Coinbase Global Inc (COIN) 2023 Q2 法說會逐字稿

Good afternoon. My name is Tamika, and I will be your conference operator today. At this time, I would like to welcome everyone to the Coinbase Second Quarter 2023 Earnings Call. (Operator Instructions) I will now hand today's call over to Anil Gupta, Vice President, Investor Relations. You may begin your conference.

下午好。我叫塔米卡，今天我將擔任你們的會議操作員。此時此刻，我歡迎大家參加 Coinbase 2023 年第二季度財報電話會議。 （操作員指示）我現在將今天的電話轉交給投資者關係副總裁阿尼爾·古普塔 (Anil Gupta)。您可以開始您的會議了。

Good afternoon, and welcome to the Coinbase Second 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.

下午好，歡迎參加 Coinbase 2023 年第二季度財報電話會議。與我一起參加今天電話會議的還有聯合創始人兼首席執行官布萊恩·阿姆斯特朗 (Brian Armstrong)；蔡艾米莉，總裁兼首席運營官；阿萊西亞·哈斯，首席財務官；和首席法律官 Paul Grewal。我希望你們都有機會閱讀我們的股東信，該信今天早些時候發佈在我們的投資者關係網站上。

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聲明存在重大差異。有關風險、不確定性和其他可能導致這些結果出現差異的因素的信息包含在我們向 SEC 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 included in our shareholder letter on our IR website. Non-GAAP financial measures should be considered in addition to, not as a substitute for GAAP measures. We are once again using safe technologies to enable our shareholders to post questions.

我們今天的討論還將涉及某些非公認會計準則財務指標。我們的 IR 網站上的股東信函中包含了與最直接可比的 GAAP 財務指標的調節表。非公認會計原則財務指標應被視為公認會計原則指標的補充，而不是替代公認會計原則指標。我們再次使用安全技術讓我們的股東能夠提出問題。

In addition, we will take some live questions from our analysts. With that, I'll turn it over to Brian and Alesia for opening comments.

此外，我們還將回答分析師的一些實時問題。至此，我將把它交給 Brian 和 Alesia 徵求開場評論。

Thanks, Anil. Q2 was a strong quarter for us as we demonstrated operational discipline, focused on product excellence and helped drive regulatory clarity for the industry. I'll start by touching on operational discipline. We drove $194 million of adjusted EBITDA in Q2, marking the second consecutive quarter of positive adjusted EBITDA.

謝謝，阿尼爾。第二季度對我們來說是一個強勁的季度，因為我們展示了運營紀律，專注於產品卓越，並幫助推動行業監管的清晰度。我將從操作紀律開始。第二季度，我們實現了 1.94 億美元的調整後 EBITDA，這是連續第二個季度調整後 EBITDA 為正值。

About a year ago, we started executing on cost reductions, and I'm happy to say that in Q2, our operating expenses are now down nearly 50% year-over-year. We ended Q2 with 3,400 employees, and we've been able to get a lot done by being a more efficient company at this size.

大約一年前，我們開始實施成本削減，我很高興地說，在第二季度，我們的運營費用同比下降了近 50%。第二季度結束時，我們擁有 3,400 名員工，通過成為這樣規模的更高效的公司，我們已經取得了很多成就。

Next, let me touch on product excellence. People use Coinbase's products because we're the most trusted brand, and we've made crypto easier to use. Over the past decade, we focused on compliance, cybersecurity, great design, user experience and customer support. We've always taken a long-term view and tried to do the right thing even when it wasn't easy or the rules weren't clear.

接下來，讓我談談產品卓越性。人們使用 Coinbase 的產品是因為我們是最值得信賴的品牌，而且我們讓加密貨幣變得更易於使用。在過去的十年中，我們專注於合規性、網絡安全、出色的設計、用戶體驗和客戶支持。我們始終著眼長遠​​，並嘗試做正確的事情，即使這並不容易或規則不明確。

Today, Coinbase is consistently ranked as the most trusted crypto platform across multiple markets, and this is a huge competitive differentiator for us. We have great product coverage in this industry and serve 3 distinct customer groups: retail, institutions and developers.

如今，Coinbase 一直被評為跨多個市場最值得信賴的加密平台，這對我們來說是一個巨大的競爭優勢。我們在該行業擁有廣泛的產品覆蓋範圍，並為 3 個不同的客戶群提供服務：零售、機構和開發商。

For our retail customers, Coinbase and Coinbase Wallet have moved beyond our best-in-class trading use cases. We now help customers make payments, save, earn rewards, access NFTs, use Coinbase card and access third-party applications in Web3. Coinbase has become a platform for a broad set of first- and third-party use cases with an increased range of functionality. And our goal is to become the primary way people manage their financial lives all over the world, enabled by these powerful decentralized protocols that will become a larger fraction of the global economy over time.

對於我們的零售客戶來說，Coinbase 和 Coinbase 錢包已經超越了我們一流的交易用例。我們現在幫助客戶進行支付、儲蓄、賺取獎勵、訪問 NFT、使用 Coinbase 卡以及訪問 Web3 中的第三方應用程序。 Coinbase 已成為廣泛的第一方和第三方用例的平台，功能範圍不斷擴大。我們的目標是成為世界各地人們管理財務生活的主要方式，這些強大的去中心化協議將隨著時間的推移而成為全球經濟的更大組成部分。

Coinbase Wallet provides a way for retail customers to access this functionality while storing their own funds via self-custody. Now moving on to our institutional customers. We provide an integrated trading, custody and financing solutions through Coinbase Prime. And for our developer customers, we're building Coinbase Cloud with a powerful set of APIs and native on-chain solutions like Base that allow every business to integrate crypto technology.

Coinbase 錢包為零售客戶提供了一種訪問此功能的方式，同時通過自我託管存儲自己的資金。現在轉向我們的機構客戶。我們通過 Coinbase Prime 提供綜合交易、託管和融資解決方案。對於我們的開發者客戶，我們正在構建 Coinbase Cloud，其中包含一組強大的 API 和 Base 等本地鏈上解決方案，允許每個企業集成加密技術。

In Q2, we launched our derivatives exchange in select markets outside the U.S., and we were also selected as the custodian in a number of ETF applications in our institutional business. A big focus for us over the next year is how we're going to be driving utility in crypto that goes beyond just trading. The first 10 years in crypto were primarily about trading, but we've seen our customer base shift its activity over time, where the majority of our active customers now do something with crypto other than trading.

第二季度，我們在美國以外的特定市場推出了衍生品交易所，我們還被選為機構業務中多個 ETF 申請的託管人。明年我們的一大重點是我們將如何推動加密貨幣的實用性，而不僅僅是交易。加密貨幣的前 10 年主要是關於交易，但我們看到我們的客戶群隨著時間的推移而改變其活動，我們的大多數活躍客戶現在除了交易之外還使用加密貨幣做一些事情。

My belief is that the next 10 years in crypto will become predominantly about nontrading use cases. So what could some of those be? Well, payments is a big one. As the scalability of blockchains improves by moving to Layer 2 solutions, like Lightning, Optimism and Base, will see payments emerge as a larger use case. Getting more scalable blockchains will be as important as the Internet moving from dial-up to broadband.

我相信，未來 10 年加密貨幣將主要關注非交易用例。那麼其中一些可能是什麼？嗯，付款是一件大事。隨著區塊鏈的可擴展性通過轉向第 2 層解決方案（例如 Lightning、Optimism 和 Base）而得到改善，支付將成為一個更大的用例。獲得更具可擴展性的區塊鏈將與互聯網從撥號轉向寬帶一樣重要。

We'll also see the rise of decentralized identity systems with decentralized messaging and social apps that will accompany those connected right into those decentralized identities. And we're working hard at Coinbase to make it easy to connect through Coinbase Wallet to any third-party app or DApp, which stands for decentralized app.

我們還將看到去中心化身份系統的興起，這些系統具有去中心化消息傳遞和社交應用程序，這些應用程序將伴隨那些直接連接到這些去中心化身份的人。我們 Coinbase 正在努力讓人們能夠輕鬆地通過 Coinbase 錢包連接到任何第三方應用程序或 DApp（代表去中心化應用程序）。

In the Coinbase app today, you can actually visit the Web3 tab at the bottom right of our app and connect it to any third-party application out there in the ecosystem. More and more crypto utility will be happening on-chain. And at Coinbase, we like to say that on-chain is the new online, so we're fully embracing that. As we continue to make crypto trusted and easy to use with these new use cases will help update the financial system globally and help a 1 billion more people benefit from this technology.

在今天的 Coinbase 應用程序中，您實際上可以訪問應用程序右下角的 Web3 選項卡，並將其連接到生態系統中的任何第三方應用程序。越來越多的加密實用程序將發生在鏈上。在 Coinbase，我們喜歡說鏈上是新的在線方式，所以我們完全接受這一點。隨著我們繼續讓加密貨幣變得可信且易於使用，這些新用例將有助於更新全球金融系統，並幫助另外 10 億人從這項技術中受益。

So finally, I want to touch on how Coinbase is driving regulatory clarity for the industry. One of the biggest items holding back adoption of this technology is the lack of clear rules and both regulation by enforcement that's taking place in the U.S. to date. While the rest of the world has made great strides in embracing crypto and Web3 technology with clear legislation, the U.S. has struggled to keep pace.

最後，我想談談 Coinbase 如何推動行業監管的清晰度。阻礙這項技術採用的最大因素之一是美國迄今為止缺乏明確的規則和執法監管。儘管世界其他國家在通過明確立法擁抱加密貨幣和 Web3 技術方面取得了長足進步，但美國卻一直在努力跟上步伐。

Coinbase has an important role to play here. When the SEC refused to engage in rulemaking and instead pursue a regulation by enforcement approach, we availed ourselves of the Court to help bring regulatory clarity to the United States and help get case law created. We've also been actively engaged with Congress, where we've seen bipartisan support to past crypto legislation.

Coinbase 在這方面可以發揮重要作用。當美國證券交易委員會拒絕參與規則制定，而是尋求通過執行進行監管時，我們利用法院來幫助美國明確監管並幫助制定判例法。我們還積極與國會合作，我們看到兩黨對過去的加密立法的支持。

In just the past few weeks, the House Financial Services Committee and the House Ag Committee passed the landmark Crypto Market Structure Bill, FIP-21, and the Stablecoin Bill with bipartisan support. These bills go to the house floor for a full vote later this year and from there advance to the Senate.

就在過去幾週，眾議院金融服務委員會和眾議院農業委員會在兩黨的支持下通過了具有里程碑意義的加密貨幣市場結構法案、FIP-21 和穩定幣法案。這些法案將在今年晚些時候進入眾議院進行全面投票，然後再提交參議院。

Coinbase is committed to helping ensure America passes crypto legislation, and it is not left behind. We've also begun activating crypto users across the U.S. to ensure their voices are heard in our democracy. 1 in 5 Americans have now used crypto more than hold a Union card as one point of comparison. And our Stand with Crypto campaign has signed up about 60,000 crypto advocates to date across all 435 congressional districts.

Coinbase 致力於幫助確保美國通過加密立法，而且它也不會落後。我們還開始激活美國各地的加密貨幣用戶，以確保我們的民主國家能夠聽到他們的聲音。作為比較，五分之一的美國人現在使用加密貨幣的次數超過了持有聯合卡的次數。迄今為止，我們的“支持加密貨幣”活動已在所有 435 個國會選區簽約了約 60,000 名加密貨幣倡導者。

As an example of how we're activating them, in New York City today, we're hosting an in-person gathering with representative from the offices of Senator Gillibrand, Mayor Adams and Governor Hochul and hundreds of crypto enthusiasts. By the way, you too as an investor can help in this effort by visiting standwithcrypto.org to sign up as a crypto advocate. If you want to ensure America embraces crypto technology and helps create clear rules around it, please help us by visiting standwithcrypto.org.

作為我們如何激活它們的一個例子，今天在紐約市，我們將與參議員吉利布蘭德、市長亞當斯和州長霍赫爾的辦公室代表以及數百名加密貨幣愛好者舉行面對面的聚會。順便說一句，作為投資者，您也可以通過訪問standwithcrypto.org 註冊成為加密貨幣倡導者來幫助實現這一目標。如果您想確保美國接受加密技術並幫助制定明確的規則，請訪問standwithcrypto.org來幫助我們。

Congressional town halls are happening all throughout the August recess and we're encouraging Stand with Crypto advocates everywhere to reach out directly to their policymakers to support innovation and clear crypto regulation. Crypto is even proving to be an important topic in the upcoming 2024 presidential election with most of the challenger candidates staking out a positive position.

國會市政廳在整個八月休會期間都在舉行，我們鼓勵各地的加密貨幣倡導者直接與他們的政策制定者接觸，以支持創新和明確的加密貨幣監管。事實證明，加密貨幣甚至成為即將到來的 2024 年總統選舉的一個重要話題，大多數挑戰者候選人都表現出了積極的立場。

In a democracy, the government is for the people and by the people and the citizens of the United States have made it crystal clear that they want to use crypto and they believe in the potential of this technology. We will not allow America's leadership here to be destroyed by a few outliers in our government painting outside the bounds of the law. The various court cases being decided now at a minimum prove that we're -- what we've been saying all along, that there is no regulatory clarity. New legislation is needed and the underlying assets themselves, as decided in these cases, are not securities.

在民主國家，政府是為了人民、由人民統治的，美國公民已經明確表示他們想要使用加密貨幣，並且相信這項技術的潛力。我們不會允許美國在這裡的領導地位被我們政府中一些違法行為所破壞。現在正在判決的各種法庭案件至少證明了我們一直以來所說的，監管不明確。需要新的立法，並且根據這些案例的決定，基礎資產本身不是證券。

In conclusion, although we're in a crypto bear market with volatility the lowest we've seen in years, Coinbase is financially healthy with our second quarter of positive adjusted EBITDA. We even generated $156 million in cash in Q2. We intend to hold headcount flat for now as we keep making progress on the above items that I mentioned.

總而言之，儘管我們正處於加密貨幣熊市，波動性是多年來最低的，但 Coinbase 的財務狀況依然健康，第二季度調整後的 EBITDA 為正值。我們甚至在第二季度產生了 1.56 億美元的現金。我們打算暫時保持員工人數不變，因為我們在我提到的上述項目上不斷取得進展。

Meanwhile, we have the most trusted brand and the easiest to use products, and we're showing up day in and day out to do the hard work of running a trusted, secure and compliant crypto platform. This is our competitive advantage. Our long-term focus on following the rules has proven to be the right strategy as regulators have closed in companies who didn't, another competitive advantage for us. And we're driving regulatory clarity in the U.S. while expanding abroad in places where the rules are already clear.

與此同時，我們擁有最值得信賴的品牌和最易於使用的產品，並且我們日復一日地努力運行一個值得信賴、安全且合規的加密平台。這是我們的競爭優勢。事實證明，我們長期關注遵守規則是正確的策略，因為監管機構關閉了不遵守規則的公司，這對我們來說是另一個競爭優勢。我們正在推動美國監管的明確性，同時向規則已經明確的國家擴張。

All of this sets us up to be the global leader across a variety of products and our 3 customer groups. Crypto is the most important technology we have to update the financial system globally, and Coinbase is the leading company in this space. With that, I'll hand it over to you, Alesia, to tell us more about our Q2 performance.

所有這些使我們成為各種產品和 3 個客戶群體的全球領導者。加密貨幣是我們更新全球金融體系所需的最重要的技術，而 Coinbase 是該領域的領先公司。接下來，我將把它交給你，Alesia，告訴我們更多有關我們第二季度表現的信息。

Thanks, Brian. So as Brian shared, in Q2, we made good progress on our journey to build an increasingly efficient and financially disciplined company. As he said, we generated $194 million of adjusted EBITDA, and we generated $156 million of cash. We ended the second quarter with a total of USD 5.5 billion of resources on our balance sheet.

謝謝，布萊恩。正如布萊恩分享的那樣，在第二季度，我們在建立一家日益高效且財務紀律日益嚴格的公司的道路上取得了良好進展。正如他所說，我們產生了 1.94 億美元的調整後 EBITDA，並產生了 1.56 億美元的現金。第二季度結束時，我們的資產負債表上的資源總額為 55 億美元。

I want to shift and talk about the drivers of our results, starting with the macro backdrop and then discuss the financial performance. In Q2, crypto volatility, which is a key input into our trading business, continued to decline, and it reached multiyear lows. Our trading volume declined 37% in this environment. But importantly, it outperformed the global spot market, which declined 48% as we gained market share in the quarter.

我想談談我們業績的驅動因素，從宏觀背景開始，然後討論財務業績。在第二季度，作為我們交易業務的關鍵投入的加密貨幣波動性繼續下降，並達到多年來的低點。在這種環境下，我們的交易量下降了 37%。但重要的是，它的表現優於全球現貨市場，隨著我們在本季度獲得市場份額，全球現貨市場下降了 48%。

This provides the backdrop to our transaction revenue. The low volatility environment contributed to transaction revenue of $327 million, which was down 13% quarter-over-quarter. The average blended fees for both consumer and institutional increased quarter-over-quarter. This increase in fees was driven by a mix shift of trading volume. We offer a simple and advanced trading experience in retail, we offer trading to the exchange and through the Prime platform and institutional, the fees differ by product and the mix shift drove an increase in fee rate during the quarter.

這為我們的交易收入提供了背景。低波動環境帶來了 3.27 億美元的交易收入，環比下降 13%。消費者和機構的平均混合費用環比增長。費用的增加是由交易量的混合變化推動的。我們在零售領域提供簡單而先進的交易體驗，我們通過 Prime 平台和機構向交易所提供交易，費用因產品而異，並且混合轉變推動了本季度費率的上漲。

Subscription and services revenue was $335 million and exceeded our outlook. The outperformance was driven by blockchain rewards, notably higher MEV boost rewards and higher asset prices. In addition, we saw a higher percentage of cash invested in accounts that generate interest income.

訂閱和服務收入為 3.35 億美元，超出了我們的預期。優異的表現是由區塊鏈獎勵推動的，特別是更高的 MEV 提升獎勵和更高的資產價格。此外，我們發現投資於產生利息收入的賬戶的現金比例更高。

On the expense side, we continue to operate with a heightened focus on cost and efficiency. As Brian mentioned, our quarterly recurring operating expenses, these are technology and development, general and administrative, sales and marketing, are down nearly 50% compared to the second quarter of 2022 when we really started to focus on financial discipline.

在費用方面，我們繼續高度關注成本和效率。正如 Brian 提到的，與 2022 年第二季度我們真正開始關注財務紀律時相比，我們的季度經常性運營費用（技術和開發、一般和管理、銷售和營銷）下降了近 50%。

In Q2, our total operating expenses were $781 million. Our recurring operating expenses were $664 million and lower than our outlook, mostly driven by our ongoing operational efficiencies. We provide a lot of detail in our letter.

第二季度，我們的總運營費用為 7.81 億美元。我們的經常性運營支出為 6.64 億美元，低於我們的預期，這主要是由於我們持續提高運營效率。我們在信中提供了很多細節。

Lastly, I want to turn to our outlook for the third quarter. In our letter, we note that July transaction revenue was approximately $110 million. We expect subscription and services revenues to be at least $300 million, assuming no material changes to assets on platform or the average crypto market capitalization compared to the end of July.

最後，我想談談我們對第三季度的展望。在我們的信中，我們注意到 7 月份的交易收入約為 1.1 億美元。假設平台上的資產或平均加密貨幣市值與 7 月底相比沒有重大變化，我們預計訂閱和服務收入將至少為 3 億美元。

In terms of our expenses, we expect tech and dev and G&A to be between $575 million and $625 million, which is a slight increase from Q2 levels. This increase is driven by our stock-based compensation expenses. Due to our stock-based compensation recognition timing, we will have elevated Q3 levels, but we expect the second half of 2023 to be largely consistent with the first half of 2023. We expect sales and marketing to be consistent with Q2 at $80 million to $90 million as the lower Q3 spending from our NBA partnership is being offset by higher USDC reward payouts to customers.

就我們的支出而言，我們預計技術和開發以及一般管理費用將在 5.75 億美元至 6.25 億美元之間，比第二季度的水平略有增加。這一增長是由我們的股票薪酬支出推動的。由於我們基於股票的薪酬確認時間，我們將提高第三季度的水平，但我們預計2023 年下半年將與2023 年上半年基本一致。我們預計銷售和營銷將與第二季度保持一致，為8000 萬美元至9000 萬美元，因為我們與 NBA 合作夥伴關係的第三季度支出較低，但 USDC 向客戶支付的獎勵增加，抵消了這一支出。

To conclude, I want to reaffirm our goal of improving adjusted EBITDA in absolute terms on a year-over-year basis. With that, Anil, back to you and let's take some questions.

最後，我想重申我們的目標是逐年提高調整後 EBITDA 的絕對值。接下來，阿尼爾，回到您身邊，讓我們回答一些問題。

Thank you, both. So let's turn to questions. We are taking the most uploaded questions as determined by the number of shares and may combine questions that touch on the same themes. For the first one, starting with the big picture, a number of the most asked questions from shareholders touch on the next 3 to 5 years in crypto and for Coinbase. Maybe a question for you, Brian. What do you think or hope happens to the crypto industry over the next 3 to 5 years? And what does Coinbase's role in that look like?

謝謝你們倆。那麼讓我們轉向問題。我們將根據分享數量確定上傳最多的問題，並且可能會合併涉及相同主題的問題。對於第一個問題，從大局開始，股東提出的一些最常見的問題涉及加密貨幣和 Coinbase 的未來 3 到 5 年。也許有個問題要問你，布萊恩。您認為或希望未來 3 到 5 年加密行業會發生什麼？ Coinbase 在其中扮演的角色是什麼樣的？

Yes. So there's a couple of big themes that we think about over the next 3 to 5 years. So scalability, regulatory clarity, driving utility in crypto, that's nontrading, these are 3 of them. I'll touch on each one briefly and then talk about our role in Coinbase.

是的。因此，我們在未來 3 到 5 年中會考慮幾個重大主題。因此，可擴展性、監管清晰度、推動加密貨幣的實用性（非交易），這是其中的三個。我將簡要介紹每一項，然後討論我們在 Coinbase 中的角色。

So in terms of scalability, having more scalable blockchains, it's hard to overstate the importance of this. It's -- again, it's kind of like the Internet moving from dial-up to broadband. I think it's going to unlock a lot of new use cases. It's going to make things like payments more viable. Today, unfortunately, on Layer 1 solutions, it's still fairly slow, fairly expensive to get payments to final confirmation. And ultimately, we hope to get every team in crypto under 1 send and in 1 second confirmation, and that would be a real game changer globally.

因此，就可擴展性而言，擁有更具可擴展性的區塊鏈，這一點的重要性怎麼強調都不為過。這有點像互聯網從撥號轉向寬帶。我認為它將解鎖許多新的用例。這將使支付等事情變得更加可行。不幸的是，如今，在第 1 層解決方案上，從付款到最終確認仍然相當緩慢且昂貴。最終，我們希望加密貨幣領域的每個團隊都能在 1 次發送和 1 秒內確認，這將是全球範圍內真正的遊戲規則改變者。

The second one is -- and by the way, the way that that's going to happen is these Layer 2 solutions, right? Coinbase has our own initiative there around Base, but there's many others out there, Lightning and Optimism, Polygon, et cetera, which are really good efforts here. The second big trend here is around regulatory clarity, which I mentioned in my opening comments. So the status quo just really isn't working here. We're getting -- there's conflicting statements being made by the 2 federal regulators in the U.S., the CFTC and the SEC.

第二個是——順便說一句，實現這一目標的方式就是這些第 2 層解決方案，對嗎？ Coinbase 在 Base 方面有我們自己的舉措，但還有很多其他的舉措，例如 Lightning 和 Optimism、Polygon 等等，這些都是非常好的努力。這裡的第二個大趨勢是監管透明度，我在開場白中提到了這一點。所以現狀在這裡確實行不通。我們了解到，美國的兩個聯邦監管機構——商品期貨交易委員會（CFTC）和美國證券交易委員會（SEC）發表了相互矛盾的聲明。

There's consumers being harmed, as we all know. And it's just not a level playing field, where internationally, companies like Coinbase are welcomed with open arms. There's a clear regulatory framework, for instance, the MiCA legislation that we saw passed in Europe. But the U.K., Singapore, Brazil, every financial hub out there is really making an effort to pass legislation and they're, frankly, ahead of where the U.S. is.

眾所周知，消費者受到了傷害。這並不是一個公平的競爭環境，在國際上，像 Coinbase 這樣的公司是受到張開雙臂歡迎的。有一個明確的監管框架，例如，我們看到歐洲通過的 MiCA 立法。但英國、新加坡、巴西等每個金融中心都在努力通過立法，坦率地說，它們領先於美國。

So we were excited and really heartened to see that a few weeks ago that the Market Structure Bill and the Stablecoin Bill did pass the committees in the House, and that's a really important first step, and we're hoping that the U.S. can build on that to get going even further.

因此，我們很高興也很高興看到幾週前市場結構法案和穩定幣法案確實通過了眾議院的委員會，這是非常重要的第一步，我們希望美國能夠在此基礎上再接再厲。以便更進一步。

I guess the last one here I'll touch on is about utility. So again, trading was the big use case in the early days of the crypto, but it's already started to move away from that. Things like stablecoins for payments, DeFi, NFTs, these have already gotten substantial traction. But I think with Layer 2 solutions coming online, these can get much, much bigger.

我想我要談的最後一個問題是關於實用性的。再說一遍，交易是加密貨幣早期的主要用例，但它已經開始偏離這一點。用於支付的穩定幣、DeFi、NFT 等已經獲得了巨大的關注。但我認為，隨著第 2 層解決方案的上線，這些解決方案可能會變得非常非常大。

There's an analogy that -- an example I think is interesting to look at around text messages, I think, at their peak, reached about 25 billion text messages a day. But when WhatsApp came online, it got to 100 million or 125 billion messages a day. And it just showed you, people wanting to send more text messages. It's just that the friction was high. It costs a little bit too much. The friction internationally was there. The features weren't there. And so I think the same thing that happened with payments and various types of utility with these new types of decentralized identity and messaging and things built in this crypto-native way, the demand for it will go much higher as the friction is reduced.

有一個類比——我認為圍繞短信的一個例子很有趣，我認為，在高峰時期，每天短信量達到約 250 億條。但當 WhatsApp 上線時，它每天會收到 1 億條或 1250 億條消息。它只是向您展示了人們想要發送更多短信。只是摩擦力太大了。成本有點太高了。國際上的摩擦是存在的。這些功能不存在。因此，我認為，與支付和各種類型的實用程序發生的情況相同，這些新型去中心化身份和消息傳遞以及以這種加密原生方式構建的東西，隨著摩擦的減少，對它的需求將會大大增加。

And there still is a lot of friction in the way money moves around the world today. So those are a couple of things on the horizon. Coinbase has a big role to play here. With scalability, I mentioned we're working on Base. With regulatory clarity, I talked about how we're organizing our users in D.C. with Stand with Crypto. We're doing our own court case to get case law created. We're also supporting these legislative efforts in Congress. Around utility, we're building a lot of this stuff natively into our own products, right?

如今，貨幣在世界各地的流動方式仍然存在很多摩擦。這些是即將發生的幾件事。 Coinbase 在這方面可以發揮重要作用。關於可擴展性，我提到我們正在開發 Base。在明確監管的情況下，我談到了我們如何通過 Stand with Crypto 來組織華盛頓的用戶。我們正在審理自己的法庭案件，以製定判例法。我們還支持國會的這些立法努力。圍繞實用性，我們正在將很多這樣的東西內置到我們自己的產品中，對嗎？

So just try to make all these things these enterprise identity and DeFi and stablecoin just make it easier and easier to use, how people interface with Layer 2 solutions as well. So I think Coinbase is really the only company in the world that has the trust and the scale internationally and the expertise around crypto to actually make this happen. And that's a really important thing that we can go do.

因此，嘗試讓企業身份、DeFi 和穩定幣等所有這些東西變得越來越容易使用，以及人們如何與第 2 層解決方案交互。因此，我認為 Coinbase 確實是世界上唯一一家擁有國際信任、規模以及加密貨幣專業知識的公司，能夠真正實現這一目標。這是我們可以去做的一件非常重要的事情。

Next question. Recent enforcement actions remain top of mind for many shareholders. To that end, can you give an update on the litigation process with the SEC? What are the key issues at stake? And how should we think about the time line and milestones from here? Paul?

下一個問題。最近的執法行動仍然是許多股東最關心的問題。為此，您能否介紹一下與 SEC 訴訟流程的最新情況？關鍵問題是什麼？我們應該如何思考從這裡開始的時間表和里程碑？保羅？

Thanks, Anil. Well, with respect to the litigation with the SEC, I want to be very clear, we do think we can win. We expect to win. But it's important to understand that our goal across not just the litigation but all of our efforts engaging with the SEC and engaging with the U.S. government as a whole is to achieve regulatory clarity, to protect consumers, promote innovation and essentially establish clear rules of the road that everyone can understand and follow.

謝謝，阿尼爾。嗯，關於與 SEC 的訴訟，我想非常明確的是，我們確實認為我們能夠獲勝。我們期待獲勝。但重要的是要明白，我們的目標不僅僅是訴訟，而是我們與SEC 以及整個美國政府合作的所有努力，都是為了實現監管清晰度、保護消費者、促進創新，並從根本上建立明確的規則。每個人都能理解並遵循的道路。

We think that's how we all win regardless of the outcome of any particular case. And that's why while we are focused on the enforcement action, we are also focused on legislation and other efforts that may provide the clarity that I speak of. Now the reason why we are so focused on pushing for regulatory clarity here in the U.S. is that at present, under the status quo, we have very conflicting messages about what the law provides, especially considering that many of these laws were written well before the Internet even existed.

我們認為，無論任何特定案件的結果如何，這都是我們獲勝的方式。這就是為什麼我們在關注執法行動的同時，也關注立法和其他可能提供我所說的清晰度的努力。現在，我們之所以如此專注於推動美國監管的明確性，是因為目前，在現狀下，我們對法律規定的內容抱有非常相互矛盾的信息，特別是考慮到其中許多法律是在美國頒布之前就制定的。互聯網甚至存在。

Take, for example, conflicting statements from the Chair of the SEC and the Chair of the CFTC on whether Ethereum is the security. Or consider the fact that the Chair of the SEC has taken very different positions in just the last 2 years about whether or not there are even regulatory authorities that apply to cryptocurrency exchanges like Coinbase. So the outcome in any particular case, it's clarity that we ultimately define as winning.

以美國證券交易委員會主席和美國商品期貨交易委員會主席關於以太坊是否是證券的相互矛盾的聲明為例。或者考慮一下這樣一個事實：在過去兩年裡，美國證券交易委員會 (SEC) 主席對於是否存在適用於 Coinbase 等加密貨幣交易所的監管機構採取了截然不同的立場。因此，在任何特定情況下的結果，很明確，我們最終將其定義為獲勝。

Now let me talk a bit about the case. Obviously, we are disappointed that despite our good faith efforts and our efforts to be as transparent as possible with the commission and with the markets as a whole, the SEC did choose to bring an enforcement action against us earlier this summer. And in response to that, we are pushing and -- hard and making the same point that we have made throughout this entire challenge.

現在讓我談談這個案例。顯然，我們感到失望的是，儘管我們真誠地努力並努力對委員會和整個市場盡可能透明，但 SEC 確實選擇在今年夏天早些時候對我們採取執法行動。為了回應這一點，我們正在努力推動並提出與我們在整個挑戰中所表達的觀點相同的觀點。

Number one, that Coinbase does not list securities on its platform. We have a lot of confidence in that because of rigorous asset review processes that we've undertaken. Number two, that the SEC lacks any authority to regulate digital asset exchanges, exactly in the way in which Gary Gensler acknowledged when he testified the Congress to that effect in May of 2021. And third, that when the SEC declared our registration statement effective in April of 2021, a month earlier, it never suggested whatsoever that there was any requirement to register. So what happens next?

第一，Coinbase 並未在其平台上列出證券。由於我們採取了嚴格的資產審查流程，我們對此充滿信心。第二，SEC 缺乏監管數字資產交易的任何權力，正如 Gary Gensler 在 2021 年 5 月向國會作證時所承認的那樣。第三，當 SEC 宣布我們的註冊聲明於 2021 年 5 月生效時2021 年4月，即一個月前，它從未暗示有任何註冊要求。那麼接下來會發生什麼呢？

Well, tomorrow, as it turns out, in our case in the Southern District of New York, we will be moving the court for an order dismissing the case in its entirety. And we're going to be submitting a brief to that effect, which lays out all of our arguments for the court's consideration, which we expect it to be fully submitted and taken under consideration at the end of October. We have full confidence in the arguments we're making to the court. We're certainly grateful for the opportunity the court has provided us to be heard early in the case after we've been working so hard and so long for clarity.

好吧，明天，事實證明，在我們紐約南區的案件中，我們將向法院提出動議，要求下令完全駁回此案。我們將就此提交一份簡報，其中列出了我們供法院考慮的所有論點，我們預計該簡報將在 10 月底全面提交並接受考慮。我們對向法庭提出的論點充滿信心。我們非常感謝法院為我們提供了在案件早期聽取意見的機會，在我們經過如此努力和長時間的努力以求澄清之後。

But regardless, again, of any particular outcome on any motion or any court case, clarity itself is the goal. That's how we define winning, and that could come either through a court decision or legislation passed by Congress.

但無論任何動議或任何法庭案件的任何特定結果如何，清晰度本身就是目標。這就是我們定義獲勝的方式，這可以通過法院判決或國會通過的立法來實現。

Thanks, Paul. Our next question is, how does Coinbase plan to derive revenue directly or indirectly from the upcoming Base L2 platform? Does this hurt trading volumes by encouraging more users to go on-chain away from Coinbase? Brian?

謝謝，保羅。我們的下一個問題是，Coinbase 計劃如何從即將推出的 Base L2 平台直接或間接獲得收入？這會鼓勵更多用戶從 Coinbase 轉向鏈上，從而損害交易量嗎？布萊恩？

Yes, I can take this one. So first, I just want to correct a misconception in the question itself. So the question asked, will more users go on-chain away from Coinbase? Coinbase is fully embracing on-chain. And actually, I think it's going to be the easiest way to access everything you want to do on-chain. This is actually nothing new. It's been that way for a long time. Even 10 years ago when Coinbase was live, we allowed people -- when you're sending and receiving transactions, for instance, those would happen on-chain when you sent on and off the platform.

是的，我可以接受這個。首先，我只想糾正這個問題本身的一個誤解。那麼問題來了，會有更多用戶從 Coinbase 轉向鏈上嗎？ Coinbase 全面擁抱鏈上。實際上，我認為這將是訪問您想要在鏈上執行的所有操作的最簡單方法。這其實不是什麼新鮮事。很長一段時間以來都是這樣。甚至在 10 年前，當 Coinbase 上線時，我們就允許人們——例如，當你發送和接收交易時，當你在平台上發送和離開平台時，這些交易就會在鏈上發生。

And in more recent years, we've allowed people to access decentralized exchanges, various smart contract protocols through Coinbase Wallet and we've made that easier and easier in the main retail app as well. So just to be clear, we want Coinbase to be the easiest way to access everything on-chain. We think on-chain is a very important part of where this industry is going. And people are going to do that with Coinbase. So those are not contradictory items.

近年來，我們允許人們通過 Coinbase 錢包訪問去中心化交易所和各種智能合約協議，並且我們也在主要零售應用程序中使這一切變得越來越容易。因此，需要明確的是，我們希望 Coinbase 成為訪問鏈上所有內容的最簡單方式。我們認為鏈上是這個行業發展的一個非常重要的部分。人們將通過 Coinbase 來做到這一點。所以這些並不是矛盾的項目。

Now I think the heart of the question really asks about how we're going to monetize directly and indirectly Base, which is our Layer 2 solution. And just a quick background for everybody is not fully aware today, blockchains transactions are happening on what's called Layer 1. And they tend to be a little bit -- they take longer to confirm. There's a little bit of a higher transaction fee and so the industry has been working for a long time on how to make that more scalable, how to make it lower cost, how to make it easier for developers to build on what's called Layer 2.

現在我認為問題的核心實際上是問我們如何直接和間接地通過 Base 貨幣化，這是我們的第 2 層解決方案。今天每個人都沒有完全意識到區塊鏈交易發生在所謂的第 1 層上。而且它們往往會有點——它們需要更長的時間來確認。交易費用有點高，因此業界長期以來一直致力於如何使其更具可擴展性、如何降低成本、如何讓開發人員更輕鬆地在所謂的第 2 層上進行構建。

It's kind of like, again, the Internet moving from dial-up to broadband. So Coinbase has tried to help this happen as a company in the space, driving innovation. And on top of the Optimism stack, which is one of the Layer 2 protocols, we've launched our own Layer 2 solution called Base, which is being decentralized over time. And a lot of developer interest has happened and there's a lot of activities we're doing around that.

這有點像互聯網從撥號轉向寬帶。因此，Coinbase 作為該領域的一家公司，試圖幫助實現這一目標，推動創新。在 Optimism 堆棧（第 2 層協議之一）之上，我們推出了自己的第 2 層解決方案，稱為 Base，隨著時間的推移，該解決方案正在去中心化。許多開發人員對此產生了興趣，我們正在圍繞這一點開展許多活動。

So how will we monetize it? Well, the short answer is that Base will be monetized through what are called sequencer fees. These are -- sequencer fees can be earned when any transaction is executed on Base and basically, Coinbase can run one of these sequencers as others can over time.

那麼我們將如何將其貨幣化呢？簡單來說，Base 將通過所謂的定序器費用來貨幣化。這些是——在 Base 上執行任何交易時都可以賺取定序器費用，基本上，隨著時間的推移，Coinbase 可以像其他定序器一樣運行這些定序器之一。

Now indirectly, it helps us monetize as well because it helps us grow the size of the pie. It helps us grow the ecosystem. Again, it comes back to these Internet analogies. But if we can make the utility that much better, the payments faster and cheaper globally, more and more people will use crypto every day, and that's how indirectly, it will just help our business grow. So I'll leave it there.

現在，它也間接地幫助我們盈利，因為它幫助我們做大了蛋糕。它幫助我們發展生態系統。再次回到這些互聯網類比。但如果我們能夠讓公用事業變得更好，在全球範圍內支付更快、更便宜，越來越多的人每天都會使用加密貨幣，這就是間接地幫助我們的業務增長。所以我會把它留在那裡。

Thanks, Brian. Okay. We'll take one more before jumping into live questions. So question from a shareholder based on some recent news, how will Coinbase generate revenue from its custody of the upcoming spot ETFs? Emilie?

謝謝，布萊恩。好的。在進入現場提問之前，我們將再討論一個問題。一位股東根據最近的一些消息提出疑問，Coinbase 將如何從託管即將推出的現貨 ETF 中獲得收入？艾米麗？

Sure. Well, we're proud to be on this journey with some of the world's most trusted financial leaders. The primary way that we'll monetize in the near term is via AUCCs. And then down the line, we think there's a good deal of ancillary revenue that we can generate from things like settlement and other services. The reason we're excited is that this really should expand the pie and create positive impacts for the space.

當然。嗯，我們很自豪能夠與一些世界上最值得信賴的金融領袖一起踏上這段旅程。我們近期貨幣化的主要方式是通過 AUCC。然後，我們認為我們可以從結算和其他服務等方面產生大量輔助收入。我們感到興奮的原因是，這確實應該擴大蛋糕並為該領域帶來積極的影響。

It should broaden our reach and we'll bring new people and institutions into the crypto economy. Should these applications get approved, it should broaden the reach of the asset class that some of the biggest institutions in the world seek to gain exposure to Bitcoin and eventually to other crypto assets for the very first time. It will generally create more legitimacy of the asset class.

它應該擴大我們的影響範圍，我們將把新的人和機構帶入加密經濟。如果這些申請獲得批准，它將擴大資產類別的範圍，世界上一些最大的機構將首次尋求接觸比特幣，並最終接觸其他加密資產。它通常會為資產類別創造更多的合法性。

ETFs should also increase liquidity and market stability as we've seen with other asset classes, and it increases revenue opportunities for many industry participants, ourself included. We're proud that Coinbase is at the center of applications. And as you know, these institutions have rigorous diligence processes. We've been selected by many of the high-quality applicants because of the capabilities and brand we've built.

正如我們在其他資產類別中看到的那樣，ETF 還應該增加流動性和市場穩定性，並且它為許多行業參與者（包括我們自己）增加了收入機會。我們很自豪 Coinbase 是應用程序的中心。如您所知，這些機構有嚴格的盡職調查流程。由於我們所建立的能力和品牌，我們被許多高質量的申請者選中。

ETF applicants have selected Coinbase due to our compliance pedigree, customer trust and scale. So how does Coinbase add economic value to these ETFs and their issuers? We offer, first and foremost, secure crypto custody. And over the longer term, we'll explore ways to drive monetization via settlement, advanced trading and API reporting. We're also entering into bilateral surveillance sharing agreements with major ETF listing exchanges, including the NASDAQ and [CEBO]

ETF 申請人選擇 Coinbase 是因為我們的合規背景、客戶信任和規模。那麼 Coinbase 如何為這些 ETF 及其發行人增加經濟價值呢？我們首先提供安全的加密貨幣託管。從長遠來看，我們將探索通過結算、高級交易和 API 報告來推動貨幣化的方法。我們還與主要 ETF 上市交易所（包括納斯達克和 [CEBO]）簽訂雙邊監管共享協議

We're definitely in the early innings, and it's important to note that these products are still going through the registration and approval process. So I just want to emphasize that while the whole opportunity is exciting and has the potential to expand crypto adoption, there's a lot of work to be done before the ETFs are even approved and available, but the future is very exciting.

我們肯定處於早期階段，值得注意的是，這些產品仍在經歷註冊和審批過程。因此，我只是想強調，雖然整個機會令人興奮，並且有可能擴大加密貨幣的採用，但在 ETF 獲得批准和可用之前還有很多工作要做，但未來非常令人興奮。

Okay. Thanks, Emilie. Tamika, let's open it up and take questions from the analysts.

好的。謝謝，艾米麗。塔米卡，讓我們打開它並回答分析師的問題。

(Operator Instructions) Your first question is from the line of Devin Ryan with JMP Securities.

（操作員說明）您的第一個問題來自 JMP 證券的 Devin Ryan。

I guess first question on just the market share backdrop. So trading volumes, I think, were down 37% quarter-on-quarter, but the global spot market was down 48% quarter-over-quarter, which you mentioned. So that obviously indicates some market share gains. And so I'd just love to talk about the competitive landscape. And particularly, as that's changing quite a bit here, just speaking to the opportunity for the firm to capture additional market share from here and just the things that you're doing to position to gain more market share, as it seems like you did just this past...

我想第一個問題只是關於市場份額背景。因此，我認為交易量環比下降了 37%，但正如您提到的，全球現貨市場環比下降了 48%。這顯然表明市場份額有所增加。所以我只想談談競爭格局。特別是，由於這裡的情況發生了很大的變化，只是談到公司從這裡獲得額外市場份額的機會，以及您為獲得更多市場份額而正在做的事情，就像您所做的那樣這段過去...

Yes, I'll start it off and then Alesia feel free to jump in. So I think, in general, we've seen a flight to quality. And that's been really a validating of our long-term strategy at Coinbase, right? We've always tried to take this perspective of let's do the right thing, let's follow the rules, let's work with regulators around the world, let's go out and advocate for regulation when it doesn't exist. And if the rules aren't clear, let's do the right thing kind of what we think they would be if and when they come around.

是的，我會開始，然後阿萊西亞可以隨意加入。所以我認為，總的來說，我們已經看到了質量的飛躍。這確實驗證了我們 Coinbase 的長期戰略，對吧？我們一直試圖採取這樣的觀點：讓我們做正確的事，讓我們遵守規則，讓我們與世界各地的監管機構合作，讓我們在監管不存在時出去倡導監管。如果規則不明確，那麼讓我們按照我們認為的正確的方式去做，如果規則出現的話。

So that wasn't always the easiest approach to follow. It caused us to have to move slower at times. But I think it's been the right approach. So for instance, we did see that gain in share with simple trading in the U.S. There's a variety of factors that could go into that, but we did see Binance.US exit the market, which could have been one of the factors.

所以這並不總是最容易遵循的方法。這導致我們有時不得不放慢速度。但我認為這是正確的做法。例如，我們確實看到美國簡單交易的份額有所增加。這可能有多種因素造成，但我們確實看到 Binance.US 退出市場，這可能是因素之一。

We have seen other markets around the world, for instance, in the U.K. where Binance exited and we saw our share gain. Now I think Binance offers lots of different products and services, not all of those we are going to be able to offer, frankly. We may not be allowed to offer. So I want to make sure, temper people's expectations a little bit there. But for instance, we launched our Derivatives Exchange internationally in the last quarter. We recognize that is a very important part of the market that historically we hadn't really been playing in. We think that's a good opportunity to go and invest in and we're going to continue to do that in more and more markets around the world.

我們已經看到了世界各地的其他市場，例如，在幣安退出的英國，我們看到了我們的份額增長。現在我認為幣安提供了很多不同的產品和服務，坦率地說，並不是我們能夠提供的所有產品和服務。我們可能不被允許提供。所以我想確定一下，稍微降低人們的期望。但例如，我們在上個季度在國際上推出了衍生品交易所。我們認識到，這是市場中非常重要的一部分，而我們在歷史上並沒有真正參與其中。我們認為這是一個很好的投資機會，我們將繼續在越來越多的市場中這樣做。世界。

But as in everything we do, we're going to do it in a compliant and trusted, legal, regulated way. And so we may not be able to offer everything that competitors have offered in the past. That being said, I think it's the right long-term solution. And so hopefully, we continue to gain share where people start to value trust and compliance and a flight to quality.

但正如我們所做的一切一樣，我們將以合規、可信、合法、受監管的方式進行。因此，我們可能無法提供競爭對手過去提供的一切。話雖如此，我認為這是正確的長期解決方案。因此，希望我們能繼續在人們開始重視信任、合規以及追求質量的地方獲得份額。

Okay. Terrific. Just a follow-up here on institutional adoption. Obviously, regulatory challenges continue to be an overhang, but the ripple summary judgment was seemingly something to help build some confidence here for a number of folks. I'd love to maybe hear about some of the green shoots that you're seeing in your business or takeaways from the State of the Crypto Summit may indicate that institutions are either beginning to reenter the market or actually more active in the market? Or is this just really we need to see comprehensive legislation for a step function improvement?

好的。了不起。這裡只是機構採用的後續行動。顯然，監管挑戰仍然是一個懸而未決的問題，但連鎖反應的簡易判決似乎有助於為許多人建立一些信心。我很想听聽您在業務中看到的一些萌芽，或者加密貨幣峰會現狀的收穫可能表明機構要么開始重新進入市場，要么實際上在市場上更加活躍？或者這真的只是我們需要看到全面的立法來改善階梯功能嗎？

I'll offer some comments there. We are really excited to see the engagement at the State of the Crypto Summit that you mentioned earlier. We brought together over 400 institutions that included hedge funds, asset managers, also included some global regulators and others. And the spirit here is everybody is building. As we also shared in my remarks, we've seen growth in our Prime platform quarter-over-quarter.

我將在那裡提出一些評論。我們非常高興看到您之前提到的加密貨幣峰會的參與。我們匯集了 400 多家機構，其中包括對沖基金、資產管理公司，還包括一些全球監管機構等。這裡的精神是每個人都在建設。正如我們在發言中所分享的那樣，我們看到 Prime 平台的季度環比增長。

So despite the market volume being down, that was an area where we did see growth, and we're seeing more and more institutions put money to the space. I think we can also see this period of institutional adoption through these ETF applications that Emilie spoke about earlier as well. So we're seeing institutions continuing to build through the markets, whether it's ups and down in volatility or whether it's through regulatory headlines.

因此，儘管市場容量下降，但我們確實看到了增長，而且我們看到越來越多的機構向該領域投入資金。我認為我們也可以通過 Emilie 之前談到的這些 ETF 申請來看到這一時期的機構採用。因此，我們看到機構繼續通過市場進行建設，無論是通過波動性的起伏還是通過監管頭條新聞。

They recognize the long-term value of this asset class, and we're seeing momentum on that front.

他們認識到這一資產類別的長期價值，我們看到了這方面的勢頭。

Your next question is from the line of Lisa Ellis with MoffettNathanson.

您的下一個問題來自 Lisa Ellis 和 MoffettNathanson。

I had a follow-up question maybe, Brian, for you on the priority you raised around scalability and driving scalability in crypto over the next -- in order to shift beyond trading and into other utility-oriented use cases over these next several years. Just thinking the Layer 2 solutions have been around now, I think Lightning was started back in 2015. What is it that has to happen to kind of break that fray? What's been holding back the usage of these Layer 2 solutions to increase scalability in crypto and utility for things like payments or things like identity, as you said, just faster transaction speeds, lower cost transaction speeds? Like just from our perspective, kind of as observers maybe more in this space, like what are the signposts that we should be watching for to sort of see that progress happening?

Brian，我可能有一個後續問題要問你，關於你提出的圍繞可擴展性和在未來幾年推動加密貨幣可擴展性的優先事項——以便在未來幾年內超越交易並轉向其他面向實用程序的用例。想想現在第 2 層解決方案已經存在，我想閃電網絡早在 2015 年就開始了。要發生什麼才能打破這種混亂呢？是什麼阻礙了這些第 2 層解決方案的使用，以提高加密貨幣的可擴展性以及支付或身份等方面的實用性，正如您所說，只是更快的交易速度、更低的交易速度？就像從我們的角度來看，在這個領域可能更多的是作為觀察者，比如我們應該關注哪些路標才能看到進展的發生？

Yes, it's a good question because if I go back to 2015, I probably would have thought it would have happened faster. There was a couple -- we did a deep dive back then on Lightning. And it was very nascent. It was frankly a little bit complex, just the way that liquidity pools have to be spun up, how transactions could be received and sent on a mobile device where the app is not always in the foreground. These were the types of kind of challenges that we saw early on.

是的，這是一個很好的問題，因為如果我回到 2015 年，我可能會認為這會發生得更快。有一些 - 我們當時在閃電網絡上進行了深入研究。而且它還處於萌芽階段。坦率地說，這有點複雜，就像流動性池必須啟動的方式，如何在應用程序並不總是在前台的移動設備上接收和發送交易一樣。這些是我們早期看到的挑戰類型。

And at that point back in 2015, we determined Lightning wasn't ready. We've been taking a fresh look at it, and there's been a number of really great teams from different companies working on open source solutions and some proprietary ones that have tried to help advance the state of technology there. I think the Layer 2 solutions on Ethereum, like Polygon and Optimism and Arbitron, Base is built on one of those, Optimism, have -- they've actually gotten more adoption.

早在 2015 年的那個時候，我們就確定閃電網絡還沒有準備好。我們一直在重新審視它，有許多來自不同公司的非常優秀的團隊致力於開源解決方案和一些專有解決方案，試圖幫助提高那裡的技術水平。我認為以太坊上的第 2 層解決方案，例如 Polygon、Optimism 和 Arbitron，Base 是建立在其中之一 Optimism 之上的，它們實際上已經得到了更多的採用。

I'm not trying to make a -- we're supportive of every innovation in the industry, and there's kind of -- everybody has their favorite one. And so we're -- we always have to be a little bit neutral, but the way that you can track the adoption of these things, actually, a lot of the data is public and it's online because the blockchains are public themselves.

我並不是想做出——我們支持行業中的每一項創新，而且——每個人都有自己最喜歡的創新。所以我們——我們總是必須保持一點中立，但是你可以跟踪這些東西的採用的方式，實際上，很多數據是公開的，並且是在線的，因為區塊鏈本身是公開的。

So for instance, you can go look at the daily number of transactions happening on Ethereum Layer 2. You can look at the TBL metric, which total value locked. There's various sites out there like DefiLlama and places like that, you can go track some of this publicly available data. We actually have seen a pretty nice growth -- we have seen pretty nice growth in Ethereum Layer 2, just in the last, I'd say, like 3 to 6 months.

例如，您可以查看以太坊第 2 層上發生的每日交易數量。您可以查看 TBL 指標，即鎖定的總價值。有各種網站，例如 DefiLlama 等，您可以跟踪一些公開數據。實際上，我們已經看到了相當不錯的增長——我們在以太坊第 2 層上看到了相當不錯的增長，我想說，就在過去 3 到 6 個月。

And so a lot of it comes down to usability challenges as well. So if you're an average user, they don't really want to know or maybe they don't even care like about these -- what is it doing underneath? Like the average user doesn't want to have to learn how to bridge from Layer 1 to Layer 2 just to send their payment. They just want to pay for something and it "just works."

因此，這很大程度上也歸結為可用性挑戰。因此，如果你是普通用戶，他們並不是真的想知道，或者他們甚至不關心這些——它到底在做什麼？就像普通用戶不想為了發送付款而學習如何從第 1 層橋接到第 2 層一樣。他們只是想花錢買點東西，而它“確實有效”。

So I think what needs to happen, and this is something Coinbase can really help on is we can make this seamless in the background. So if somebody goes to pay for something online or a friend or a remittance payment or something like that, it should really negotiate, kind of almost do a handshake underneath that would say, okay, what types of cryptocurrencies on what chains and is this recipient accepting and which ones do I have?

所以我認為需要發生的事情是 Coinbase 真正可以提供幫助的是我們可以在後台實現無縫連接。因此，如果有人去網上支付某些東西或朋友或匯款或類似的東西，它應該真正進行協商，幾乎是在下面進行握手，這會說明，好吧，什麼類型的加密貨幣在什麼鏈上以及這個接收者是誰接受以及我有哪些？

And it would basically do the bridge or the conversion real time for you underneath. And so you would just see the amount of dollars or something like that, that is going over the wire, and it arrives in 1 second with 1 send. That's kind of -- and you don't have to worry about Layer 2 and all these kind of things. That's the ideal outcome we need to get to, and a lot of hard work and computer science needs to go into making all of that seamless.

它基本上會在下面為您實時進行橋接或轉換。所以你只會看到通過網絡傳輸的美元金額或類似的東西，並且它會在 1 秒內通過 1 次發送到達。就是這樣——你不必擔心第 2 層和所有這些事情。這是我們需要達到的理想結果，需要大量的努力和計算機科學來使這一切變得無縫。

So -- and it's a coordination problem amongst the industry, too, because everybody has their own favorite solution, and that's a good thing. I'm glad a lot of ideas are being tried. But we can sort of help by enabling the best ones and sort of rallying people around good solutions so that we get a little bit more consistency, interoperability across the industry as well.

所以——這也是行業之間的協調問題，因為每個人都有自己最喜歡的解決方案，這是一件好事。我很高興有很多想法正在被嘗試。但我們可以通過啟用最好的解決方案並團結人們圍繞良好的解決方案來提供幫助，以便我們在整個行業中獲得更多的一致性和互操作性。

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

您的下一個問題來自 Needham & Company 的 John Todaro。

First, I just wanted to drill into the take rate a little bit more because it looks like it expanded to the highest level since Coinbase became a public company. So first off, I guess if the advanced rate mix goes down, is there a room for it to expand further from here? And then as a follow-up to that, if so, kind of how confident are you that you can continue to increase retail spread before maybe you do start to lose some market share, some migration away?

首先，我只是想進一步深入了解一下採用率，因為它看起來已經擴展到 Coinbase 成為上市公司以來的最高水平。因此，首先，我想如果高級費率組合下降，是否還有進一步擴大的空間？那麼作為後續行動，如果是這樣，您對在開始失去一些市場份額、一些遷移之前可以繼續增加零售價差有多大信心？

Thanks for the question, John. So in Q2, this was mix shift as we shared. So if you just think about simple math and you say we had 0 advanced trading as a scenario, this blended average fee would then be higher for retail because it would reflect the entire simple platform. So a concentration of simple versus advanced in consumer will change the number meaningfully period-over-period.

謝謝你的提問，約翰。因此，在第二季度，正如我們所分享的那樣，這是混合轉變。因此，如果您只考慮簡單的數學，並且您說我們有 0 高級交易作為場景，那麼零售的混合平均費用將會更高，因為它將反映整個簡單平台。因此，消費者中簡單與高級的集中度將在一段時間內顯著地改變這個數字。

As we said earlier in the prepared remarks, we did see a greater decline on advanced than we did on simple in the quarter, which is what's driving what you see as the performance of that blended fee. But that fee in Q2 is just math. Broadly on your question, we did raise spread as we shared in Q1, that was a Q1 event, and we haven't seen any meaningful change in our consumer behavior from that event.

正如我們之前在準備好的評論中所說，我們確實看到本季度高級費用的下降幅度比簡單費用的下降幅度更大，這就是您所看到的混合費用表現的推動因素。但第二季度的費用只是數學數字。從廣義上講，關於您的問題，我們確實提高了傳播，正如我們在第一季度分享的那樣，那是第一季度的事件，並且我們沒有看到該事件中的消費者行為發生任何有意義的變化。

We monitor that very closely, we experiment our fees on a regular basis, and we think that's part of just building a healthy business to understand pricing with our customers. So trust is our premium brand that we're selling. Product diversity is what we're selling, the experience, the app platform that Brian mentioned earlier, and we think we have a differentiated product in the market. And so we are hoping to price that appropriately.

我們非常密切地監控這一點，定期試驗我們的費用，我們認為這是建立健康業務以了解客戶定價的一部分。因此，信任是我們銷售的優質品牌。產品多樣性就是我們所銷售的產品、體驗、布萊恩之前提到的應用程序平台，我們認為我們在市場上擁有差異化的產品。因此，我們希望對其進行適當定價。

Your next question is from the line of Bo Pei with Tiger Securities.

您的下一個問題來自老虎證券的裴波。

So I just want to dig a little bit deeper to the retail trading fee rate question. So what is the average rate for advanced trading and nonadvanced trading, respectively? And do you think the same dynamics could -- will sustain in 3Q? And then my second question is, despite the recent ways of the Bitcoin's ETF advocations, the USBC market cap has been declining. But on the other hand, you mentioned the growth of Prime indicators -- institutions are still investing in crypto. Do you think on a net basis, the U.S. institutions are losing interest in crypto? And when can we see a turning point for a USBC market cap?

所以我只想更深入地探討零售交易費率問題。那麼高級交易和非高級交易的平均費率分別是多少？您認為同樣的動態會在第三季度持續嗎？然後我的第二個問題是，儘管最近比特幣 ETF 的倡導方式不斷，但 USBC 的市值卻一直在下降。但另一方面，您提到了 Prime 指標的增長——機構仍在投資加密貨幣。您是否認為從淨值來看，美國機構正在失去對加密貨幣的興趣？我們什麼時候可以看到 USBC 市值的轉折點？

Let me start with the fees and then Brian or Emilie, if you want to talk about USBC and U.S. institutions. So on the fees, we have multiple products within the retail and on the institutional side. So within retail or consumer, we have simple trading, we have advanced trading, we have Coinbase 1. And then underneath that, we have fiat-to-crypto and crypto-crypto. So I can't give you a specific blended average for each of these products.

如果您想談論 USBC 和美國機構，讓我從費用開始，然後是 Brian 或 Emilie。因此，在費用方面，我們在零售和機構方面有多種產品。因此，在零售或消費者領域，我們有簡單的交易，我們有高級交易，我們有 Coinbase 1。然後在其之下，我們有法幣到加密貨幣和加密貨幣到加密貨幣。因此，我無法為您提供每種產品的具體混合平均值。

There's also a tiered fees on the advanced product. What I can tell you is that our fees are transparent that they're posted for customers, and so customers know what the fee is before they execute a trade on our platform. So then the blended average fee rate, which we report, is just a mix shift. It is math that results from the trading behavior of our clients on our platform. So I can't give you what we expect in Q3.

高級產品還收取分級費用。我可以告訴您的是，我們的費用是透明的，它們是向客戶公佈的，因此客戶在我們的平台上執行交易之前就知道費用是多少。因此，我們報告的混合平均費率只是一個混合轉變。這是由客戶在我們平台上的交易行為得出的數學結果。所以我無法向您提供我們對第三季度的預期。

There's nothing that we do rather than focus on driving engagement, driving revenue, that is our primary goal. Shifting gears and talking about USDC, as Brian shared earlier, we did see a decline in USDC market cap as a result of the banking crisis in Q1. So I think we all know that when Silicon Valley Bank failed, USDC had a depeg. That precipitated a decline in USDC market cap.

除了專注於提高參與度、增加收入之外，我們什麼都不做，這是我們的首要目標。換個話題來談談 USDC，正如 Brian 早些時候分享的那樣，我們確實看到由於第一季度的銀行業危機，USDC 市值有所下降。所以我想我們都知道，當矽谷銀行倒閉時，USDC 進行了脫鉤。這導致 USDC 市值下降。

We are working collaboratively with Circle and to try and stabilize USDC and to grow, and we made our own numerous product initiatives in Q2 to try and engage further. I think, Brian, maybe you want to share again what we think really the opportunity for stablecoins broadly is around these Layer 2 solutions?

我們正在與 Circle 合作，試圖穩定 USDC 並實現增長，我們在第二季度製定了眾多產品計劃，以嘗試進一步參與。我想，Brian，也許你想再次分享一下我們認為穩定幣的真正機會主要圍繞這些第 2 層解決方案？

Yes, sure I mean Just 1 or 2 other quick comments on the USDC market cap. I think this is public as well, Binance actually moved some of their funds from USDC into another stablecoin. But I think the data we have in the last 6 or 7 weeks, I believe, that the USDC market cap is up net of that. And so that's an important data point. I think there was also a perception that emerged just about U.S. regulatory risk, and there was sort of this perception that USDC had more of a U.S. nexus than Tether or something like that.

是的，當然我的意思是關於 USDC 市值的一兩個其他快速評論。我認為這也是公開的，幣安實際上將部分資金從 USDC 轉移到了另一種穩定幣中。但我認為，根據我們過去 6 或 7 週的數據，USDC 的市值已扣除該數據。所以這是一個重要的數據點。我認為還有一種關於美國監管風險的看法，有一種看法認為 USDC 比 Tether 或類似的東西與美國有更多的聯繫。

And to be honest, I'm not sure how well informed that is because, of course, Tether is storing U.S. dollars as well. And any bank, whether it's in the U.S. or not that's storing U.S. dollars kind of needs to have a corresponding bank relationship, it's within the nexus or purview of the U.S. government.

老實說，我不確定這是否有足夠的信息，因為當然，Tether 也存儲美元。任何存儲美元的銀行，無論是否在美國，都需要有相應的銀行關係，它屬於美國政府的聯繫或職權範圍。

So I think -- I'm not sure how well informed that perception was, but sometimes perception is reality. Yes. I mean, to Alesia's point, I think that we're very bullish on stablecoins. I think that it's an important use case. It's an important stepping stone to getting people access to better financial services. And then ultimately, I think -- by the way, longer term, I think we could see Bitcoin and sort of these more deflationary assets start to be used more as currencies and money as well.

所以我認為——我不確定這種看法是否有足夠的信息，但有時看法就是現實。是的。我的意思是，就阿萊西亞的觀點而言，我認為我們非常看好穩定幣。我認為這是一個重要的用例。這是讓人們獲得更好的金融服務的重要墊腳石。最後，我認為，順便說一句，從長遠來看，我認為我們可以看到比特幣和這些更具通縮性的資產也開始更多地用作貨幣和貨幣。

But today, people have such a high expected upside on it that they're not willing to spend it in high enough quantities. So anyway, I'll pause there, but those are our high-level thoughts on the market cap.

但如今，人們對它的期望值如此之高，以至於他們不願意花足夠多的錢。無論如何，我會在這裡暫停，但這些是我們對市值的高層想法。

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

你的下一個問題來自 Owen Lau 和 Oppenheimer。

Could you please give us more color on the traction on Coinbase international exchange? I think you have 15 institutions, $5.5 billion in contract volume. So what's the next step? And when do you expect revenue to be more material?

您能給我們更多關於 Coinbase 國際交易所的吸引力嗎？我認為你們有 15 家機構，合同額為 55 億美元。那麼下一步是什麼？您預計什麼時候收入會變得更加實質性？

Yes. So it's definitely early days on Coinbase's Derivative Exchange. We've really just kind of launched it in Q2 with a small handful of clients, as you said, really kind of like a beta launch API only. So some of the next steps that we'll be working on are integrating it into our retail app. This advanced trading for retail customers is important.

是的。因此，Coinbase 衍生品交易所現在還處於早期階段。正如您所說，我們實際上只是在第二季度向少數客戶推出了它，真的有點像只是測試版啟動 API。因此，我們接下來要做的一些步驟是將其集成到我們的零售應用程序中。這種高級交易對於零售客戶來說非常重要。

We'll be launching it in our Prime app for institutions. We'll be expanding it to more geographies as well. And there's various licensing requirements in the major markets around the world to get that working. Our customers have also asked for features around unified margin and additional kind of financing and leverage-type features.

我們將在面向機構的 Prime 應用程序中推出它。我們還將把它擴展到更多的地區。為了使其發揮作用，世界各地的主要市場都有各種許可要求。我們的客戶還要求提供統一保證金以及其他融資和槓桿類型功能的功能。

So those are some of the things on the horizon. You can track -- the data is public just around the volume of the books that we have there alive today on our site. And you can -- we'll also be adding more books. That's the other thing I should mention. Today, we just have 4 books live, 2 of them got added just in the last week or so. We'll be adding more books as well.

這些都是即將發生的一些事情。您可以追踪——這些數據是公開的，大約相當於我們網站上今天還存在的圖書數量。您可以——我們還將添加更多書籍。這是我應該提到的另一件事。今天，我們只有 4 本書，其中 2 本書是在上週左右添加的。我們還將添加更多書籍。

So those are all next things that we need to do. A lot of work to do to get that to be where we want it to be, and it's definitely very early days. So we're not really commenting on the revenue piece of it yet.

這些都是我們接下來需要做的事情。要實現我們想要的目標，還有很多工作要做，而且現在還處於早期階段。所以我們還沒有真正評論它的收入部分。

Our next question is from the line of Dan Dolev from Mizuho.

我們的下一個問題來自 Mizuho 的 Dan Dolev。

We were talking about the -- you mentioned the share gains. But if I look at our data, at least when you compare it to some of your key competitors in the U.S. like Robinhood, I mean it seems like you are ceding some share. And my question is, do you think that's true? And if yes, like is it because the price hikes, you're seeing some pushback from the users? Or is there any sense of that?

我們正在談論——你提到了股票收益。但如果我看一下我們的數據，至少當你將其與 Robinhood 等美國的一些主要競爭對手進行比較時，我的意思是，你似乎正在放棄一些份額。我的問題是，你認為這是真的嗎？如果是的話，是不是因為價格上漲，您看到了用戶的一些抵制？或者說有這樣的感覺嗎？

Thanks for the question, Dan. So as we said, we experiment heavily with any fee change that we roll out to our users, and we're not seeing any change in behavior based on a fee changes that we made in Q1 on our platform. We're really excited to see Robinhood's growth. In the crypto, we think it broadens the users who are interested in cryptos and asset class. We are heartened to see more and more companies add crypto to their portfolios.

謝謝你的提問，丹。因此，正如我們所說，我們對向用戶推出的任何費用變更進行了大量實驗，並且我們沒有看到基於我們平台上第一季度費用變更的行為發生任何變化。我們很高興看到 Robinhood 的成長。在加密貨幣領域，我們認為它拓寬了對加密貨幣和資產類別感興趣的用戶。我們很高興看到越來越多的公司將加密貨幣添加到他們的投資組合中。

One of the ways that we differentiate ourselves is that we're a crypto-native company and that we're looking to build more crypto-native experiences for our users such as -- staking is a big one. But then increasingly, the integration to our DApp marketplace and the ability to use applications on-chain. So we think that we offer a differentiated product suite. And that, over time, this will really attract and grow users to our platform.

我們與眾不同的方式之一是，我們是一家加密原生公司，我們希望為用戶打造更多加密原生體驗，例如——質押是一項重要的體驗。但隨後越來越多的是，與我們的 DApp 市場的集成以及在鏈上使用應用程序的能力。因此，我們認為我們提供了差異化的產品套件。隨著時間的推移，這將真正吸引並增加我們平台的用戶。

Yes, I'll just add to that. I think we -- generally, it's important to just grow the size of the pie here. Crypto is still in its infancy, right? We really -- we generally mean this when we say it, we want crypto to be integrated into every financial service business out there. With fintech apps, neobanks, traditional banks, traditional financial service companies, these ETFs, right, like we don't view it as zero sum. We view it as positive sum. And the goal is really to help update the financial system globally, and we need to do that.

是的，我就補充一下。我認為，總的來說，擴大蛋糕的大小很重要。加密貨幣仍處於起步階段，對吧？我們真的——我們通常是這麼說的，我們希望將加密貨幣集成到每一個金融服務業務中。對於金融科技應用程序、新銀行、傳統銀行、傳統金融服務公司、這些 ETF，我們並不認為這是零和遊戲。我們將其視為正和。我們的目標實際上是幫助更新全球金融體系，我們需要這樣做。

We needed this to be integrated in all kinds of products and services out there. And to Alesia's point earlier, we didn't really see any material change in fees in Q2. So I don't think that's something that would have driven that in this case.

我們需要將其集成到各種產品和服務中。對於阿萊西亞之前的觀點，我們在第二季度並沒有真正看到費用有任何重大變化。所以我認為在這種情況下這不會是驅動因素。

Tamika, we've got time for one more question, please.

Tamika，我們還有時間再問一個問題。

Your final question comes from the line of Ben Budish with Barclays.

你的最後一個問題來自巴克萊銀行的本·布迪什（Ben Budish）。

I wanted to circle back to the question kind of around simple versus advanced trader. I think since like last December, it seemed like the simple trader has been kind of remarkably consistent, whereas the advanced trader sort of comes and goes with market volatility.

我想回到簡單交易者與高級交易者的問題。我認為自去年 12 月以來，簡單交易者似乎一直表現得非常一致，而高級交易者則隨著市場波動而出現和消失。

I was wondering if you could talk a little bit more about the sort of different customer profiles you see? How do they kind of compare? Is it sort of a demographic or an income or sort of interest level thing? Because I think the -- we would sort of assume that maybe the advanced trader is more engaged, but it seems like the simple trader is there quite consistently. So what are your kind of reads on the sort of characteristics of these customer types other than the choice they're making with how to trade?

我想知道您是否可以多談談您看到的不同客戶資料？他們如何比較？這是人口統計、收入還是興趣水平的問題？因為我認為——我們會假設高級交易者可能會更加投入，但簡單交易者似乎始終如此。那麼，除了他們對交易方式的選擇之外，您對這些客戶類型的特徵有何看法？

Yes, there's -- it's tough to answer to your question because it's a wide variety of different people who are accessing it. I do think that -- so when we say pro trader, it could mean a variety of things, right? It could mean sort of like a prosumer or semi pro. They may actually be trading through our interface, they're more sensitive on fees. They're more interested in short-term trading, where the simple traders may be doing more buy and hold, setting up a weekly or a monthly kind of recurring buy that dollar cost averaging type stuff, which can be more consistent, right?

是的，很難回答你的問題，因為有各種各樣不同的人正在訪問它。我確實認為——所以當我們說專業交易者時，它可能意味著各種各樣的事情，對吧？它可能意味著有點像專業消費者或半專業人士。他們實際上可能是通過我們的界面進行交易，他們對費用更加敏感。他們對短期交易更感興趣，簡單的交易者可能會進行更多的買入和持有，設置每週或每月定期買入美元成本平均類型的東西，這可以更加一致，對吧？

Now I think pro trader could also mean hedge funds and the largest market makers in the world and pension funds and endowments and sovereign wealth funds, so it really runs a wide gamut. I think that we have more work to do to serve the pro trader segment of the market with some of those features that I mentioned around more order books, derivatives, trading, ways for them to get leverage is a big one, kind of unified margin.

現在我認為專業交易員也可能意味著對沖基金和世界上最大的做市商、養老基金、捐贈基金和主權財富基金，所以它的範圍確實很廣。我認為我們還有更多的工作要做，以服務市場的專業交易者部分，其中一些功能是我在更多訂單簿、衍生品、交易方面提到的，他們獲得槓桿的方式是一個重要的部分，一種統一的保證金。

And so I think in those -- I think as we kind of mature our product offering around the pro traders, which we still have more work to do, I think hopefully, we will see that in -- even in up and down markets, we'll see more activity be more sticky there. Because pro traders is very -- I think you're right, they should be able to find opportunities to trade whether the market is -- no matter what the market is doing. So yes, I think we need to mature our pro trader offering a bit, and that may emerge over time.

因此，我認為，隨著我們圍繞專業交易者提供的產品逐漸成熟，我們還有更多工作要做，我希望我們能夠看到這一點，即使是在上漲和下跌的市場中，我們會看到更多的活動在那裡變得更有粘性。因為專業交易者非常 - 我認為你是對的，他們應該能夠找到交易機會，無論市場如何 - 無論市場在做什麼。所以，是的，我認為我們需要讓我們的專業交易者產品更加成熟，這可能會隨著時間的推移而出現。

Okay. Well, that does it for today. Thank you all for joining us, and we look forward to speaking to you again on our next call.

好的。好了，今天就到此為止。感謝大家加入我們，我們期待在下次電話會議中再次與您交談。

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

今天的電話會議到此結束。感謝您的加入。您現在可以斷開連接。