Coinbase Global Inc (COIN) 2024 Q2 法說會逐字稿

Good afternoon. My name is Krista, and I will be your conference operator today. At this time, I would like to welcome everyone to the Coinbase second quarter 2024 earnings conference Call. (Operator Instructions) Anil Gupta, Vice President, Investor Relations, you may begin your conference.

午安.我叫克里斯塔，今天我將擔任你們的會議操作員。此時，我歡迎大家參加 Coinbase 2024 年第二季財報電話會議。 （操作員指示） Anil Gupta，投資者關係副總裁，您可以開始會議了。

Good afternoon, and welcome to the Coinbase second quarter 2024 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.

下午好，歡迎參加 Coinbase 2024 年第二季財報電話會議。與我一起參加今天電話會議的還有共同創辦人兼執行長布萊恩‧阿姆斯壯 (Brian Armstrong)；蔡艾米莉，總裁兼營運長；阿萊西亞·哈斯，財務長；和首席法律官 Paul Grewal。

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

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。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有重大差異。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資訊包含在我們向 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 provided in our shareholder letter on our Investor Relations website. Non-GAAP financial measures should be considered in addition to, not as a substitute for GAAP measures. We are once again using the Say Technologies platform to enable our shareholders to ask questions.

我們今天的討論也將涉及某些非公認會計準則財務指標。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較的公認會計準則財務指標的調節表。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，而不是取代公認會計原則指標。我們再次使用 Say Technologies 平台讓我們的股東能夠提問。

And in addition, we will take some live questions from our research analysts. And with that, I'll turn it over to Brian for opening comments.

此外，我們還將回答研究分析師的一些即時問題。至此，我將把它交給 Brian 來發表評論。

Thanks, Anil. I'm excited to share an update on our 2024 priorities. Let's start with driving regulatory clarity, given the significant progress here in Q2. First, advancing crypto legislation has emerged as a mainstream issue in Washington, DC. Standwithcrypto.org has amassed over 1.3 million crypto advocates globally, many in swing states. And these advocates are making their voices heard as an important voting bloc.

謝謝，阿尼爾。我很高興分享我們 2024 年優先事項的最新情況。鑑於第二季的重大進展，讓我們從推動監管清晰度開始。首先，推動加密立法已成為華盛頓特區的主流議題。 Standwithcrypto.org 在全球範圍內聚集了超過 130 萬加密貨幣擁護者，其中許多位於搖擺州。這些倡議者作為一個重要的投票群體正在發出自己的聲音。

Politicians on both sides of the aisle have taken notice and there is growing momentum to pass comprehensive crypto legislation potentially even this year. Beyond legislation, we saw major wins both in the judicial and executive branches. The Supreme Court overturned the Chevron deference precedent in a case argued by our newest Board member, Paul Clement.

兩黨政客都已經注意到了這一點，甚至今年就有可能通過全面的加密立法。除了立法之外，我們還看到司法和行政部門取得了重大勝利。最高法院在我們最新的董事會成員保羅·克萊門特 (Paul Clement) 提出的案件中推翻了雪佛龍尊重先例。

This case is significant for Coinbase as it removes a long-standing precedent that court should defer to an agency's interpretation of ambiguous statutes. We see this case as a sign of Supreme Court skepticism to agency overage which we view as a positive overall for our industry. In the executive branch, the SEC dropped multiple investigations against the industry and also formally approved the Ethereum ETFs, which began trading last week.

此案對 Coinbase 來說意義重大，因為它消除了一個長期存在的先例，即法院應尊重機構對模糊法規的解釋。我們認為此案顯示最高法院對機構超額工作持懷疑態度，我們認為這對我們行業整體而言是積極的。在行政部門，美國證券交易委員會撤銷了對該行業的多項調查，並正式批准了上週開始交易的以太坊 ETF。

We are also increasingly optimistic that the next administration, whether Democrat or Republican, will be constructive on crypto. The rhetoric has shifted. We continue to advance progress on crypto policy and capitalize on this momentum. We contributed an additional $25 million to Fairshake in Q2 to help elect pro crypto candidates.

我們也越來越樂觀地認為，下一屆政府，無論是民主黨還是共和黨，都將對加密貨幣持建設性態度。言辭已經轉變。我們將繼續推進加密貨幣政策的進展並利用這一勢頭。我們在第二季度向 Fairshake 額外捐贈了 2500 萬美元，以幫助選舉專業加密貨幣候選人。

Since we went public, we have reiterated the need for regulatory clarity. Why does it matter? While clear rules would be a major unlock for innovation in our financial system and would ensure that this industry is built here in America, many entrepreneurs and companies that want to build in the crypto space are sitting on the sidelines or going overseas until there is this clarity, given the regulation by enforcement environment.

自從我們上市以來，我們重申了監管透明度的必要性。為什麼這有關係？雖然明確的規則將是我們金融體系創新的一個重要途徑，並將確保這個行業在美國建立，但許多想要在加密貨幣領域發展的企業家和公司都在觀望或走向海外，直到出現這種情況。

90% of institutional investors say regulatory clarity would boost their confidence in investing more in crypto. For these reasons, Coinbase will continue to push for clear rules in the courts, in Congress and in the November elections. While we're heavily invested in driving clarity in the US and abroad, the vast majority of our resources, time and attention as a company is focused on building great products. So let's talk about how we're driving utility.

90% 的機構投資者表示，監管的明確性將增強他們更多投資加密貨幣的信心。基於這些原因，Coinbase 將繼續在法院、國會和 11 月的選舉中推動明確的規則。雖然我們在美國和海外的透明度方面投入了大量資金，但作為一家公司，我們的絕大多數資源、時間和注意力都集中在打造出色的產品上。那麼讓我們來談談我們如何推動效用。

To bring 1 billion people on chain, crypto transactions need to be cheap and fast, and it needs to be so easy to use that people don't even know they're using crypto. We're investing on the frontier to make crypto seamless for both consumers and developers. Most of the building blocks for utility like payments are now here.

為了讓 10 億人進入鏈上，加密貨幣交易需要便宜且快速，並且需要非常容易使用，以至於人們甚至不知道他們正在使用加密貨幣。我們正在前沿投資，讓加密貨幣對消費者和開發者來說都是無縫的。大多數公用事業支付的構建模組現在都在這裡。

Layer 2s like Base enable one second, [one cent] global transactions and it's here today. Stablecoins, like USDC, enabled global transfer and settlement in dollar terms today and smart wallets offer seamless onboarding. So users no longer need to remember 12-word passphrases. In short, the components are coming together for us to see more and more global transaction flow on crypto rails.

像 Base 這樣的 Layer 2 可以實現一秒鐘 [一分] 的全域交易，並且今天就已經實現了。像 USDC 這樣的穩定幣如今可以實現以美元計價的全球轉帳和結算，而智慧錢包則提供無縫的入門服務。因此用戶不再需要記住 12 個單字的密碼。簡而言之，這些組件正在組合在一起，讓我們看到越來越多的加密貨幣軌道上的全球交易流。

And I'm excited to report that we're now seeing almost $20 billion per week in USDC transaction volume on Base. We're also seeing start-ups build onchain versions of major Web 2 apps like Spotify, Instagram, YouTube and X. Building new versions of these applications onchain gives creators new ways to monetize and remix content while fully controlling their own data. This is the vision for the future of the Internet commonly called Web3.

我很高興地向大家報告，現在 Base 上的 USDC 交易量每週接近 200 億美元。我們也看到新創公司建立了Spotify、Instagram、YouTube 和X 等主要Web 2 應用程式的鏈上版本。 ，同時完全掌控自己的數據。這是一個通常稱為 Web3 的網路未來願景。

Coinbase Developer Platform, or CDP, for short, is our developer product similar to what AWS did for the Internet, which we believe will help more onchain apps be created by offering developers best-in-class pools. Last but not least, let's move to how we're driving revenue. Q2 was another strong quarter, and it was our sixth consecutive quarter of a positive adjusted EBITDA. Subscription and services revenue reached an all-time high with transaction revenue declining versus Q1.

Coinbase 開發者平台（簡稱 CDP）是我們的開發者產品，類似於 AWS 為互聯網所做的產品，我們相信它將透過為開發者提供一流的池來幫助創建更多的鏈上應用程式。最後但並非最不重要的一點是，讓我們談談如何增加收入。第二季度又是一個強勁的季度，這是我們連續第六個季度調整後的 EBITDA 為正值。訂閱和服務收入創下歷史新高，但交易收入較第一季下降。

Coinbase is now an all-weather company with increasingly diversified revenue streams and I'm proud of our discipline managing expenses. In closing, Q2 was another great quarter across the board. Whether the market is up or down, we're driving the industry forward, building more predictable revenue streams and creating long-term shareholder value.

Coinbase 現在是一家全天候公司，收入來源日益多元化，我對我們的支出管理紀律感到自豪。最後，第二季又是全面且出色的季度。無論市場上漲或下跌，我們都在推動產業向前發展，建立更可預測的收入來源並創造長期股東價值。

Now I'll pass it over to Alesia for a more detailed view of our Q2 financials.

現在，我將其轉交給阿萊西亞，以更詳細地了解我們第二季的財務狀況。

Thanks, Brian. Our Q2 results reflect our continued revenue diversification and execution on our goal to generate positive adjusted EBITDA in all market conditions. Total revenue was $1.4 billion, our expenses were within the outlook ranges we provided last quarter, and adjusted EBITDA was $596 million. Further, we strengthened our balance sheet to $7.8 billion in USD resources.

謝謝，布萊恩。我們第二季的業績反映了我們持續的收入多元化和執行我們的目標，即在所有市場條件下產生積極的調整後 EBITDA。總收入為 14 億美元，我們的支出在我們上季度提供的展望範圍內，調整後的 EBITDA 為 5.96 億美元。此外，我們將資產負債表的美元資源強化至 78 億美元。

With that, let's dive into the Q2 details. Starting with transaction revenue. Total spot trading volume declined 28% quarter over quarter, driven primarily by lower crypto asset volatility. Our total transaction revenue was $781 million, down 27% quarter over quarter.

接下來，讓我們深入了解第二季的詳細資訊。從交易收入開始。現貨總交易量較上季下降 28%，主要是由於加密資產波動性下降。我們的總交易收入為 7.81 億美元，季減 27%。

I want to note to you that our transaction revenue benefited from growth in derivatives and Coinbase Wallet trading fees where we do not report trading volume associated with these two revenue streams. We were happy to turn on fees in Coinbase Wallet in Q2, following the favorable court ruling on wallet in our motion to dismiss.

我想向您指出的是，我們的交易收入受益於衍生性商品和 Coinbase 錢包交易費用的成長，但我們沒有報告與這兩個收入流相關的交易量。在法院對我們的駁回動議中對錢包有利的裁決之後，我們很高興在第二季在 Coinbase 錢包中啟用收費。

Our other transaction revenue was down 6% quarter over quarter. We were able to significantly reduce Base fees in the quarter, which, as Brian mentioned, helped drive 300% quarter-over-quarter growth in the number of transactions on Base.

我們的其他交易收入較上季下降 6%。我們能夠在本季度大幅降低 Base 費用，正如 Brian 所提到的，這有助於推動 Base 交易數量環比增長 300%。

Turning to subscription and services revenue. As I mentioned in my opening, we were pleased to further diversify our revenue in Q2, and subscription and services revenue grew 17% quarter over quarter to $599 million. We saw growth across the board, but it was primarily driven by stablecoin revenue and blockchain rewards revenue. We note in our letter that our blockchain rewards revenue benefited from a onetime $8 million validator reward. We are also pleased to see continued growth with Coinbase One.

轉向訂閱和服務收入。正如我在開場白中提到的，我們很高興在第二季度進一步實現收入多元化，訂閱和服務收入環比增長 17%，達到 5.99 億美元。我們看到了全面成長，但主要是由穩定幣收入和區塊鏈獎勵收入推動的。我們在信中指出，我們的區塊鏈獎勵收入受益於一次性 800 萬美元的驗證者獎勵。我們也很高興看到 Coinbase One 的持續成長。

Moving to expenses. Our total operating expenses were $1.1 billion, which were up $229 million quarter over quarter. Three drivers contributed to this growth.

轉向開支。我們的總營運費用為 11 億美元，季增 2.29 億美元。三個驅動因素促成了這一成長。

First, a $117 million quarter over quarter change and our gain loss on operational crypto. We recorded a gain in Q1 and an expense in Q2 as crypto prices were lower in the second quarter as compared to the first.

首先，季度環比變化為 1.17 億美元，以及我們在營運加密貨幣方面的收益損失。我們在第一季實現了收益，在第二季度實現了支出，因為第二季的加密貨幣價格低於第一季。

Second, we saw a $67 million quarter-over-quarter increase in our variable sales and marketing expenses, higher USDC reward payouts driven by higher on-platform balances and higher performance marketing spend driven by attractive marketing conditions. Beginning in late Q1, we have seen more marketing opportunities that meet our investment criteria. We take a disciplined approach to balancing marketing investments with growth. We have clear guardrails in place to ensure the vast majority of our non-brand marketing spend pays back within one year.

其次，我們的可變銷售和行銷費用環比增長了 6700 萬美元，平台餘額增加推動了 USDC 獎勵支出的增加，有吸引力的營銷條件推動了績效營銷支出的提高。從第一季末開始，我們看到了更多符合我們投資標準的行銷機會。我們採取嚴格的方法來平衡行銷投資與成長。我們制定了明確的防護措施，以確保我們的絕大多數非品牌行銷支出在一年內收回成本。

The third driver of the expense increase was a $26 million quarter-over-quarter increase in policy spend in support of driving regulatory clarity. All policy spend is now recorded in general and administrative expenses as we view them ongoing, and we have updated prior periods accordingly.

費用增加的第三個驅動因素是支持推動監管透明度的政策支出較上月增加 2,600 萬美元。所有保單支出現在都記錄在一般和管理費用中，因為我們認為這些支出正在進行，並且我們已相應地更新了先前的會計期間。

Despite our sequential decline in revenue, our profitability was solid in the second quarter. Net income was $36 million and was impacted by a $319 million in pretax crypto asset losses associated with our investment portfolio. The vast majority of these were unrealized. These losses represented a $248 million after-tax expense. Our adjusted EBITDA was $596 million, and our balance sheet remains strong as we ended the second quarter with $7.8 billion in USD resources, up $733 million quarter-over-quarter.

儘管我們的營收連續下降，但我們第二季的獲利能力依然穩固。淨利潤為 3,600 萬美元，受到與我們的投資組合相關的 3.19 億美元稅前加密資產損失的影響。其中絕大多數都沒有實現。這些損失相當於稅後費用 2.48 億美元。我們調整後的 EBITDA 為 5.96 億美元，我們的資產負債表依然強勁，第二季末我們的美元資源為 78 億美元，比上一季增加了 7.33 億美元。

Finally, a few call-outs on our outlook for the third quarter. First, our subscription and services outlook reflect some modest headwinds as we go into the third quarter. This is primarily due to the July Ethereum price declining about 3% as compared to the Q2 average, our expectations of a September interest rate cut, some increases in expenses related to USDC as we work to drive global adoption of USDC as the most compliant stablecoin, and the onetime $8 million blockchain reward benefit I mentioned earlier. We are going to work hard to grow native units to try and offset these headwinds. However, our range has been updated to capture this market environment.

最後，我們對第三季的前景進行了一些展望。首先，我們的訂閱和服務前景反映了進入第三季時出現的一些溫和的阻力。這主要是由於7 月以太坊價格較第二季平均下降約3%、我們對9 月降息的預期、以及與USDC 相關的費用有所增加，因為我們致力於推動USDC 作為最合規的穩定幣在全球的採用，以及我之前提到的一次性 800 萬美元區塊鏈獎勵福利。我們將努力發展本土單位，以試圖抵消這些不利因素。然而，我們的產品系列已經更新，以適應這個市場環境。

Second, we plan to further grow our variable marketing spend in Q3. Variable marketing expenses can fluctuate widely quarter-to-quarter depending on factors like the on-platform USDC balance, the overall market conditions and the number of available marketing opportunities that meet our customer cost of acquisition targets. Our outlook range is wider than we provided historically, and it reflects the range of possibilities we see.

其次，我們計劃在第三季進一步增加可變行銷支出。可變行銷費用可能會按季度大幅波動，具體取決於平台上 USDC 餘額、整體市場狀況以及滿足客戶獲取成本目標的可用行銷機會數量等因素。我們的展望範圍比我們歷史上提供的範圍更廣，它反映了我們所看到的可能性的範圍。

Last, while we are expanding variable expenses to meet evolving market conditions, we also expect to prudently increase head count throughout the rest of the year, primarily to support our product and international expansion efforts and to strengthen our product foundations and quality. We remain focused on managing our fixed expenses closely and believe these investments will support continued revenue diversification and product quality.

最後，在我們擴大可變費用以滿足不斷變化的市場條件的同時，我們也預計在今年剩餘時間內謹慎增加員工數量，主要是為了支持我們的產品和國際擴張工作，並加強我們的產品基礎和品質.我們仍然專注於密切管理我們的固定費用，並相信這些投資將支持持續的收入多元化和產品品質。

With that, let's go to questions.

接下來，讓我們開始提問。

Thanks, Alesia. So we'll take the first three questions that were the most voted upon from the Say platform, and then we'll take some live questions from the analysts. The first question is, how does Coinbase view the potential impact of Base's partnerships with companies such as Stripe and Shopify as well as the impact of the newly launched smart wallet on increasing crypto adoption? Brian?

謝謝，阿萊西亞。因此，我們將回答 Say 平台上投票最多的前三個問題，然後我們將回答分析師提出的一些即時問題。第一個問題是，Coinbase 如何看待 Base 與 Stripe 和 Shopify 等公司合作的潛在影響，以及新推出的智慧錢包對提高加密貨幣採用率的影響？布萊恩？

Yeah. So our whole goal here is to try to shift crypto to power more and more utility and not just be an asset class that people buy and trade, hoping it will go up in value, although that's going to be a big business for us for a long time. But if we're ultimately going to achieve potential of this, we need to get 1 billion people or more onchain who can benefit from this update to the financial system to bring more economic freedom to the world.

是的。因此，我們的整體目標是嘗試將加密貨幣轉變為越來越多的公用事業，而不僅僅是成為人們購買和交易的資產類別，希望它會升值，儘管這對我們來說將是一項大生意。但如果我們最終要實現這一潛力，我們需要讓 10 億或更多的人能夠從金融體系的更新中受益，為世界帶來更多的經濟自由。

So to do that, there's some foundational building blocks. We need to make all crypto transactions fast and cheap ideally under one second and one cent to send transaction anywhere in the world. And we've now achieved that with Base. We also need to make crypto a lot easier to use to get 1 billion or more people. Not everyone in the world knows the technical details nor should they have to know the technical details of crypto.

為此，需要一些基礎構建塊。我們需要讓所有加密貨幣交易快速且便宜，理想情況下在一秒零一美分的時間內將交易發送到世界任何地方。現在我們已經透過 Base 實現了這一目標。我們還需要讓加密貨幣變得更容易使用，以吸引 10 億或更多的人使用。並不是世界上的每個人都知道技術細節，也不應該知道加密貨幣的技術細節。

And so we're making a lot of efforts in that direction to make it easier. I mean one example of this was mentioned in the question, our smart wallet launch. So this is -- it solves one of the biggest pain points in crypto previously to get onboarded to a self-custodial wallet required you to have a 12-word passphrase.

因此，我們正在朝這個方向做出很多努力，以使其變得更容易。我的意思是問題中提到了一個例子，我們的智慧錢包發布。所以這就是——它解決了加密貨幣領域的最大痛點之一，之前登入自我託管錢包需要您擁有 12 個單字的密碼。

People had to write this down or save it somewhere, sometimes they would lose it or not store it securely. With smart wallets, people can now onboard just using, what are called, passkeys and typically, it's a biometric like a thumbprint on a mobile device. And this doesn't -- there's nothing they have to remember. It's secure. It's fast, they're onboarded in a few seconds.

人們必須把它寫下來或保存在某個地方，有時他們會失去它或不安全地儲存它。有了智慧錢包，人們現在只需使用所謂的萬能鑰匙即可登錄，通常情況下，它是一種生物識別技術，就像行動裝置上的指紋一樣。而這並不——他們沒有什麼好記住的。這是安全的。速度很快，他們在幾秒鐘內就可以加入。

So it's a great example of getting onboarding solved. Now if you take Base, smart wallets, USDC, which is a stablecoin that meets with the MiCA compliance in Europe and is trusted, you start to see some of the building blocks coming together where we can really start to drive that utility. And of course, partnering with some of the biggest companies out there to integrate crypto rails is a huge piece of that as well.

因此，這是解決入職問題的一個很好的例子。現在，如果你採用 Base、智慧錢包、USDC（一種符合歐洲 MiCA 合規性且值得信賴的穩定幣），你會開始看到一些構建模組組合在一起，我們可以真正開始推動該實用程式。當然，與一些最大的公司合作整合加密貨幣軌道也是其中的重要部分。

So two of them were mentioned in the question. We're going to continue to try to partner with every fintech, every bank, every neobank, even more traditional companies to try to integrate crypto into every part of the global financial system. That's how we're really going to update the financial system, and we'll do more and more partnerships.

所以問題中提到了其中兩個。我們將繼續嘗試與每家金融科技公司、每家銀行、每家新銀行，甚至更傳統的公司合作，嘗試將加密貨幣整合到全球金融體系的每個部分。這就是我們真正要更新金融體系的方式，我們將建立越來越多的合作關係。

All right. Second question, which says, first of all, thank you for all the community support for things like Stand With Crypto. What else is being done to support better regulation in the industry and how can we, as shareholders, help? Brian?

好的。第二個問題，首先，感謝社群對「Stand With Crypto」等活動的支持。也採取了哪些措施來支持產業更好的監管？布萊恩？

Yeah. Well, first, thanks for the shout out on standwithcrypto.org. If anybody hasn't signed up there, I'd encourage you to do it. Invite your friends. It's an organization that we were proud to donate to that's helping educate voters. And there's 52 million Americans, 400 million-ish people globally that have used crypto now. It's important that in democracies around the world that we help folks get educated on different candidates and give them the tools to help support.

是的。好吧，首先，感謝您在standwithcrypto.org 上的大聲疾呼。如果有人還沒有在那裡註冊，我鼓勵你去註冊。邀請你的朋友。我們很自豪能夠向這個組織捐款，並幫助教育選民。現在有 5,200 萬美國人、全球約 4 億人使用過加密貨幣。重要的是，在世界各地的民主國家，我們幫助人們了解不同的候選人，並為他們提供支持的工具。

So on standwithcrypto.org and specifically, you can call and e-mail your representatives, see how -- what their position, their voting record is on different crypto bills that have come up. You can donate procrypto candidates. You can also most importantly, probably just make sure you're registered to vote and get educated on those different candidates.

因此，在standwithcrypto.org上，具體而言，您可以致電或發送電子郵件給您的代表，以了解他們對已提出的不同加密法案的立場和投票記錄。您可以捐贈 Procrypto 候選人。最重要的是，您可能只需確保您已登記投票並接受這些不同候選人的教育。

Now Stand with Crypto is great, but it's just one pillar really of the different efforts going on in the industry. Of course, we're pursuing clarity on the rules in the courts. And we have our court case going on there, which we hope will create good case law. There's lots of other pieces to that in terms of getting for your requests answered, shining a light on some of the activity that may have been happening there. Even we have oral arguments going forward in the third circuit to press the SEC on its on doing rule-making following the Administrative Procedures Act.

現在「與加密貨幣站在一起」很棒，但這只是該行業正在進行的不同努力的真正支柱之一。當然，我們正在追求法庭規則的明確性。我們的法庭案件正在那裡審理，我們希望這將創造出良好的判例法。在讓您的請求得到答覆方面，還有很多其他的事情，讓我們了解那裡可能發生的一些活動。即使我們在第三巡迴法庭中也進行了口頭辯論，要求美國證券交易委員會按照《行政程序法》制定規則。

So there's a variety of things going on in the courts, which we think will help create good case law. In Congress, also we're seeing bipartisan legislation have a path forward. There's real energy now in the Senate, taking up the strong bipartisan, a majority that got passed in the house with the FIT21 bill. The Senate is now working on their own version of that.

因此，法庭上正在發生各種各樣的事情，我們認為這將有助於制定良好的判例法。在國會，我們也看到兩黨立法有一條前進的道路。參議院現在充滿了活力，擁有強大的兩黨支持，FIT21 法案在眾議院獲得了多數票的通過。參議院現在正在研究他們自己的版本。

So we're optimistic to see more progress there. Yes. So these are all -- and of course, Fairshake is an organization that we were proud to donate to. It's helping elect pro crypto candidates. So these are all things that can contribute to the cause here. If any of you want to know what you can do more to help, I'd start with standwithcrypto.org and make sure you're signed up there and contact your representatives and registered to vote.

因此，我們樂觀地看到這方面取得更多進展。是的。這些都是——當然，Fairshake 是一個我們很自豪能夠向其捐贈的組織。它正在幫助選舉專業加密貨幣候選人。所以這些都是可以為這裡的事業做出貢獻的事。如果你們中的任何人想知道可以做些什麼來提供更多幫助，我會從standwithcrypto.org開始，並確保你們已在那裡註冊並聯繫您的代表並登記投票。

All right. And our final question from Say, what level of revenue are you projecting for custody in funds of the crypto ETFs? Can you break that down between Eth and Bitcoin? Additionally, what types of revenue are you projecting for the base chain? Alesia?

好的。我們的最後一個問題是，您預計加密 ETF 基金託管的收入水平是多少？你能把以太坊和比特幣分開嗎？此外，您預期基礎鏈的收入類型為何？阿萊西亞？

Thanks for that. So ETFs have been great for our industry. They have really generated a flywheel of activity across our product platform and deeper engagement across the ecosystem. It's unlocked new capital. We're benefiting in three ways. We get trading, we get custody, and we get additional financing business in our prime financing product from our institutional clients with the ETFs. We're not breaking out total ETF financial impact at this time.

感謝那。因此，ETF 對我們的行業來說非常有利。他們確實在我們的產品平台上產生了飛輪活動，並在整個生態系統中產生了更深入的參與。它已解鎖新資本。我們從三個方面受益。我們獲得交易、託管，並透過 ETF 從我們的機構客戶那裡獲得主要融資產品的額外融資業務。我們目前並未公佈 ETF 的整體財務影響。

Our view is that this is just adding to existing products and revenue streams that we have, and we don't speak about specific subproducts or client activity on our platform. But we're really pleased to see the overall interest that the ETFs have brought to the crypto industry and to our product. Additional types of revenue for the second part of the question that we're projecting for Base.

我們的觀點是，這只是增加我們現有的產品和收入來源，我們不會談論我們平台上的特定子產品或客戶活動。但我們真的很高興看到 ETF 為加密產業和我們的產品帶來的整體興趣。我們為 Base 預測的問題第二部分的其他收入類型。

Our focus, as I mentioned in my opening remarks, is driving developer activity, we're driving those transaction volumes that we commented on. We're doing this by driving down fees, increasing the scalability and creating a powerful developer platform that's enabling anybody to build these onchain products. We believe that this growth will then add users to develop over the products, we'll add developers and apps on Base. And that in turn will drive transaction volume and will drive down sequencer fees, and we will then see revenue as a result of those efforts.

正如我在開場白中提到的，我們的重點是推動開發者活動，我們正在推動我們評論的交易量。我們透過降低費用、提高可擴展性並創建一個強大的開發者平台來實現這一目標，使任何人都可以建立這些鏈上產品。我們相信，這種成長將增加用戶來開發產品，我們將在 Base 上添加開發人員和應用程式。這反過來將推動交易量並降低定序費用，然後我們將看到這些努力帶來的收入。

Thank you. And so with that, Krista, let's open up the line for our first question, please.

謝謝。那麼，克里斯塔，請讓我們開始回答第一個問題。

(Operator Instructions) Devin Ryan, Citizens JMP.

（操作員說明）Devin Ryan，Citizens JMP。

Great. I just want to ask a question about the derivatives platform and we're tracking just quarter-to-date, a continuation of building volumes there. And I know you're not breaking it out in revenues separately yet, but it sounded like it was a positive contributor in the second quarter. So I'd love to just get some perspective around how you think you're taking share in that market?

偉大的。我只想問一個有關衍生性商品平台的問題，我們正在追蹤本季至今的交易量持續成長。我知道你還沒有單獨列出收入，但聽起來它對第二季度做出了積極貢獻。所以我想了解一下您如何看待自己在該市場的份額？

I know it's coming off of a low base. What are you seeing with customers coming on platform? And then over time, are there opportunities to either take up the average spread per trade or drive other incremental revenues with the customers that are trading towards this? You're trying to think about kind of the bigger picture of where this may be going since it's trending positively.

我知道它的基礎很低。您對進入平台的客戶有何看法？然後，隨著時間的推移，是否有機會承擔每筆交易的平均價差或為為此進行交易的客戶帶來其他增量收入？你正在嘗試從更大的角度思考這可能會走向何方，因為它的趨勢是積極的。

Yes. So I'll start off and then maybe I'll hand over to you, Alesia, on some of the margin questions. So just zooming out, derivatives is about 75% of all crypto trading activity by volume. And so it is the majority of trading volume. Now the take rates are lower on it, but it's really a key part of the market overall. And so I'm really glad that we are now in market, both in the US with Coinbase financial markets and then internationally with our international exchange as well.

是的。所以我會開始，然後也許我會交給你，阿萊西亞，一些邊緣問題。因此，如果縮小範圍來看，以交易量計算，衍生性商品約佔所有加密貨幣交易活動的 75%。所以它是交易量的大部分。現在它的接受率較低，但它確實是整個市場的關鍵部分。因此，我真的很高興我們現在進入市場，無論是在美國的 Coinbase 金融市場，還是在國際上的國際交易所。

So primary goal at this point, building liquidity, adding users, growing share. We had some really good wins in Q2. In the US Coinbase Advanced, we were able to expand to include more contracts there. We were the first platform to offer margin to crypto futures for a handful of different assets, for instance. We've also been adding -- actually for a Coinbase financial market, we've been adding some real-world assets as well, like gold and oil, commodities futures, which was pretty cool.

因此，目前的主要目標是建立流動性、增加用戶、增加份額。我們在第二季度取得了一些非常好的勝利。在美國 Coinbase Advanced，我們能夠擴展以包含更多合約。例如，我們是第一個為少數不同資產的加密貨幣期貨提供保證金的平台。我們還一直在增加——實際上對於 Coinbase 金融市場，我們也一直在增加一些現實世界的資產，例如黃金和石油、商品期貨，這非常酷。

We were able to operate that all under the same license. For Coinbase International Exchange, we also expanded our asset coverage quite a lot in Q2. We added 25 additional perpetual futures contracts. The volume has been really good today, actually, on Coinbase International Exchange. So you can check out at international.coinbase.com.

我們能夠在同一許可證下運營所有這些。對於Coinbase International Exchange，我們在第二季也大幅擴大了資產覆蓋範圍。我們新增了 25 個永續期貨合約。事實上，今天 Coinbase 國際交易所的成交量非常好。因此，您可以造訪 International.coinbase.com 進行查看。

So we're just building on this momentum, building the features that our customers want and need. And then there's a MiFID license that we acquired earlier this year when we're expecting that to close in 2024. That will allow us to unlock derivatives in 20 or more EU markets. That's a pretty big deal.

因此，我們只是在這股動能的基礎上，建構客戶想要和需要的功能。然後是我們今年稍早獲得的 MiFID 許可證，當時我們預計該許可證將於 2024 年完成。這是一件大事。

And so, you can kind of just see Coinbase following this path of we're not always first to market, but we do it the right way. We do it the compliant way, the secure, trusted way. And so we're the trusted counterparty that many of these folks have been waiting for to enter the market. And I think that's going to pay off as a really good long-term strategy. Alesia, anything you want to add?

因此，你可以看到 Coinbase 正在走這條路：我們並不總是第一個進入市場，但我們以正確的方式去做。我們以合規、安全、可信的方式做到這一點。因此，我們是許多人一直在等待進入市場的值得信賴的交易對手。我認為這將作為一項非常好的長期策略獲得回報。阿萊西亞，你還有什麼要補充的嗎？

The only thing that I would add, as Brian said, it is early. And at this point in time, derivatives, while an important future growth driver is not a material driver of our financial results. What I wanted to comment on in Q2, though, is because we do report revenue associated with derivatives but not volume. What you can see is that a beginning disconnect between the revenue and the volume that we report, which is spot.

正如布萊恩所說，我唯一要補充的是，現在還很早。目前，衍生性商品雖然是未來重要的成長動力，但並不是我們財務表現的實質驅動力。不過，我想在第二季發表評論的是，因為我們確實報告了與衍生性商品相關的收入，但沒有報告數量。您可以看到，收入和我們報告的數量之間開始出現脫節，這是現貨。

And so the growth rates of those two are the change, you need to understand that there is a disconnect between numerator and denominator when you may calculate blended average fees for our platform. That was the important message that I wanted to communicate in the quarter.

因此，這兩者的成長率就是變化，當您計算我們平台的混合平均費用時，您需要了解分子和分母之間存在脫節。這是我想在本季傳達的重要訊息。

As we grow, as we really close these product gaps and expand to these countries where we can market, as Brian said, we're optimistic that this becomes a bigger component of our revenue in which we would break out more details and give you more transparency on the results in our future financial filings.

隨著我們的成長，隨著我們真正縮小這些產品差距並擴展到我們可以行銷的這些國家，正如布萊恩所說，我們樂觀地認為這將成為我們收入的更大組成部分，我們將在其中提供更多細節並為您提供更多資訊我們未來財務報告中結果的透明度。

Ken Worthington, JPMorgan.

肯‧沃辛頓，摩根大通。

So Coinbase continues to promote USDC. To what extent is MiCA really a game changer in Europe for USDC? And to what extent would you expect to see a migration now out of, say, Tether into USDC, not just inside Europe, but maybe globally given the credibility USDC gets from this framework? And then if we think about the use cases for DC being sort of threefold, building digital asset trading, DeFi and dollarization where does Coinbase see the biggest potential to drive USDC adoption, both near term and over time?

所以Coinbase繼續推廣USDC。 MiCA 在多大程度上真正改變了 USDC 在歐洲的遊戲規則？考慮到 USDC 從這個框架中獲得的可信度，您希望在多大程度上看到從 Tether 遷移到 USDC，不僅在歐洲內部，而且可能在全球範圍內？然後，如果我們考慮 DC 的用例，建立數位資產交易、DeFi 和美元化，Coinbase 認為在短期和長期內推動 USDC 採用的最大潛力在哪裡？

Yes. Well, I'll start off and then I'll pass it to Alesia here. So the -- yes, the MiCA legislation is a really big deal in Europe. As far as we know, USDC is the first MiCA-compliant stablecoin. And so the exact implications of that and how the regulators will view other stablecoins in Europe, we don't know, but it's the first compliant one, and that's a very important step. So we're bullish on this.

是的。好吧，我先開始，然後將其傳遞給這裡的阿萊西亞。所以，是的，MiCA 立法在歐洲確實是一件大事。據我們所知，USDC是第一個符合MiCA標準的穩定幣。因此，我們不知道其確切含義以及監管機構將如何看待歐洲的其他穩定幣，但這是第一個合規的穩定幣，這是非常重要的一步。所以我們看好這一點。

I think that having just a trusted stablecoin is a huge deal, it's allowing people to actually use crypto rails for ordinary transactions, earning a living, paying for food, transportation, housing, and engaging in these new kinds of Web3 and DeFi applications, having something that is not just a store value, but it's actually a medium of exchange is really powerful. So I think it's a big deal. Alesia, anything you want to add?

我認為擁有一個值得信賴的穩定幣是一件大事，它允許人們實際使用加密貨幣進行普通交易、謀生、支付食物、交通、住房費用，並參與這些新型的 Web3 和 DeFi 應用程序，它不僅是一種儲存價值，而且其實是一種交換媒介，非常強大。所以我認為這是一件大事。阿萊西亞，你還有什麼要補充的嗎？

I would just come back to like the building blocks that we're putting in place is setting a strong foundation for future growth and adoption. So as Brian said, we're getting the regulatory licenses that will enable us to scale globally. We now have a very transparent stablecoin. We have Base, which is offering fast, cheap transactions. We have smart wallets.

我只是想回想一下，我們正在建立的建置模組正在為未來的成長和採用奠定堅實的基礎。正如布萊恩所說，我們正在獲得監管許可，這將使我們能夠在全球範圍內擴展。我們現在有了一個非常透明的穩定幣。我們有 Base，它提供快速、廉價的交易。我們有智慧錢包。

And so all of these building blocks together really set a stage where we can grow off of a very important foundation. And we're seeing this impact on our financials already, where USDC has become the fastest-growing stablecoin, faster than other major competitors where market cap is up 30% year-to-date. Our average on-platform balances increased 50% quarter-over-quarter.

因此，所有這些構建模組一起確實為我們提供了一個可以在非常重要的基礎上成長的舞台。我們已經看到了這種對我們財務狀況的影響，USDC 已成為增長最快的穩定幣，比今年迄今為止市值增長 ​​30% 的其他主要競爭對手更快。我們的平均平台餘額較上季成長 50%。

And we're starting to see, as Brian mentioned in his opening comments, over the recent weeks, $20 billion of transaction volume on USDC on Base. So the foundation is set, we're excited where this can go, but MiCA has been a critical unlock because as we think about growing USDC to be a global compliance stablecoin, we have a really strong foundation that we're now able to build from.

正如 Brian 在開場白中提到的那樣，我們開始看到 USDC 在 Base 上最近幾週的交易量達到了 200 億美元。基礎已經奠定，我們對未來的發展感到興奮，但 MiCA 是一個關鍵的解鎖點，因為當我們考慮將 USDC 發展成為全球合規穩定幣時，我們現在能夠建立一個非常強大的基礎從。

Benjamin Budish, Barclays.

本傑明·布迪什，巴克萊銀行。

I was wondering if you could give us an update on your balance sheet strategy. We noticed the cash build continues to really grow. And it seems like with the business generating cash and the spending really kind of ramped down from a few years ago, there may not be as much of a need for it. So any update there?

我想知道您能否向我們提供有關您的資產負債表策略的最新資訊。我們注意到現金儲備持續成長。似乎隨著業務產生現金並且支出確實比幾年前有所下降，可能不再需要它了。那麼有更新嗎？

And then kind of along the same lines, you've been generating now a lot of your gross profit from interest income. And just curious, if there's any thoughts around the hedging strategy should rates start to come down. What's your kind of philosophy there?

同樣，你現在的大部分毛利都來自利息收入。只是好奇，如果利率開始下降，對沖策略是否有任何想法。你的哲學是什麼？

Thanks for those questions. Yes, we're really pleased with the balance sheet strength. We are using cash, as we've mentioned in our prime financing business. A large amount of that cash was used to support the ETF launches in Q1 and Q2 with the Bitcoin ETF and now hopefully be a Ethereum ETF where you can see a lot of day-to-day or week-to-week volatility of those loan balances. We did grow prime financing fees within the quarter.

謝謝你提出這些問題。是的，我們對資產負債表的實力非常滿意。正如我們在主要融資業務中提到的那樣，我們正在使用現金。大量現金用於支持第一季和第二季推出的比特幣 ETF，現在希望成為以太坊 ETF，您可以在其中看到這些貸款的大量每日或每週波動性餘額。我們確實在本季增加了主要融資費用。

And so, you can see while the balance at the end of the quarter was down versus end of Q2. We saw growth intra-quarter for those balances. So using our cash to support our products is a primary use case for us. We also, as we shared when we did the convert raise in Q1 that we would be paying off the 2026 convert.

因此，您可以看到，本季末的餘額比第二季末有所下降。我們看到這些餘額在季度內有所增長。因此，使用現金來支持我們的產品是我們的主要用例。正如我們在第一季進行轉換融資時所分享的那樣，我們將償還 2026 年的轉換資金。

So some of that cash is already pegged for a future payment of the 2026 convert on the balance sheet, which will bring down the cash balance at that time. We also maintain a strong balance sheet, so we can be opportunistic as we look for other investment opportunities, both organic and inorganic across the world, and that is something that has been core to our strategy to do tuck-in acquisitions or growth acquisitions when those opportunities present themselves to us.

因此，其中一些現金已經在資產負債表上用於 2026 年轉換的未來付款，這將減少當時的現金餘額。我們也保持著強勁的資產負債表，因此，當我們在全球範圍內尋找其他有機和無機投資機會時，我們可以抓住機會，這也是我們在以下情況下進行補充性收購或增長性收購的策略的核心：這些機會自然而然地出現在我們面前。

And so we think of it as just building opportunistic capital for us to enable that we can be ready for all markets and opportunities that present themselves. And secondly, on the comment around interest income, we obviously did benefit from the interest rates with USDC over the past year. We are prepared, as I mentioned in my remarks, for rate declines. Our goal is to continue to grow native units around USDC and use cases to offset that, and we've also explored various hedging. We are not the issuer of USDC in managing the reserves on that balance.

因此，我們認為這只是為我們建立機會主義資本，使我們能夠為所有出現的市場和機會做好準備。其次，關於利息收入的評論，我們顯然確實受益於過去一年 USDC 的利率。正如我在演講中提到的，我們已做好利率下降的準備。我們的目標是繼續圍繞 USDC 增加原生單位並使用案例來抵消這一影響，並且我們還探索了各種對沖。我們不是管理該餘額儲備的 USDC 發行人。

And so I can't speak to that strategy specifically.

所以我無法具體談論該策略。

Owen Lau, Oppenheimer.

歐文劉，奧本海默。

Could you please talk about the recent retail engagement. And how does it compare to earlier this year and the last one back in 2021? how much of them have come back? And also, Mt. Gox has started the repayment in July. Do you see some of these creditors coming back and reenter this space?

能談談最近的零售業務嗎？與今年早些時候和 2021 年的最後一次相比如何？他們中有多少人回來了？而且，Mt.Gox已於7月開始還款。您是否看到其中一些債權人回來並重新進入這個領域？

Owen, I'll start with that. So our retail engagement is different from the last bull run because in the last bull run, we really only had a trading product platform available to our retail customers. Today, we offer staking for customers. We have USDC Rewards. We have more products within wallet and our smart wallet that we just launched to engage users and a breadth of DeFi applications as well.

歐文，我就從這個開始吧。因此，我們的零售參與度與上次多頭不同，因為在上次牛市中，我們實際上只有一個可供零售客戶使用的交易產品平台。今天，我們為客戶提供質押服務。我們有 USDC 獎勵。我們的錢包和我們剛剛推出的智慧錢包中有更多產品來吸引用戶以及廣泛的 DeFi 應用程式。

And so we are seeing our retail engagement now expand in many different ways where we have different customers behaving in different ways on the platform than we saw in prior cycles. What we see is consistent is that retail traders specifically, who are coming on the platform to buy or sell crypto behave very in line with prior volatility. And so volatility patterns near this cycle compared to prior cycles. But the deeper engagement is with the breadth of the portfolio that we now have.

因此，我們看到我們的零售參與現在以多種不同的方式擴展，不同的客戶在平台上的行為方式與我們在先前的周期中看到的不同。我們所看到的一致性是，特別是散戶交易者，他們在平台上買賣加密貨幣的行為與先前的波動性非常一致。因此，與先前的周期相比，本週期附近的波動模式。但更深入的參與是我們現在擁有的投資組合的廣度。

Mike Colonnese, H.C. Wainwright.

科隆尼斯 (Mike Colonnese)，H.C.溫賴特。

Can you provide an update on your strategy and potential product road map for Coinbase asset management and really how you guys are thinking about that in the context of an improving political environment in the upcoming elections? And how that can really influence both the timing and types of products you decide to roll out here?

您能否提供有關 Coinbase 資產管理戰略和潛在產品路線圖的最新信息，以及在即將到來的選舉政治環境改善的背景下，你們是如何看待這一問題的？這如何真正影響您決定在這裡推出的產品的時間和類型？

Yes. I can start on that, and if anybody wants to jump in, feel free. So currently, Coinbase Asset Management has been a really good offering for our institutional customers who want to have different ways to -- different strategies really to access the crypto markets and package those up into really easy-to-use products. I think your question kind of alluded to the policy environment.

是的。我可以從這個開始，如果有人想加入，請隨意。因此，目前，Coinbase 資產管理對於我們的機構客戶來說是一個非常好的產品，他們希望以不同的方式 - 不同的策略真正進入加密貨幣市場並將其打包成真正易於使用的產品。我認為你的問題有點暗示了政策環境。

And we don't know exactly what will happen over the next year on that. But I do think we'd ultimately like to see a path where we could start to get index funds, retail products in the crypto space.

我們並不確切知道明年會發生什麼事。但我確實認為我們最終希望看到一條可以開始獲得加密貨幣領域的指數基金和零售產品的道路。

That was going to require some -- a different policy environment where we can get some of those things approved. But personally, I'd love to see like a Coinbase 500, similar to the S&P 500, a market cap-weighted index that retail could participate in. I think these things could be really beneficial. But it's too early at this moment. I don't see any path to do it in the near term. And so we're going to keep pushing on that one over time with our policy efforts.

這將需要一些不同的政策環境，我們可以讓其中一些事情得到批准。但就我個人而言，我希望看到像 Coinbase 500 一樣，類似於標準普爾 500 指數，零售業可以參與的市值加權指數。但現在還為時過早。我看不到任何短期內可以做到這一點的途徑。因此，隨著時間的推移，我們將透過政策努力繼續推動這一目標。

Joseph Vafi, Canaccord Genuity.

約瑟夫‧瓦菲 (Joseph Vafi)，Canaccord Genuity。

Maybe this one is for Brian. If we do get some crypto legislation, clearly a positive for the industry and might be a green light big Tri 5 Guys players to enter the space in a bigger way, how do you see that relative to Coinbase's position? Would you see big Tri 5 Guys as competitors or partners or maybe it's coopetition, just -- it might be a little early here, but it would be interesting to get you those views.

也許這個是給布萊恩的。如果我們確實制定了一些加密立法，這顯然對該行業有利，並且可能會為 Tri 5 Guys 的大玩家以更大的方式進入該領域開綠燈，相對於 Coinbase 的地位，您如何看待這一點？您是否會將 Tri 5 的大佬視為競爭對手或合作夥伴，或者可能是合作，只是 - 現在可能有點早，但讓您了解這些觀點會很有趣。

Yes. Well, I think you're right that the lack of regulatory clarity is probably the biggest blocker for institutions to put more and more funds into crypto. We have a huge number of them as clients in Coinbase Prime, our institutional product. And when I meet with them, they'll often say oh, we've got 1% or 2% or 3% of their funds in some portfolio, holding in crypto. And I asked them, what would it take for it to be 10%, 20%, 30%? And they all say regulatory clarity.

是的。好吧，我認為你是對的，缺乏監管清晰度可能是機構將越來越多的資金投入加密貨幣的最大障礙。我們的機構產品 Coinbase Prime 擁有大量客戶。當我與他們見面時，他們經常說哦，我們有 1%、2% 或 3% 的資金在某個投資組合中，持有加密貨幣。我問他們，怎樣才能達到 10%、20%、30%？他們都說監管清晰。

So I think getting these new pools of capital unlocked, it would be certainly a huge step in that direction. And by the way, the ETFs have been a proportion of that unlock already, right? The Bitcoin ETFs and the Ethereum ETFs did get approved. We saw new pools of capital open up from that. But the regulatory clarity goes way beyond just new pools of capital coming in, that's great. But perhaps like the more even exciting part of it is that today, you have to be pretty resilient to be a crypto entrepreneur.

因此，我認為釋放這些新的資本池肯定是朝這個方向邁出的一大步。順便說一句，ETF 已經佔了解鎖的一部分，對嗎？比特幣 ETF 和以太坊 ETF 確實獲得了批准。我們看到新的資本池由此開放。但監管的清晰度遠遠超出了新資本池的進來，這很好。但也許更令人興奮的部分是，今天，你必須非常有彈性才能成為加密貨幣企業家。

I mean most of these folks, if you're in your early 20s and got a couple of folks right out of college with a laptop and a dream and they want to build a crypto company, you have to be pretty intense to go into this market and you might get a Wells notice in the first few weeks, and you have to call your parents and tell them that you're being sued.

我的意思是，這些人中的大多數人，如果你才20 歲出頭，並且有幾個剛從大學畢業的人擁有一台筆記型電腦和一個夢想，他們想建立一家加密貨幣公司，那麼你必須非常熱衷於進入這個行業市場上，你可能會在最初幾週內收到威爾斯通知，你必須打電話給你的父母並告訴他們你被起訴了。

So that's not most entrepreneurs idea of the first company they want to start. Now some -- many of them are still doing it anyway or they're just going overseas. But it's really hard to put a dollar figure on this, but if we actually have a welcoming environment where the rules are clear and everybody can just follow them, we could see a huge surge of innovation with all kinds of new applications being built.

所以這並不是大多數企業家對他們想要創辦的第一家公司的想法。現在，他們中的許多人仍然在這樣做，或者他們只是去海外。但這確實很難用金錢來衡量，但如果我們確實有一個友好的環境，規則清晰，每個人都可以遵循它們，我們就可以看到創新的巨大激增，各種新應用程式正在構建。

By the way, the biggest partner -- the partners that we talk to, some of the biggest tech companies in the world, when we talk to them about integrating crypto, they often will say the same thing. They'll say, well, let's try to wait for regulatory clarity. So for instance, with the MiCA regulation that passed the comprehensive crypto legislation in Europe that actually did open up a bunch of conversations in Europe, and they're all hoping that it happens in the US as well.

順便說一句，最大的合作夥伴——我們與之交談的合作夥伴，世界上一些最大的科技公司，當我們與他們談論整合加密貨幣時，他們經常說同樣的話。他們會說，好吧，讓我們試著等待監管明確。例如，MiCA 法規在歐洲通過了全面的加密立法，這實際上確實在歐洲引發了一系列對話，他們都希望這也能在美國發生。

So anyway, you can look backwards and say, no, where would we be if this clarity had been there five or six years ago. But I'm an optimist, I try not to look at the path, I try to look at the future. So where will we be in five or six years if we get something passed in the US as well and clear rules are good for everyone.

所以無論如何，你可以回顧過去並說，不，如果五、六年前就有這樣的清晰，我們會在哪裡。但我是一個樂觀主義者，我盡量不看道路，我嘗試著眼於未來。因此，如果我們在美國也通過了一些法案，而明確的規則對每個人都有好處，那麼五、六年後我們會處於什麼狀態。

Pete Christiansen, Citigroup.

皮特‧克里斯蒂安森，花旗集團。

Brian, I'm very intrigued by the comment on the increase in the onchain initiatives, Fortune 500 or so forth. Super interesting. I was just wondering, if you can call out some discernible trends here. I know you mentioned Spotify, many-to-many kind of market. That's interesting.

Brian，我對關於鏈上計劃、財富 500 強等的增加的評論非常感興趣。超有趣。我只是想知道，你是否能在這裡指出一些明顯的趨勢。我知道你提到了 Spotify，多對多類型的市場。那很有意思。

What about like B2B or B2C? And then with some of these early adopters experimenting with Web3 development, are you seeing these players experimenting at their core level? Or is it really at the application level? And finally, what's Coinbase's role, simply, in the development process of onchain initiatives. If you could just help us crystallize that I think would be really helpful.

B2B 或 B2C 怎麼樣？然後，隨著其中一些早期採用者嘗試 Web3 開發，您是否看到這些參與者在其核心層級進行實驗？或者說真的是在應用層面嗎？最後，簡單來說，Coinbase 在鏈上計畫的開發過程中扮演的角色是什麼。如果您能幫助我們具體化，我認為會非常有幫助。

Yeah, sure. So a lot of the cxore pieces, I think, are there now with these Layer 2 solutions and smart wallets, like we talked about, Coinbase Wallet as a self-custodial wallet can be an easy platform for these folks to interface with USDC, et cetera. So a lot of the core pieces, I think, are now there. ENS is another one, by the way, having the Ethereum Name System. So having sort of these identities online that can accumulate reputation. These are all kind of core building blocks.

好，當然。因此，我認為現在有很多 CXORE 作品都帶有這些第 2 層解決方案和智慧錢包，就像我們談到的那樣，Coinbase 錢包作為自我託管錢包可以成為這些人與 USDC 交互的簡單平台，等等等等等。我認為現在很多核心部分都已經存在了。順便說一句，ENS 是另一個擁有以太坊名稱系統的系統。因此，在網路上擁有這些身分可以累積聲譽。這些都是核心構建塊。

So I think a lot of the innovators are now coming in at the application layer. And we're actually hosting a hackathon called Base Camp today in California, and we have hundreds of builders there learning about how to build onchain, launching new applications. It's a really cool event that was just dialed in earlier this morning. These kinds of things are happening more and more frequently now.

所以我認為很多創新者現在都進入了應用層。實際上，我們今天在加州舉辦了一場名為 Base Camp 的黑客馬拉松，我們有數百名建構者在那裡學習如何建立鏈上、啟動新應用程式。這是今天早上剛撥通的一個非常酷的活動。現在這樣的事情發生得越來越頻繁。

And you can think about a lot of the big applications in Web2. Think about what would Airbnb or Uber or Wikipedia or some of the social apps like X or Instagram or music apps, right, like Spotify, like what would these looks like in a Web3 world? And I think the people creating the content, whether you're the biggest artist in the world or you're kind of an average person getting into it, they can actually own their own content, have a direct relationship with their fans, directly monetize their fan base, people can remix content. There's an attribution chain as people remix this, whether it's text, audio or video.

您可以考慮 Web2 中的許多大型應用程式。想想 Airbnb、Uber、維基百科或一些社交應用程序，例如 X、Instagram 或音樂應用程序，例如 Spotify，在 Web3 世界中會是什麼樣子？我認為創作內容的人，無論你是世界上最大的藝術家還是普通人，他們實際上可以擁有自己的內容，與粉絲建立直接關係，直接獲利他們的粉絲群，人們可以重新混合內容。當人們重新混合它時，無論是文字、音頻還是視頻，都會有一個歸因鏈。

There's an attribution of provenance that's formed onchain to prove where these things came from and what were the derivatives of. The monetization can flow through all of that. And then also, it kind of really rewards the early people who come in to build these networks, right, like an Airbnb or an Uber onchain. So it's great. We're seeing a lot of innovators come in.

在鏈上形成了出處歸屬，以證明這些東西來自哪裡以及其衍生品是什麼。貨幣化可以貫穿這一切。而且，它確實獎勵了早期參與建立這些網路的人，對吧，就像 Airbnb 或 Uber 鏈上的一樣。所以這很棒。我們看到很多創新者進來。

And the way Coinbase can contribute to this, I mean one of the main ways is we're building a developer platform, right, called CDP, Coinbase Developer Platform. It's kind of like our version of AWS. We had a bunch of these tools internally, we were using to build our own apps. And we said, hey, we might as well expose them to third parties, allow third parties to build on top of them.

Coinbase 對此做出貢獻的方式，我的意思是，主要方式之一是我們正在建立一個開發者平台，對吧，稱為 CDP，Coinbase 開發者平台。這有點像我們的 AWS 版本。我們內部有很多這樣的工具，我們用來建立我們自己的應用程式。我們說，嘿，我們不妨將它們暴露給第三方，允許第三方在它們之上進行構建。

Some of those are going to be Web3 start-ups building on chain. Some of them might be fintech companies or banks or financial service companies that want to integrate crypto into their products. Some of them might be shopping like kind of e-commerce checkout solutions that want to have crypto as an easy way to pay globally that has lower fees than paying 200 basis points for credit cards or having high decline rates, high charge-back rates. So we're seeing interest from merchants in those regards.

其中一些將是在鏈上建立的 Web3 新創公司。其中一些可能是希望將加密技術整合到其產品中的金融科技公司、銀行或金融服務公司。他們中的一些人可能會像電子商務結帳解決方案一樣購物，希望將加密貨幣作為一種簡單的全球支付方式，其費用比信用卡支付200 個基點要低，或者俱有高拒絕率、高退款率。因此，我們看到商家對這些方面表現出興趣。

So the answer to your question is, we don't really see it as competitive with these other firms, we see it as we want crypto to be integrated into every part of the global economy, every commerce solution, every payroll solution, every bank, every fintech, every neobank in every emerging market around the world, every cash pickup location. We want really crypto to be the rails that power the future of the global economy and because they're better rails. They're faster, they're cheaper, they're more permissionless, and that's what's going to increase global economic freedom if we can update the global financial system.

所以你的問題的答案是，我們並不真正認為它與其他公司有競爭力，我們認為它是因為我們希望加密貨幣融入全球經濟的每個部分，每個商業解決方案，每個工資解決方案，每個銀行、每家金融科技公司、全球每個新興市場的每家新銀行、每一個提領現金地點。我們希望加密貨幣真正成為推動全球經濟未來發展的軌道，因為它們是更好的軌道。它們更快、更便宜、更不需許可，如果我們能夠更新全球金融體系，這將增加全球經濟自由度。

I couldn't have said any better, but I just want to say, Brian, like this is our belief and what we are now focused on is building the user experience. We are focused on fixing cost, fixing speed, security and user experience and that is what you see our building blocks coming together to enable this future that Brian has just painted for us.

我無法說得更好，但我只想說，Brian，這就是我們的信念，我們現在專注的是建立使用者體驗。我們專注於解決成本、解決速度、安全性和用戶體驗，這就是你所看到的我們的構建模組組合在一起，以實現布萊恩剛剛為我們描繪的未來。

Dan Dolev, Mizuho.

丹‧多列夫，瑞穗。

So really good results. I wanted to know something about pricing. So it looks like consumer transaction take rates picked up 13 basis points. Maybe you can talk a little bit about the pricing environment and drivers of the uptick and sustainability of that.

所以結果真的很好。我想了解一些有關定價的資訊。因此，消費者交易率似乎上升了 13 個基點。也許您可以談談定價環境以及其上漲和永續性的驅動因素。

hanks for the question. So as I noted in my opening comments, we have two revenue streams: derivatives and wallet fees. Those are revenues for us that hit consumer transaction revenue, but there's no associated spot trading volume in our reported spot trading volumetric. And so if you take the revenue divided by the trading volume, it's a little bit of apples and oranges. Spot trading is the vast majority of our revenue, but now we have new growing revenue streams that are not yet material, but are now starting to influence that blended average fee rate if you do A divided by B.

謝謝你的提問。正如我在開場白中指出的那樣，我們有兩個收入來源：衍生性商品和錢包費用。這些是我們的收入影響了消費者交易收入，但我們報告的現貨交易量中沒有相關的現貨交易量。因此，如果你用收入除以交易量，你會發現蘋果和橘子的比例有點大。現貨交易是我們收入的絕大部分，但現在我們有新的成長收入流，雖然還不是實質性的，但現在開始影響混合平均費率（如果你將 A 除以 B）。

And so that's why we really wanted to call out that difference between the change in revenue versus the change in trading volume this quarter in my opening comments. We saw the same mix between simple and advanced trading this quarter that we did in Q1, and we didn't have any material change into our fees this quarter as well. We continue to experiment, experimenting with our consumer fees is one of our key strategies to make sure that we continually understand the market and our customer behavior. But this quarter, it was really due to growth in new revenue streams that aren't reflected in the trading volume.

因此，這就是為什麼我們真的想在我的開場評論中指出本季收入變化與交易量變化之間的差異。本季我們看到簡單交易和高級交易的混合情況與第一季相同，而且本季我們的費用也沒有任何重大變化。我們繼續進行試驗，試驗我們的消費者費用是我們的關鍵策略之一，以確保我們持續了解市場和客戶行為。但本季度，這實際上是由於新收入來源的成長，而這些成長並未反映在交易量中。

John Todaro, Needham.

約翰‧托達羅，李約瑟。

Me and a lot of my peers were down at Bitcoin Nashville last week or so. And Trump spoke, he spoke very positively on crypto. Given you guys have been close to kind of the political landscape this year, is there more bipartisan support for crypto behind the scenes than what we're seeing? Or would four more years of Democrat, would they continue to be kind of similar to the regulatory standstill and some of the difficulty in the crypto environment?

上週左右，我和我的許多同行都在比特幣納許維爾度過了一段時光。川普發表講話，他對加密貨幣的看法非常正面。鑑於你們對今年政治格局的了解，兩黨在幕後對加密貨幣的支持是否比我們所看到的更多？或者民主黨再執政四年，他們會繼續類似監管停滯和加密環境中的一些困難嗎？

Yes. I can jump in. So the first thing I'd say is crypto is really nonpartisan. There are really strong champions on both sides of the aisle at this point and a few skeptics by the way, on both sides of the aisle, but it's predominantly, I'd say, supporters at this point. And as you noted, there's been a big rhetoric shift really from both sides. But you mentioned one that certainly got a lot of attention last week.

是的。我可以插話。 所以我首先要說的是，加密貨幣確實是無黨派的。在這一點上，兩黨都有真正強大的支持者，順便說一句，兩黨都有一些懷疑論者，但我想說，目前主要是支持者。正如你所指出的，雙方的言論確實發生了很大的轉變。但你提到上週確實引起了很多關注。

I mean we just feel -- we feel like there's been a monumental shift. We feel very lucky that this political constituency is now being taken seriously in DC. It's a massive voting bloc. I think it was a group of people that felt underserved in the past and they felt like their -- the industry and they were being attacked. And that's -- we've seen a shift from both sides.

我的意思是，我們只是感覺——我們感覺發生了巨大的轉變。我們感到非常幸運，這個政治選區現在正在華盛頓被認真對待。這是一個龐大的投票集團。我認為這是一群在過去感到服務不足的人，他們覺得他們的行業和他們受到了攻擊。那就是──我們看到了雙方的轉變。

Now every voter has to, of course, make up their own mind. We want to make it easy for people to do that. There's various orgs we've contributed to, which try to make that easy like standwithcrypto.org. And it's not just about at the top of the ticket, by the way, it's every congressional seat and local election as well. So 1.3 million people have raised their hand and said they want to elect pro crypto candidates on Stand with Crypto.

當然，現在每個選民都必須做出自己的決定。我們希望讓人們能夠輕鬆做到這一點。我們為許多組織做出了貢獻，它們試圖讓這一切變得簡單，例如standwithcrypto.org。順便說一句，這不僅僅是在選票的頂部，還包括每個國會席位和地方選舉。因此，有 130 萬人舉手錶示，他們希望在 Stand with Crypto 上選舉支持加密貨幣的候選人。

Almost all of those are -- many of those are in the US. But we'd like -- I think it could be much bigger than that. 52 million have used crypto. And so, if 1.3 million of them are active or a little bit less than that that's great. So I don't know what else to say besides that, I think we're feeling like there's a lot of momentum. Let's just leave it at that.

幾乎所有這些都在美國。但我們希望——我認為它可能比這大得多。 5200 萬人使用過加密貨幣。因此，如果有 130 萬個活躍用戶或比這個數字少一點，那就太好了。所以我不知道除此之外還能說什麼，我認為我們感覺有很大的動力。我們就這樣吧。

Patrick Moley, Piper Sandler.

派崔克·莫利，派珀·桑德勒。

Brian, in your prepared remarks, you said that you expected a little bit of a head count increase in the back half of this year. I was hoping you could just elaborate on those comments and maybe help us understand how you're thinking about an appropriate head count? And maybe just comment a little bit more on where you expect that growth to come from?

布萊恩，在您準備好的發言中，您表示預計今年下半年的員工人數將會增加。我希望您能詳細說明這些評論，也許可以幫助我們了解您如何考慮適當的人數？也許只是多評論一下您預計增長來自何處？

I'll take this one to start. And Brian, maybe you could add on. So I did mention in my opening comments that we do plan to increase hiring through the back half of 2024. This growth is going to predominantly go to our consumer and our international platforms as well as shoring up our product foundations to enable us to scale with the growth that we anticipate in the long-term business.

我就從這個開始吧。布萊恩，也許你可以補充一下。因此，我在開場白中確實提到，我們確實計劃在 2024 年下半年增加招聘。長期業務增長。

So we are being prudent in managing these fixed costs. We haven't given a specific number, but we are going to be very thoughtful about investing in key areas of growth that we continue to see and make sure that we can meet the moment of the market.

因此，我們在管理這些固定成本時非常謹慎。我們沒有給出具體數字，但我們將非常慎重地投資於我們持續關注的關鍵成長領域，並確保我們能夠滿足市場的需求。

All right. Well, that does it for today. Thank you all for your questions, and we look forward to talking to you again next quarter.

好的。好了，今天就到此為止。感謝大家提出問題，我們期待下季再次與您交談。

This concludes today's conference call. Thank you for your participation, and you may now disconnect.

今天的電話會議到此結束。感謝您的參與，您現在可以斷開連接。