. And as long as we're providing what customers want, I think there will be interesting opportunities to monetize on the decentralized exchange side as well.

同時，去中心化交易所提供了一些有趣的優勢，我們希望確保我們也能為客戶提供這些優勢。假裝不存在或類似的東西對我們沒有任何好處。只要我們提供客戶想要的東西，我認為在去中心化交易方面也會有有趣的貨幣化機會。

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

你的下一個問題來自 Owen Lau 與 Oppenheimer 的對話。

So I think there are some positive developments going on in the regulation side. More crypto builds may come out soon. SEC will respond to Coinbase petition. But could you please talk about how much of the current regulatory regime has actually impacted your ability to launch new products, both locally and internationally? And how much it has impacted your confidence to generate positive adjusted EBITDA in all conditions.

所以我認為監管方面正在發生一些積極的發展。更多的加密版本可能很快就會出現。 SEC 將回應 Coinbase 的請願書。但您能否談談目前的監管制度在多大程度上影響了您在本地和國際上推出新產品的能力？以及它在多大程度上影響了您在所有條件下產生正調整後 EBITDA 的信心。

Why don't I take the first stab and please, Paul, Brian Emily, please add in. So our product road map has not been impacted by the Wells notice. We are pleased to have, as Brian shared with you, a very active quarter of product innovation from (inaudible) protocols to acquiring an asset management arm to launching just this week, the International Exchange, including our first derivative product in the market. So we are feeling very excited about building through this winter and about the breadth of offerings that we can continue to have.

為什麼我不先試一試，請 Paul、Brian Emily 加入。所以我們的產品路線圖沒有受到 Wells 通知的影響。正如 Brian 與您分享的那樣，我們很高興有一個非常活躍的季度產品創新，從（聽不清）協議到收購資產管理部門，再到本周剛剛推出的國際交易所，包括我們在市場上的第一個衍生產品。因此，我們對在這個冬天進行建設以及我們可以繼續提供的產品範圍感到非常興奮。

And at this time, as we shared previously, we've run scenarios, but we are business as usual, and we feel really good about being able to deliver on the financial goals that we set forth at the beginning of the year, which is to improve adjusted EBITDA on a year-over-year basis. And we don't see anything at this time to share that would derail us from that objective.

而此時，正如我們之前分享的那樣，我們已經運行了場景，但我們照常營業，我們對能夠實現我們在年初設定的財務目標感到非常高興，這是同比改善調整後的 EBITDA。我們目前看不到任何可以讓我們偏離該目標的內容。

Your next question comes from the line of Rich Repetto with Piper Sandler.

你的下一個問題來自 Rich Repetto 和 Piper Sandler 的台詞。

Sorry to stay on the regulatory question, but it is important. And you say -- Brian, in the shareholder letter, on Page 14, you say that we could -- we believe we could see real action on the legislative side before the end of 2Q. So we're getting towards the end of 2Q. And just trying whether you could give any more detail on that statement that the bipartisan legislation -- any more details? And have you been able to engage with the SEC since the Wells notice? And then lastly, with Ripple and the XRP case, do you think that, that will have any precedent or how will that -- would that provide any clarity on the regulatory plan?

很抱歉留在監管問題上，但這很重要。你說 - 布賴恩，在第 14 頁的股東信中，你說我們可以 - 我們相信我們可以在第二季度末之前看到立法方面的實際行動。所以我們快到第二季度末了。只是想試試你是否可以就兩黨立法的聲明提供更多細節 - 任何更多細節？自 Wells 通知以來，您是否能夠與 SEC 接觸？最後，對於 Ripple 和 XRP 案例，您認為這會有任何先例，或者那將如何——這會為監管計劃提供任何清晰度嗎？

I think I can jump...

我覺得我可以跳...

Yes. Paul, (inaudible) then turn it over to you. I mean on the timing of legislation, obviously, we can't predict anything like that exactly, and I don't want to reveal something sensitive that may be being worked on over there. But there are various parties that have a real motivation to help get that clear rule book in the U.S. through new legislation. And we're certainly supportive of seeing that happen. Yes, Paul, go ahead and jump in.

是的。 Paul，（聽不清）然後交給你。我的意思是關於立法的時間，顯然，我們無法準確預測類似的事情，而且我不想透露可能在那裡正在研究的敏感內容。但是，有許多政黨有真正的動機通過新立法幫助在美國獲得明確的規則手冊。我們當然支持看到這種情況發生。是的，保羅，繼續前進。

Just want to underscore that, as you pointed out earlier, Brian, we're seeing draft legislation not only here in the United States coming together largely on a bipartisan basis and hopefully, moving forward in the coming quarter, but also outside the United States. We're seeing the U.K. and other jurisdictions move on and move ahead with their own legislative proposals and initiatives. So while no time line is certain, it certainly appears that we're seeing progress in legislation, not just in the United States, but in jurisdictions all over the world.

只是想強調，正如你之前指出的那樣，布賴恩，我們不僅在美國看到立法草案主要在兩黨的基礎上達成一致，並希望在下個季度取得進展，而且在美國以外也有.我們看到英國和其他司法管轄區繼續推進他們自己的立法提案和倡議。因此，雖然沒有確定的時間表，但我們確實看到了立法方面的進展，不僅在美國，而且在世界各地的司法管轄區。

And I should also speak to the question about engagement with the SEC as well since the Wells. We always remain open to dialogue with the SEC and in conversation with them wherever it makes sense and is appropriate. And at the same time, we are fully committed, if necessary, to defending any case that we may face in court. If for another reason then crypto, and not just Coinbase or crypto as a whole needs clarity in order to move forward as an industry, we're confident that we will be able to provide that clarity through any action that may take place in litigation.

我還應該談談自 Wells 以來與 SEC 接觸的問題。我們始終對與 SEC 的對話持開放態度，並在有意義和適當的情況下與他們進行對話。同時，如有必要，我們將全力捍衛我們可能在法庭上面臨的任何案件。如果出於其他原因，那麼加密貨幣，而不僅僅是 Coinbase 或整個加密貨幣需要澄清，以便作為一個行業向前發展，我們相信我們將能夠通過訴訟中可能發生的任何行動來提供這種澄清。

(technical difficulty)

（技術難度）

comes from the line of Lisa Ellis with MoffettNathanson.

來自 Lisa Ellis 和 MoffettNathanson 的血統。

I like this exhibit you outlined on Page 11 in the shareholder letter showing the 3 pillars of your product strategy and how they align to your long-term vision. Can you elaborate a little bit on how we should think about Coinbase's both revenues and investments sort of now and in the future outlined across the spectrum?

我喜歡你在股東信中第 11 頁概述的這個展覽，展示了你的產品戰略的 3 個支柱，以及它們如何與你的長期願景保持一致。你能詳細說明一下我們應該如何考慮 Coinbase 現在和未來的收入和投資嗎？

Thanks for the question, Lisa. So we are in what we consider the first phase, which is crypto as an asset class. And that's where the majority of our revenue is earned today, as you can see by the products that we highlighted in the image that you're alluding to. So this includes coinbase.com, which is our consumer trading platform; the Prime business, Custody and the spot market, which is what facilitates the trading and liquidity for those front-end customer experiences.

謝謝你的問題，麗莎。所以我們處於我們認為的第一階段，即加密貨幣作為一種資產類別。這就是我們今天賺取大部分收入的地方，正如您所暗示的我們在圖片中突出顯示的產品所看到的那樣。這包括 coinbase.com，這是我們的消費者交易平台； Prime 業務、託管和現貨市場，它們促進了前端客戶體驗的交易和流動性。

We are actively looking to diversify our revenue streams, and we have many products, as you can see listed here, that are at an earlier stage. We've shared with you previously that we consider things in our core strategic and ventures portfolio and are constantly looking at new venture products.

我們正在積極尋求多樣化我們的收入來源，我們有許多產品，正如您在此處看到的，處於早期階段。我們之前曾與您分享過我們在核心戰略和風險投資組合中考慮的事情，並不斷尋找新的風險產品。

We don't give long-term outlooks, but over time, we believe that these other revenue streams will become a larger part of our revenue stream. Just like in Q2, we saw subscription and services revenue get to about 49% of total revenue for the quarter.

我們不給出長期展望，但隨著時間的推移，我們相信這些其他收入來源將成為我們收入來源的更大一部分。與第二季度一樣，我們看到訂閱和服務收入佔本季度總收入的 49% 左右。

We have many new revenue streams and other subscription and services revenue that are beginning to generate what we call little green shoots, small dollars. We're not able to give an outlook at this time. But the goal is to get a diversified portfolio that have different drivers that some will perform stronger in some market conditions and some will perform better in other market conditions. And that diversification will lead to an overall platform where we can engage our customers with many different products and services. But I don't have a specific number to give you today.

我們有許多新的收入來源和其他訂閱和服務收入，這些收入開始產生我們所說的小綠芽，小美元。我們目前無法給出展望。但目標是獲得具有不同驅動因素的多元化投資組合，其中一些會在某些市場條件下表現更強，而一些會在其他市場條件下表現更好。這種多元化將導致一個整體平台，我們可以在這個平台上為我們的客戶提供許多不同的產品和服務。但我今天沒有具體的數字可以給你。

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

你的下一個問題來自摩根大通的肯尼斯沃辛頓。

Alesia, you indicated a number of times that Coinbase increased spreads on retail trading this quarter. How are you determining the right spread for retail orders? What sort of capacity do you have to widen spread further over time? And then maybe for Paul, what ultimately gives Coinbase comfort that spread adjustments will be okayed by regulators over time?

Alesia，你多次表示 Coinbase 本季度增加了零售交易的點差。您如何確定零售訂單的正確價差？隨著時間的推移，你有什麼樣的能力來進一步擴大傳播？然後對於 Paul 來說，是什麼最終讓 Coinbase 感到欣慰的是，隨著時間的推移，監管機構會批准點差調整？

Thanks for the question, Ken. So we're frequently assessing pricing for different transaction types. So for example, spread applied to the consumer simple trading experience. It doesn't apply to advanced trading where customers are directly interacting with the order book, and our customers have the choice of which products suits their experience best.

謝謝你的問題，肯。因此，我們經常評估不同交易類型的定價。因此，例如，點差應用於消費者簡單的交易體驗。它不適用於客戶直接與訂單簿交互的高級交易，我們的客戶可以選擇最適合他們體驗的產品。

So price is evolving. We don't have a specific number that we're targeting or a number to shares. We're constantly assessing the right balance of meeting customer needs and driving our business and monitoring our pricing elasticity to see what resonates best with our user base.

所以價格在變化。我們沒有我們要定位的特定數字或要分享的數字。我們不斷評估滿足客戶需求和推動業務發展的適當平衡，並監控我們的定價彈性，以了解什麼最能引起我們的用戶群共鳴。

Yes. On the question of what gives us comfort that we'll have the regulatory flexibility to continue with those practices, the simple answer is that it all comes down to our transparency about how we go about this and our commitment that we will honor whatever practices we disclosed as part of our terms of service and user agreements. We're constantly evaluating these issues. And to the extent there are questions or concerns, of course, from any regulator, we will always respond to those promptly and appropriately.

是的。關於是什麼讓我們感到欣慰，我們將有監管靈活性來繼續這些做法，簡單的答案是，這一切都歸結為我們如何做到這一點的透明度，以及我們將遵守我們將遵守的任何做法的承諾。作為我們的服務條款和用戶協議的一部分披露。我們一直在評估這些問題。當然，如果任何監管機構提出問題或疑慮，我們將始終及時、適當地做出回應。

Your next question comes from the line of Bo Pei with U.S. Tiger Securities.

你的下一個問題來自美國老虎證券博培專線。

So congrats on launching the Base Layer 2 testnet. I have 2 questions about Base. So first is well, it is still early, what is going to be the monetization model, Base? Do you plan to make money from Base or will it be more like a public and you plan to fully decentralize the network?

恭喜您啟動了 Base Layer 2 測試網。我有 2 個關於 Base 的問題。所以首先很好，現在還早，貨幣化模型是什麼，Base？你打算從 Base 賺錢還是更像公眾並且你打算完全去中心化網絡？

And the second question is, well, it's not uncommon for crpyto exchanges to launch their own blockchains. The other exchanges are outside of the U.S., so that's regulated. However, Coinbase is a U.S. entity, so faces a more challenging regulatory environment. How do you manage the risk of running a blockchain as a U.S. public company? For example, if some (inaudible) offer noncompliance services to U.S. resident, how do you make sure Coinbase will not become the target of U.S. regulators?

第二個問題是，crpyto 交易所推出自己的區塊鏈並不少見。其他交易所在美國境外，因此受到監管。然而，Coinbase 是一家美國實體，因此面臨更具挑戰性的監管環境。作為一家美國上市公司，您如何管理運行區塊鏈的風險？例如，如果某些（聽不清）向美國居民提供不合規服務，您如何確保 Coinbase 不會成為美國監管機構的目標？

Yes. Thanks, Bo, for the question. I'll start off and then Paul, if ever you want to add anything, feel free. So the first part of your question was on monetization. And it's too early to say on how Base could be monetized. Again, we're still in testnet. We haven't even launched mainnet. We're just trying to build out the ecosystem at this point. We definitely made a conscious decision not to have a token associated with the blockchain, which touches on the second part of your question.

是的。謝謝博，提出這個問題。我先開始，然後是 Paul，如果你想添加任何內容，請隨意。所以你問題的第一部分是關於貨幣化的。現在說 Base 如何貨幣化還為時過早。同樣，我們仍在測試網中。我們甚至還沒有啟動主網。目前，我們只是在嘗試構建生態系統。我們確實有意識地決定不讓代幣與區塊鏈相關聯，這涉及到你問題的第二部分。

Because we are a U.S. entity and this blockchain is something that we're helping initiate, we wanted to make sure there was no token associated with it because we didn't believe that there was a way to do that. There wasn't a way to basically register a token to do that in the U.S. at the moment.

因為我們是一家美國實體，而這個區塊鍊是我們正在幫助啟動的東西，我們想確保沒有與之關聯的令牌，因為我們不相信有辦法做到這一點。目前在美國基本上沒有辦法註冊令牌來做到這一點。

But our goal is for this also to be decentralized over time, and that's another big piece of the puzzle. Base is going to be a decentralized chain. And so it's something we may contribute to -- one of many parties that contributes to it, but it's not going to be something that's run solely by Coinbase. Paul, anything you want to add?

但我們的目標是隨著時間的推移也將其去中心化，這是另一個很大的難題。 Base 將成為一個去中心化的鏈。因此，這是我們可能會做出貢獻的東西 - 為它做出貢獻的眾多各方之一，但它不會是僅由 Coinbase 運營的東西。保羅，你有什麼要補充的嗎？

I think, Brian, you said it well. This is not something that over time will be run by Coinbase. Our goal is decentralization. We consciously chose not to include a token as part of the offering. And we think that in combination and with increasing adoption over time as we move out of testnet, hopefully, sooner rather than later, but that remains to be seen, we're going to see a very positive response not only from the public, but also from regulators as well.

我認為，布賴恩，你說得很好。隨著時間的推移，這不會由 Coinbase 運行。我們的目標是權力下放。我們有意識地選擇不將代幣作為產品的一部分。我們認為，隨著我們離開測試網，隨著時間的推移，越來越多的採用，希望越早越好，但這還有待觀察，我們不僅會看到來自公眾的非常積極的回應，而且也來自監管機構。

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

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

Just a question on the international derivatives exchange. Just great to hear how quickly you guys think you can scale it to become a material contributor. If you can quantify the addressable revenue market for Coinbase? And then on the expense side, will there be incremental expenses needed to get to where you want to go versus how much kind of existing infrastructure of the firm can you leverage just as you scale that?

只是關於國際衍生品交易所的問題。很高興聽到你們認為你們可以多快地擴展它成為一個物質貢獻者。你是否可以量化 Coinbase 的可尋址收入市場？然後在費用方面，是否需要增加費用才能到達你想去的地方，而你可以在擴展時利用公司現有的基礎設施有多少？

Great. Well, we're not providing any revenue outlook at this time. But as you know, the derivative markets are multiples of the spot market in crypto generally, and that's true (inaudible) as well. So this is large volume opportunities. This is our initial launch. We have 2 order books. We are just beginning to onboard market makers. So this is early days, and we'll give you more updates as this product matures. All of the expenses needed to operate this platform are included in our current expense base and in our Q2 outlook for expenses.

偉大的。好吧，我們目前不提供任何收入前景。但正如你所知，衍生品市場通常是加密貨幣現貨市場的倍數，這也是事實（聽不清）。所以這是大量的機會。這是我們的初始發布。我們有 2 個訂單簿。我們才剛剛開始加入做市商。所以現在還處於早期階段，隨著該產品的成熟，我們會為您提供更多更新。運營該平台所需的所有費用都包含在我們當前的費用基礎和我們第二季度的費用展望中。

And your final question comes from the line of Joseph Vafi with Canaccord Genuity.

你的最後一個問題來自 Joseph Vafi 與 Canaccord Genuity 的合作。

Just I thought maybe we'd circle back, Brian, to your original comments here on financial enablement. And perhaps you could give us a view on some of the things you're working on, on that front. And then just on (inaudible) just kind of interested also in your Layer 2 rollout and what you're thinking there and the strategy.

Brian，我只是想也許我們會回頭看看你在這里關於金融支持的原始評論。或許你可以向我們介紹一下你在這方面正在做的一些事情。然後就（聽不清）也對您的第 2 層推出以及您在那裡的想法和策略感興趣。

Yes. Well, in the opening comments, I did talk about our mission around increasing economic freedom and how we think crypto is the most important technology out there to do that and how we really think it's a technology to update the financial system. So that's kind of what you're referring to, I think, around financial enablement and empowerment.

是的。好吧，在開場白中，我確實談到了我們圍繞增加經濟自由度的使命，以及我們如何認為加密是實現這一目標的最重要技術，以及我們如何真正認為它是一種更新金融系統的技術。所以這就是你所指的，我認為，圍繞金融支持和賦權。

Look, I mean, there's a lot of people around the world today who don't have access to good financial infrastructure, right? And it can be really holding them back in many ways. Payments are this thing that if you make it lower friction to both move money and settlement times and various asset classes can become more efficient if you tokenize them. This is just to speak, by the way, of the financial use cases. There's a whole set of nonfinancial use cases with crypto. That can kind of really grease the skids of the economy and unlock growth and potential in many different ways. It also increases people's freedom just with basic property rights and things like that.

看，我的意思是，當今世界上有很多人無法獲得良好的金融基礎設施，對嗎？它可以在很多方面真正阻礙他們。支付就是這樣一種東西，如果你降低了轉移資金和結算時間的摩擦，那麼如果你將它們標記化，各種資產類別就會變得更有效率。順便說一下，這只是財務用例。有一整套加密的非金融用例。這可以真正為經濟的滑坡提供潤滑劑，並以許多不同的方式釋放增長和潛力。它還通過基本的財產權和類似的東西增加了人們的自由。

And so it's a really powerful idea now that anybody who has a cell phone and an Internet connection, which is the majority of humans on the planet, they can now get -- start to get access to good, sound financial infrastructure. That's a really powerful thing. It's really good for the world. So those are my high-level thoughts. And yes, I'll leave it there.

所以這是一個非常強大的想法，現在任何擁有手機和互聯網連接的人，也就是地球上的大多數人，他們現在都可以——開始獲得良好、健全的金融基礎設施。這是一個非常強大的東西。這對世界真的很好。所以這些是我的高級想法。是的，我會把它留在那裡。

Okay. Great. Well, thank you all for joining us today, and we look forward to speaking you again -- speaking to you again in our next call.

好的。偉大的。好吧，感謝大家今天加入我們，我們期待再次與您交談——在我們的下一次電話會議中再次與您交談。

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。