Coinbase Global Inc (COIN) 2021 Q3 法說會逐字稿

Good afternoon.

下午好。

My name is Celine, and I will be your conference operator today.

我的名字是 Celine，今天我將成為您的會議接線員。

(Operator Instructions)Please be advised that today's conference is being recorded.

（操作員說明）請注意，今天的會議正在錄製中。

(Operator Instructions)

（操作員說明）

I would now like to hand the conference over to your speaker today, Anil Gupta, Vice President, Investor Relations.

我現在想把會議交給你今天的演講者，投資者關係副總裁 Anil Gupta。

You may begin your conference.

你可以開始你的會議了。

Thank you.

謝謝你。

Good afternoon, and welcome to the Coinbase Third Quarter 2021 Earnings Call.

下午好，歡迎參加 Coinbase 2021 年第三季度財報電話會議。

Joining me on today's call are Brian Armstrong, Co-Founder and CEO; and Emilie Choi, President and COO; and Alesia Haas, CFO.

和我一起參加今天電話會議的還有聯合創始人兼首席執行官 Brian Armstrong；以及總裁兼首席運營官 Emilie Choi；和首席財務官 Alesia Haas。

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

我希望你們都有機會閱讀我們今天早些時候在我們的投資者關係網站上發布的股東信函。

Before we get started, I'd like to remind you that during today's call, we may make forward-looking statements.

在開始之前，我想提醒您，在今天的電話會議中，我們可能會做出前瞻性陳述。

Actual results may vary materially from today's statements.

實際結果可能與今天的陳述大不相同。

Information concerning risks, uncertainties and other factors that could cause results to differ from these forward-looking statements is included in our SEC filings and shareholder letter available on our IR website at investor.coinbase.com.

有關可能導致結果與這些前瞻性陳述不同的風險、不確定性和其他因素的信息包含在我們的 SEC 文件和股東信中，可在我們的 IR 網站investor.coinbase.com 上獲取。

Our discussion today will include references to adjusted EBITDA, a non-GAAP financial measure.

我們今天的討論將包括對調整後 EBITDA 的引用，這是一種非公認會計準則財務指標。

We believe that certain non-GAAP measures of financial results provide useful information to management and investors regarding trends relating to our financial condition and results of operations.

我們相信，某些非公認會計原則的財務業績衡量標準為管理層和投資者提供了有關我們財務狀況和經營業績趨勢的有用信息。

Non-GAAP financial measures should be considered in addition to, not as a substitute for or in isolation from, GAAP measures.

非 GAAP 財務措施應作為 GAAP 措施的補充而非替代或孤立考慮。

You can find additional disclosures regarding adjusted EBITDA, including a reconciliation to net income as a comparable GAAP measure, in our shareholder letter and current report on Form 8-K, which are posted on our IR website.

您可以在我們的股東信函和 8-K 表格的當前報告中找到有關調整後 EBITDA 的其他披露，包括與淨收入的對賬，作為可比的 GAAP 衡量標準，這些報告發佈在我們的 IR 網站上。

I want to note that we are once again using the Say Technologies platform to enable our shareholders to post questions to our management team.

我想指出，我們再次使用 Say Technologies 平台使我們的股東能夠向我們的管理團隊發布問題。

In addition, we will take some live questions from our research analysts.

此外，我們將從我們的研究分析師那裡得到一些實時的問題。

And with that, I'll turn it over to Brian and Alesia for some introductory comments.

有了這個，我將把它交給 Brian 和 Alesia 進行一些介紹性評論。

All right.

好的。

Thanks, Anil.

謝謝，阿尼爾。

Thanks, everybody, for joining us as well.

謝謝大家也加入我們。

So we've had another solid quarter, and this is amidst the volatility happening out there in the crypto market.

所以我們又經歷了一個穩健的季度，這是在加密貨幣市場發生波動的情況下。

So we never know exactly what's going to be happening this quarter in crypto, but we are seeing really strong and accelerating pace of crypto adoption globally.

因此，我們永遠不知道本季度加密貨幣會發生什麼，但我們看到全球加密貨幣採用的步伐非常強勁且正在加速。

So in the letter, we actually shared some insights on the pace of this adoption and how it mirrors that of the Internet 25 to 30 years ago and looked at some third-party research, which indicates that crypto users have doubled in the first half of this year, now over 200 million people, and that growth is accelerating.

所以在信中，我們實際上分享了一些關於這種採用速度的見解，以及它如何反映 25 到 30 年前的互聯網，並查看了一些第三方研究，這表明加密用戶在上半年翻了一番今年，現在有超過 2 億人，而且這種增長正在加速。

So what are we going to focus on at Coinbase?

那麼我們將在 Coinbase 關注什麼？

Well, there's 4 main areas.

嗯，有4個主要領域。

The first is about products.

首先是關於產品。

We're a product-led company, and we focus a lot on how we can improve the customer experience to get 1 billion people accessing the cryptoeconomy through our products every day.

我們是一家以產品為主導的公司，我們非常關注如何改善客戶體驗，讓每天有 10 億人通過我們的產品訪問加密經濟。

So how are we doing that?

那麼我們是如何做到的呢？

Well, we're investing in our core apps, the main retail app.

好吧，我們正在投資我們的核心應用程序，即主要的零售應用程序。

We're also investing in our Prime brokerage app for institutions.

我們還在為機構投資我們的大宗經紀應用程序。

We're building Coinbase Cloud, which is our AWS-like developer platform, for any business out there that wants to build into the cryptoeconomy.

我們正在構建 Coinbase Cloud，這是我們的類似 AWS 的開發者平台，適用於任何想要融入加密經濟的企業。

And we're even investing in new initiatives like our NFT marketplace and our direct deposit offering.

我們甚至投資於新的舉措，例如我們的 NFT 市場和我們的直接存款產品。

The second area is around customer service.

第二個領域是圍繞客戶服務。

So you saw that we announced 24/7 phone customer support, which we're going to be rolling out next quarter.

所以你看到我們宣布了 24/7 電話客戶支持，我們將在下個季度推出。

We're also investing in site reliability.

我們還在網站可靠性方面進行投資。

Amidst of all this growth, we're very focused on maintaining adequate uptime for our apps and websites in this unprecedented growth period.

在所有這些增長中，我們非常專注於在這個前所未有的增長時期為我們的應用程序和網站保持足夠的正常運行時間。

And then lastly, we're focused on our policy and government relations efforts and in regulation.

最後，我們專注於我們的政策和政府關係工作以及監管。

And so this is continuing the tradition that Coinbase has had since the beginning of seeking out regulators, being the most trusted; getting licenses; and actually being an educational resource to help educate folks around the world about how this industry can be something very positive for the world.

因此，這延續了 Coinbase 自開始尋找監管機構以來的傳統，成為最受信任的人；獲得許可證；並且實際上是一種教育資源，可以幫助教育世界各地的人們了解這個行業如何對世界產生非常積極的影響。

So I know there's lots of questions to get to.

所以我知道有很多問題要解決。

But let me stop there, and I'm going to turn it over to Alesia next to share a summary of our financial performance.

但讓我停在那裡，接下來我將把它交給 Alesia，分享我們的財務業績摘要。

Thanks, Brian.

謝謝，布賴恩。

As Brian shared, Q3 was a strong quarter for Coinbase.

正如 Brian 所說，第三季度對於 Coinbase 來說是一個強勁的季度。

We provided a lot of disclosure in our letter, but I thought I would share a few perspectives.

我們在信中提供了很多披露信息，但我想我會分享一些觀點。

It starts with volatility.

它始於波動性。

The story of our third quarter really centers on lower volatility that we saw early in the quarter.

我們第三季度的故事真正集中在我們在本季度初看到的較低波動性上。

Our monthly transacting users and trading volumes, and therefore, transaction fee revenue, all correlate with volatility.

我們每月的交易用戶和交易量，以及交易費用收入，都與波動性相關。

So it's a very important driver of financials.

所以它是一個非常重要的財務驅動因素。

Trading volume across the entire crypto spot market declined quarter-over-quarter in Q3.

第三季度整個加密貨幣現貨市場的交易量環比下降。

For Coinbase, our institutional volumes outperformed this broader market, and our retail volumes performed in line with the industry.

對於 Coinbase，我們的機構交易量表現優於更廣泛的市場，我們的零售量表現與行業一致。

Next, I want to share a bit of color on our retail transaction piece because I know you all watch this closely.

接下來，我想在我們的零售交易單上分享一些色彩，因為我知道你們都密切關注這一點。

As you'll see through our disclosures, the blended average fee rates were lower in Q3 versus Q2 for our retail business.

正如您將通過我們的披露看到的那樣，我們零售業務的第三季度混合平均費用率低於第二季度。

We want to be clear, there was no change to our retail transaction fee rate in the quarter.

我們想明確一點，本季度我們的零售交易費率沒有變化。

The decline that you see is the result of math.

你看到的下降是數學的結果。

It is a result of the fact that in lower volatility periods, we see our low dollar volume traders become less active.

這是因為在波動性較低的時期，我們看到我們的低美元交易量交易者變得不那麼活躍。

We've seen this transaction reverse in October as customers have been very active on Coinbase given the change in crypto prices and volatility that we've seen in October.

鑑於我們在 10 月份看到的加密貨幣價格和波動性的變化，客戶在 Coinbase 上非常活躍，我們在 10 月份看到這一交易出現逆轉。

And our blended average retail fees were higher in October.

我們的混合平均零售費用在 10 月份更高。

So I want to share with you again, this is just an outcome of activity on our platform and that there's no underlying change to the fee rates.

因此，我想再次與您分享，這只是我們平台上活動的結果，費用率沒有潛在的變化。

Three other important trends I want to call out.

我想指出其他三個重要趨勢。

First, our focus on asset addition is paying off.

首先，我們對增加資產的關注正在取得成效。

We told you before we want to be the Amazon of assets.

在我們想成為資產的亞馬遜之前，我們告訴過你。

And today, we see 59% of our trading volume in Q3 coming from other crypto assets.

而今天，我們看到第三季度 59% 的交易量來自其他加密資產。

We don't know precisely which assets customers are going to adopt.

我們不確切知道客戶將採用哪些資產。

So our strategy of wanting to support all legal assets will give our customers the broadest and safest choices to do so.

因此，我們希望支持所有合法資產的戰略將為我們的客戶提供最廣泛和最安全的選擇。

Second, our customers are deepening their engagement with our product suite.

其次，我們的客戶正在加深他們對我們產品套件的參與。

28% of our retail MTUs that invested also engaged with a second product on Coinbase in the quarter.

本季度，我們投資的零售 MTU 中有 28% 還在 Coinbase 上使用了第二個產品。

And 49%, nearly 50%, of our MTUs are engaging with noninvesting products overall.

我們 49%（近 50%）的 MTU 總體上與非投資產品打交道。

We see this as a great indication that we're moving to the utility phase of crypto.

我們認為這是一個很好的跡象，表明我們正在進入加密的實用階段。

Third, our subscription and services revenue was strong at $145 million.

第三，我們的訂閱和服務收入強勁，達到 1.45 億美元。

This is up 41% compared to Q2.

與第二季度相比，增長了 41%。

We are pleased to see this growth despite the impact of volatility on the transaction revenue.

儘管波動性對交易收入產生影響，但我們很高興看到這種增長。

And again, this is just an encouraging sign that crypto is increasingly moving to utility, particularly with use cases around yield and rewards.

再一次，這只是一個令人鼓舞的跡象，表明加密貨幣正越來越多地轉向實用程序，特別是在收益和獎勵方面的用例中。

I want to turn to our outlook.

我想談談我們的前景。

In our shareholder letter, we noted that Q4 is off to a strong start.

在我們的股東信中，我們注意到第四季度開局良好。

Volatility and crypto prices both increased in October, which has resulted in October monthly transacting users of 11.7 million and October trading volume of $186 billion.

波動性和加密貨幣價格在 10 月均上漲，導致 10 月月度交易用戶為 1170 萬，10 月交易量為 1860 億美元。

Additionally, as I mentioned before, we've seen an increase in retail fee rates in the month of October.

此外，正如我之前提到的，我們看到 10 月份零售費率有所上漲。

As a result of this strength, we've increased our MTU scenarios for full year 2021.

由於這種優勢，我們增加了 2021 年全年的 MTU 情景。

Our low is now 8 million MTUs, which is the average over the course of 2021; and our high is 8.5 million, as outlined in our letter.

我們現在的最低值是 800 萬個 MTU，這是 2021 年的平均值；正如我們的信中所述，我們的最高值為 850 萬。

We also shared that we anticipate our 2021 annual average debt transaction revenue per month will be in the high $50.

我們還分享說，我們預計 2021 年每月平均債務交易收入將高達 50 美元。

On the expense side, our updated outlook reflects our strengthening view of Q4, including transaction expenses in the mid-teens as a percent of our revenue.

在費用方面，我們更新的展望反映了我們對第四季度的強化看法，包括十幾歲的交易費用占我們收入的百分比。

Sales and marketing will be higher compared to Q3 as we ramp up our brand investments.

隨著我們加大品牌投資，銷售和營銷將高於第三季度。

And our tech and dev and G&A spend should come in, in the neighborhood of $1.4 billion combined.

我們的技術、開發和 G&A 支出應該會達到 14 億美元左右。

It's important to note that, that excludes, i.e., does not include, the stock-based compensation.

需要注意的是，這不包括，即不包括基於股票的薪酬。

With that, I'll turn it back to Anil to get started with Q&A.

有了這個，我將把它轉回給 Anil 開始問答。

Thanks, Brian and Alesia.

謝謝，布賴恩和阿萊西亞。

Before getting into Q&A, I wanted to clearly lay out some principles for our Q&A session today.

在進入問答環節之前，我想為我們今天的問答環節明確列出一些原則。

First, we will answer the most up-voted questions determined by a number of shares and may group questions together that touch on the same themes.

首先，我們將回答由許多分享確定的投票最多的問題，並將涉及相同主題的問題組合在一起。

Second, we don't plan to answer questions related to the potential listing of new assets.

其次，我們不打算回答有關新資產潛在上市的問題。

And third, we will avoid questions we've answered in the past, if there are no updates.

第三，如果沒有更新，我們將避免過去回答過的問題。

For example, we still don't plan to issue a dividend.

例如，我們仍然不打算派發股息。

So our first question is from [Sylvie P. and Jason M.].

所以我們的第一個問題來自 [Sylvie P. 和 Jason M.]。

They asked about Coinbase Ventures.

他們詢問了 Coinbase Ventures。

Can you talk a bit about our venture strategy and investment process?

您能談談我們的風險投資策略和投資過程嗎？

And maybe highlight 1 or 2 investments you're particularly excited about.

並且可能突出顯示您特別興奮的 1 或 2 項投資。

Can you walk us through the capital allocation strategy and how these investments are captured in our financials?

您能否向我們介紹一下資本配置策略以及這些投資如何反映在我們的財務中？

This is Emilie Choi, President and COO.

我是總裁兼首席運營官 Emilie Choi。

Thanks for being on the call.

感謝您接聽電話。

So we're very pleased with the progress of Coinbase Ventures.

所以我們對 Coinbase Ventures 的進展感到非常滿意。

We launched it in 2018, primarily with the mandate to support the growing crypto ecosystem, and we have become one of the most active corporate investors with more than 200 portfolio companies at this point.

我們於 2018 年推出它，主要是為了支持不斷增長的加密生態系統，我們已成為最活躍的企業投資者之一，目前擁有 200 多家投資組合公司。

One of the questions was about the ones we're most excited about.

其中一個問題是關於我們最興奮的問題。

And we look at it as thematically what is really interesting and popping and what teams and technologies are really interesting.

我們將其視為真正有趣和流行的主題，以及真正有趣的團隊和技術。

So this includes everything from OpenSea, which we invested in their seed round in 2018 because we thought NFTs was going to be interesting; TaxBit and CoinTracker because taxes are so important in crypto; BlockFi for lending; Uniswap for decentralized exchanges; and then CoinSwitch because we think India and international are such important themes.

所以這包括來自 OpenSea 的所有東西，我們在 2018 年投資了他們的種子輪，因為我們認為 NFT 會很有趣； TaxBit 和 CoinTracker，因為稅收在加密貨幣中非常重要；用於借貸的 BlockFi； Uniswap 去中心化交易所；然後是 CoinSwitch，因為我們認為印度和國際是如此重要的主題。

And that's the way we think about the portfolio.

這就是我們對投資組合的看法。

We really look at interesting themes and then try to find the best teams and technologies in the space.

我們真正關注有趣的主題，然後嘗試找到該領域最好的團隊和技術。

And as I mentioned, we want to support the ecosystem because it helps support and grow those companies, and it also helps us get differentiated insights about what's popping.

正如我所提到的，我們希望支持生態系統，因為它有助於支持和發展這些公司，它還有助於我們對正在流行的事物獲得不同的見解。

A secondary goal for us is about M&A pipeline and/or partnerships.

我們的第二個目標是併購渠道和/或合作夥伴關係。

So for example, Bison Trails is a company that we invested in with the Coinbase Ventures company.

例如，Bison Trails 是我們與 Coinbase Ventures 公司共同投資的一家公司。

And it has now been acquired by us and forms the basis for Coinbase Cloud.

它現在已被我們收購，並構成了 Coinbase Cloud 的基礎。

Another example of this on the partnership side is that we invested in Compound before partnering to support their Day 1 listing for custody and trading.

合作夥伴方面的另一個例子是，我們在合作之前投資了 Compound，以支持他們的第一天上市以進行託管和交易。

So we think there's a lot of different ways that we can work with these companies across the spectrum of partnership to acquisition.

因此，我們認為我們可以通過很多不同的方式與這些公司合作，從合作到收購。

And then finally, we also do care about ROI, and we think that we'll be showing strong returns in coming quarters around that, but that's kind of a secondary goal for us.

最後，我們也關心投資回報率，我們認為我們將在未來幾個季度顯示出強勁的回報，但這對我們來說是次要目標。

So the only thing I'll say on this is just that we've been spending a lot of time as of late working with protocols, Web3 infrastructure, DeFi, CeFi and, of course, NFTs and the Metaverse.

所以我唯一要說的是，我們最近一直在花費大量時間處理協議、Web3 基礎設施、DeFi、CeFi，當然還有 NFT 和 Metaverse。

And we think there's just an abundance of innovation in this space, and we want to keep doubling-down on those opportunities.

我們認為這個領域有大量的創新，我們希望繼續加倍把握這些機會。

Alesia, do you want to talk about the financial part of this?

Alesia，你想談談這件事的財務部分嗎？

Happy to.

高興。

So first part of the question, how do we think about our capital allocation framework?

那麼問題的第一部分，我們如何看待我們的資本配置框架？

And here, I would say there's no hard and fast rules.

在這裡，我想說沒有硬性規定。

When we look at our overall balance sheet, we allocate capital to 4 different use cases: one is just to working capital; two is to product support and strategic initiatives, of which venture investments and strategic investments fall into that bucket; third is to any potential risks that we may have that we want to self-insure; and then lastly is the ability to be able to fund our business through our crypto winter.

當我們查看我們的整體資產負債表時，我們將資金分配給 4 個不同的用例：一個是營運資金；另一個是營運資金。二是產品支持和戰略舉措，其中風險投資和戰略投資屬於這一類；第三是我們想要自我保險的任何潛在風險；最後是能夠通過我們的加密冬天為我們的業務提供資金的能力。

So this capital allocation is a constant discussion between Emilie, Brian and I about what is the best and highest use of our resources, but it's a very important area that we allocate capacity to.

因此，這種資本分配是 Emilie、Brian 和我之間關於什麼是我們資源的最佳和最高利用的持續討論，但這是我們分配能力的一個非常重要的領域。

We hold our strategic investments on our balance sheet under other noncurrent assets, and you can see those in our financial disclosures, in our 10-Q and 10-K.

我們在資產負債表上的其他非流動資產下持有我們的戰略投資，您可以在我們的財務披露、10-Q 和 10-K 中看到這些投資。

The majority are equity investments, which we hold less than 10%.

大多數是股權投資，我們持有不到10%。

These are minority passive investments.

這些是少數的被動投資。

We acquire at cost and test for impairments on a regular basis.

我們按成本獲取並定期測試減值。

They could be subsequently written up.

它們可以隨後被寫入。

This is very rare because the accounting rules for when we actually write up an investment are very precise.

這是非常罕見的，因為我們實際編寫投資時的會計規則非常精確。

It has to be an identical transaction.

它必須是相同的交易。

And what we typically see in these investments is they have subsequent rounds that are not identical investments.

我們通常在這些投資中看到的是，它們隨後的幾輪投資並不相同。

And so you will see us typically carrying these at cost.

因此，您會看到我們通常以成本價攜帶這些產品。

There could be a significant delta between the fair market value of these investments and the carrying value reflected on our books.

這些投資的公允市場價值與我們賬面反映的賬面價值之間可能存在顯著差異。

We look forward in the future to producing more disclosure and giving you more insights into this portfolio and may disclose fair market value at a future time.

我們期待在未來進行更多披露，讓您對該投資組合有更多見解，並可能在未來披露公允市場價值。

So next, we received several questions about NFTs.

所以接下來，我們收到了幾個關於 NFT 的問題。

[Sylvie P. and Stephen B.] asked if we can talk about the recent announcement of the coin-based NFT platform and the overall strategy there.

[Sylvie P. 和 Stephen B.] 問我們是否可以談談最近宣布的基於硬幣的 NFT 平台以及那裡的整體戰略。

What are your plans for international expansion of the NFT platform and cross-platform usability.

您對 NFT 平台的國際擴展和跨平台可用性有什麼計劃。

Devin Ryan from JMP Securities asked about the social component of NFTs, and Rich Repetto from Piper Sandler asked about the timing of when we will launch our marketplace.

JMP Securities 的 Devin Ryan 詢問了 NFT 的社交部分，Piper Sandler 的 Rich Repetto 詢問了我們何時啟動我們的市場。

Yes.

是的。

So this is Brian.

這就是布賴恩。

I'll jump in on this one.

我會加入這個。

So we're very excited about NFTs.

所以我們對 NFT 感到非常興奮。

I think this is going to be a very large area for crypto in the future, and it already is today.

我認為這將是未來加密貨幣的一個非常大的領域，今天已經如此。

I mean traditionally, Coinbase is focused on FTs, fungible tokens, and we're equally excited about NFTs.

我的意思是，傳統上，Coinbase 專注於 FT、可替代代幣，我們同樣對 NFT 感到興奮。

I think it could be as big or bigger.

我認為它可能更大或更大。

We don't know.

我們不知道。

So let me just zoom out for a minute because, of course, we launched Coinbase NFT, or we announced that we'll be launching it, in the next quarter or 2. And so Coinbase is a multiproduct company.

所以讓我稍微縮小一下，因為當然，我們推出了 Coinbase NFT，或者我們宣布我們將在下一季度或第二季度推出它。所以 Coinbase 是一家多產品公司。

We have an effort internally we call Project 10%, which basically means that we put 10% of our resources towards these new initiatives that are kind of outside of our core competency.

我們在內部進行了一項我們稱之為 10% 項目的努力，這基本上意味著我們將 10% 的資源用於這些超出我們核心競爭力的新舉措。

And you've seen things like Coinbase Wallet and Coinbase Commerce, the direct deposit feature that we announced.

你已經看到了諸如 Coinbase Wallet 和 Coinbase Commerce 之類的東西，這是我們宣布的直接存款功能。

And this NFT all came out of that.

而這個 NFT 就是由此而來。

So this NFT product that we've talked about is really just a small team's effort that started just a handful of months ago.

所以我們談到的這個 NFT 產品實際上只是幾個月前開始的一個小團隊的努力。

So there was a question there about the social experience.

所以有一個關於社會經驗的問題。

And I think that's something that Coinbase can bring to the table here.

我認為這是 Coinbase 可以在這裡提出的。

We'd like to make Coinbase NFT a little bit more like Instagram as opposed to, say, an auction like eBay or something like that.

我們想讓 Coinbase NFT 更像 Instagram，而不是像 eBay 這樣的拍賣或類似的東西。

And I think having people that you can follow, your favorite artists or creators, and having a feed of content that gets populated from those people you follow, that could be really powerful.

而且我認為擁有你可以關注的人，你最喜歡的藝術家或創作者，並擁有從你關注的人那裡獲得的內容提要，這可能真的很強大。

And in addition, you can go in there and buy an NFT if you really like it and you'll kind of showcase in your own social profile.

此外，如果你真的喜歡它，你可以去那裡購買 NFT，然後你會在自己的社交資料中展示。

In addition to that, I think we can just make hopefully NFTs much easier to use.

除此之外，我認為我們可以希望 NFT 更易於使用。

That's kind of a hallmark of what Coinbase tries to do out there: to bring more and more people into the crypto space.

這是 Coinbase 試圖做的事情的一種標誌：將越來越多的人帶入加密空間。

So just simple things like how do you connect your wallet.

所以只是簡單的事情，比如你如何連接你的錢包。

Hopefully, you won't have to install a Chrome extension.

希望您不必安裝 Chrome 擴展程序。

And if your identity and your payment methods and everything are just already connected from your Coinbase account, buying could be hopefully a one-click experience.

如果你的身份和支付方式以及一切都已經從你的 Coinbase 帳戶連接起來，那麼購買可能是一種一鍵式體驗。

So I think this is going to be a global phenomenon.

所以我認為這將成為一個全球現象。

We want to make sure our NFT platform is interoperable with every other platform out there.

我們希望確保我們的 NFT 平台可與其他所有平台互操作。

And hopefully, you will see something launched in the next couple of quarters here.

希望你能在接下來的幾個季度看到一些東西在這裡推出。

Our next question comes from [Lee L.] who has noticed some Coinbase marketing efforts lately, including ads on YouTube and our recently announced partnership with the NBA.

我們的下一個問題來自 [Lee L.]，他最近注意到了一些 Coinbase 營銷工作，包括 YouTube 上的廣告以及我們最近宣布與 NBA 的合作。

Can you walk us through the evolution of your marketing strategy and how that will continue to fuel the growth of your user base?

您能否向我們介紹一下您的營銷策略的演變，以及這將如何繼續推動您的用戶群的增長？

And how do you measure effectiveness?

你如何衡量有效性？

Thanks for the question.

謝謝你的問題。

So like many classic consumer Internet companies, we have built such a strong base of organic users.

因此，像許多經典的消費互聯網公司一樣，我們已經建立瞭如此強大的有機用戶基礎。

And frankly, historically, we used very little marketing spend prior to this year.

坦率地說，從歷史上看，我們在今年之前只使用了很少的營銷支出。

And now I think we see a huge opportunity, and we're working to rightsize our budget and invest more in marketing.

現在我認為我們看到了一個巨大的機會，我們正在努力調整預算並在營銷方面進行更多投資。

We think that the next concentric circle, to reach 1 billion crypto users globally, is possible here.

我們認為下一個同心圓，在全球範圍內達到 10 億加密用戶，在這裡是可能的。

And we want to use both organic as well as marketing efforts to help reach those users.

我們希望同時利用有機和營銷努力來幫助接觸這些用戶。

And we're also looking to figure out what is authentic for Coinbase, how do we celebrate the unique aspects of Coinbase and the crypto community in those marketing efforts.

我們還在尋找對 Coinbase 來說什麼是真實的，我們如何在這些營銷工作中慶祝 Coinbase 和加密社區的獨特方面。

So to that end, we recently hired our first CMO, Kate Rouch, who came from Facebook.

為此，我們最近聘請了來自 Facebook 的第一位首席營銷官 Kate Rouch。

And the first half of this year was focused largely on performance and growth marketing.

今年上半年主要集中在績效和增長營銷上。

And now what you're seeing is that we're expanding into the full funnel of marketing, including brand efforts such as Made in America in Q3, the multiyear partnership with the NBA as their exclusive cryptocurrency platform partner that you referenced.

現在你看到的是，我們正在擴展到營銷的完整渠道，包括品牌努力，例如第三季度的美國製造，與你提到的作為獨家加密貨幣平台合作夥伴 NBA 的多年合作。

And we have lots more to come.

我們還有很多事情要做。

We think we have a very big opportunity to invest in brand, expand the channels that we reach.

我們認為我們有一個非常大的機會來投資品牌，擴大我們接觸的渠道。

And that includes things like eSports to art to sports.

這包括電子競技、藝術和體育之類的東西。

And we're also very excited about investing in content, educating existing and new users about the possibilities of crypto.

我們也對投資內容、教育現有用戶和新用戶有關加密的可能性感到非常興奮。

Just to add on a little bit, Emilie.

只是補充一點，艾米莉。

What I would share with regards to how do we measure it, how do we think about it, marketing attribution and efficacy is a new muscle that we are building.

關於我們如何衡量它，我們如何思考它，營銷歸因和功效，我將分享的是我們正在建立的新肌肉。

As Emilie noted, our marketing spend is moving beyond performance marketing.

正如 Emilie 所指出的，我們的營銷支出正在超越績效營銷。

So for performance marketing, we are pretty well attuned here.

因此，對於績效營銷，我們在這裡非常適應。

We look at our customer acquisition costs and LTV and have a targeted range of outcomes we'd like to see.

我們著眼於我們的客戶獲取成本和 LTV，並有我們希望看到的目標範圍內的結果。

But as we move into this new brand marketing for the first time, we are planning to test and learn and gather insights into the spend.

但是當我們第一次進入這個新的品牌營銷時，我們計劃測試和學習並收集有關支出的見解。

And so you should expect to see us iterating and testing quite a bit, and we'll share updates if they are relevant.

因此，您應該期望看到我們進行相當多的迭代和測試，如果它們是相關的，我們將分享更新。

Our next question comes from [Hovik K. and Caleb O.] who saw the updates to our crypto investment policy.

我們的下一個問題來自 [Hovik K. 和 Caleb O.]，他們看到了我們加密投資政策的更新。

Can you share a bit more detail around that program for those who may not be as familiar?

您能否為那些可能不那麼熟悉的人分享有關該計劃的更多細節？

And what have purchases look like so far?

到目前為止，購買情況如何？

And would Coinbase ever consider getting into mining?

Coinbase 會考慮進入採礦業嗎？

Thanks for those questions.

謝謝這些問題。

So yes, in August, we announced an update to our crypto investment policy.

所以是的，在 8 月，我們宣布更新我們的加密投資政策。

And big picture, our goal is to become a vast majority, if not 100%, crypto over time.

從大局來看，我們的目標是隨著時間的推移成為絕大多數（如果不是 100%）加密貨幣。

We want to have all of our revenue and expenses being crypto-denominated as we think about the future.

當我們考慮未來時，我們希望我們所有的收入和支出都以加密貨幣計價。

And so this is one step in that direction.

所以這是朝著這個方向邁出的一步。

We've made 2 commitments.

我們做出了 2 項承諾。

The first was to invest $500 million of our cash and cash equivalents into crypto; and second, we're allocating 10% of quarterly net income into crypto investments.

第一個是將我們 5 億美元的現金和現金等價物投資於加密貨幣；其次，我們將季度淨收入的 10% 分配給加密投資。

We are dollar cost averaging into a diverse portfolio over time.

隨著時間的推移，我們將美元成本平均化為多樣化的投資組合。

So you will not see a $500 million step-up in our investments as of Q3.

因此，截至第三季度，您不會看到我們的投資增加 5 億美元。

But you should expect to see this balance continue to grow.

但是您應該期望看到這種平衡繼續增長。

We've invested upwards of $180 million year-to-date as measured at cost.

以成本計算，我們今年迄今已投資超過 1.8 億美元。

And what's important to understand is that the crypto assets held are on our balance sheet at cost.

重要的是要了解所持有的加密資產在我們的資產負債表上以成本計價。

They sit in a line item called crypto assets held.

他們坐在一個名為“持有的加密資產”的項目中。

And you can view additional disclosures in our footnotes, which break these out for what is an investment versus what is crypto that we hold for operational purposes.

您可以在我們的腳註中查看更多披露信息，這些信息將這些信息區分為投資與我們出於運營目的而持有的加密貨幣。

You can also see in our footnote some fair value disclosure, and you can see that our crypto investment as of Q3 were $540 million of fair value on the balance sheet, and we disclosed the Bitcoin, Ethereum and other crypto assets breakout in those details.

您還可以在我們的腳註中看到一些公允價值披露，您可以看到我們截至第三季度的加密投資在資產負債表上的公允價值為 5.4 億美元，我們在這些細節中披露了比特幣、以太坊和其他加密資產的突破。

Our next question comes from [John P. and Aaron S.] who asked regulation is top of mind, can you give us a bit of insight into the regulatory state of affairs in the U.S. today?

我們的下一個問題來自 [John P. 和 Aaron S.]，他們提出監管是最重要的問題，您能給我們一些關於當今美國監管狀況的見解嗎？

How is Coinbase participating?

Coinbase 如何參與？

And how would you like to see the conversation evolve?

您希望看到對話如何演變？

And to add on, Owen Lau from Oppenheimer asked about how the digital asset policy proposal has been received by regulators.

此外，來自 Oppenheimer 的 Owen Lau 詢問了監管機構如何收到數字資產政策提案。

Yes, I can take this one.

是的，我可以拿這個。

So regulation and our policy efforts are certainly top of mind for us as well.

因此，監管和我們的政策努力當然也是我們的首要考慮因素。

Whenever we see a rolling-up in crypto, we see increased interest from policymakers around the world.

每當我們看到加密貨幣的增長時，我們就會看到世界各地的政策制定者越來越感興趣。

And so just kind of going back to our roots, Coinbase has always been a company that has tried to reach out, seek licensing, be the most regulated, the most trusted and also be really an adviser and a helpful voice for finance ministers and anybody around the world who's trying to think about this change that's happening to our global economy with crypto and how it can be really a source of strength and growth for the countries that embrace it while minimizing the small amount of bad activity that's out there.

因此，回到我們的根基，Coinbase 一直是一家試圖伸出援手、尋求許可、成為最受監管、最受信任的公司，同時也是財政部長和任何人的真正顧問和有用的聲音世界各地的人們都在努力思考加密貨幣正在發生在我們的全球經濟中的這種變化，以及它如何真正成為擁抱它的國家的力量和增長的源泉，同時最大限度地減少存在的少量不良活動。

So we've continued that trend in recent months.

因此，我們在最近幾個月延續了這一趨勢。

We've met with a number of different regulators out there on a regular basis.

我們定期與許多不同的監管機構會面。

I had a meeting last week with the Chairman of the SEC, Chair Gensler, which I think was very productive.

上週我與 SEC 主席 Gensler 主席舉行了一次會議，我認為這次會議很有成效。

There's a variety of different regulators in the United States.

美國有各種不同的監管機構。

And this is part of what we talked about in our digital asset policy proposal is that it's kind of a jump ball right now at the federal level.

這是我們在數字資產政策提案中談到的一部分，它現在在聯邦一級是一種跳球。

There's CFTC, the SEC, the Treasury.

有CFTC、SEC、財政部。

And then, of course, we have state regulators as well with transmission licenses and lending licenses.

然後，當然，我們也有州監管機構，擁有輸電許可證和貸款許可證。

This is just in the United States, one country of many, almost 100, where we have customers.

這只是在美國，我們擁有客戶的眾多國家之一，幾乎有 100 個。

And so it's kind of amazing that we, as Coinbase, we have 53 regulators in just one country, the United States.

因此，作為 Coinbase，我們在美國祇有一個國家擁有 53 個監管機構，這有點令人驚訝。

And so part of what we talked about in that proposal, the digital asset policy proposal, was maybe it's time to have 1 regulator at the federal level in the United States.

因此，我們在該提案中談到的部分內容，即數字資產政策提案，也許是時候在美國聯邦一級設立一個監管機構了。

It could be underneath one of the existing regulators.

它可能位於現有監管機構之一的下方。

It doesn't have to be a completely new entity.

它不必是一個全新的實體。

But it'd be nice to consolidate it a bit and use that as a way to enable more innovation in this space because, of course, Coinbase is a pretty large company and, frankly, it's almost like better for us if there's more regulators because we can shoulder the burden of that as a larger company.

但是，將其整合一下並以此作為在該領域實現更多創新的一種方式會很好，因為當然，Coinbase 是一家相當大的公司，坦率地說，如果有更多的監管機構，這對我們來說幾乎是更好的，因為作為一家更大的公司，我們可以承擔這方面的負擔。

But it's really harming the start-ups in the space more, and we really want the space to grow and have 1,000 companies to create economic growth and economic freedom here in the United States.

但這確實更多地傷害了該領域的初創企業，我們真的希望該領域能夠發展壯大，並擁有 1000 家公司在美國創造經濟增長和經濟自由。

As a financial hub and a world leader, I think it's important for the U.S. to embrace that.

作為一個金融中心和世界領導者，我認為美國接受這一點很重要。

So that's part of what we proposed in the digital asset policy proposal.

這就是我們在數字資產政策提案中提出的部分內容。

And I think with the tens of millions of Americans out there that are now using this asset class for all kinds of things, not just financial services and unique payments and things like that but also art and new forms of governance and identity and the Metaverse and Dow, then it's just so exciting that the millions of young people, the talented young people all over the U.S. are coming into this field.

我認為現在有數以千萬計的美國人將這種資產類別用於各種事情，不僅僅是金融服務和獨特的支付之類的東西，還有藝術和新的治理和身份形式以及元界和陶氏，那麼令人興奮的是，數以百萬計的年輕人，全美國有才華的年輕人都進入了這個領域。

And so I think most of the regulators we've talked to around the world are realizing that this is going to become politically unpopular to ever tax crypto.

因此，我認為我們在世界各地與之交談過的大多數監管機構都意識到，這在政治上將變得不受歡迎，永遠不會對加密貨幣徵稅。

But what we can all do and we all share these goals, both crypto companies and the regulators, is to come together and figure out how do we make this a safe industry.

但我們能做的，我們都共享這些目標，加密公司和監管機構，就是走到一起，弄清楚我們如何使這個行業成為一個安全的行業。

Let's get rid of the scams.

讓我們擺脫騙局。

Let's go prosecute those.

讓我們去起訴那些人。

Let's have good consumer protection and disclosures but also help the industry grow because that's going to be the best thing for America and the American people long term.

讓我們擁有良好的消費者保護和信息披露，同時也幫助該行業發展，因為從長遠來看，這對美國和美國人民來說是最好的事情。

Thanks, Brian.

謝謝，布賴恩。

Our next question comes from [Jake A.] who had a financial strategy question.

我們的下一個問題來自 [Jake A.]，他有一個財務戰略問題。

How should we think about compression in transaction fees driven by competition?

我們應該如何考慮競爭導致的交易費用壓縮？

And how do you plan on diversifying your revenue streams?

您如何計劃使收入來源多樣化？

It's a great question, [Jake].

這是一個很好的問題，[傑克]。

I'm glad you asked.

我很高興你問。

So I will start with what Emilie shared before that we don't think of ourselves as primarily competing on fee today as we believe the services that we are providing are not commoditized.

因此，我將從 Emilie 之前分享的內容開始，因為我們認為我們提供的服務沒有被商品化，所以我們認為自己今天主要不是在收費上競爭。

On the retail side, we compete on access to assets, which is why we focus on asset addition, we focus on products that allow our users to use their crypto, such as earning yields, through staking, transacting with Coinbase Card and, increasingly, the ability to more seamlessly interact with DeFi.

在零售方面，我們在資產訪問方面展開競爭，這就是為什麼我們專注於增加資產，我們專注於允許我們的用戶使用他們的加密貨幣的產品，例如通過質押、與 Coinbase 卡進行交易來賺取收益，並且越來越多地，與 DeFi 更無縫交互的能力。

So we're providing what we think of as a platform to a cryptoeconomy that is uniquely differentiated amongst a lot of our competitors.

因此，我們正在為加密經濟提供我們認為的平台，在我們的許多競爭對手中獨樹一幟。

On the institutional side, we're competing against the product suite as well where we offer an institutional-grade Prime broker, deep liquidity.

在機構方面，我們也在與產品套件競爭，我們提供機構級的主要經紀商，深度流動性。

We offer secure storage to our custody solutions.

我們為我們的託管解決方案提供安全存儲。

So fee is not the primary aspect that we compete on.

所以費用不是我們競爭的主要方面。

The only thing I would just want to share is that we haven't changed our fee structure in Q3 and haven't for some time.

我只想分享的唯一一件事是，我們在第三季度沒有改變我們的費用結構，而且已經有一段時間沒有改變了。

However, we do see the weighted average fee vary quarter-to-quarter depending on the mix of volume that we see on our platform.

但是，我們確實看到加權平均費用每個季度都會有所不同，具體取決於我們在平台上看到的交易量組合。

So we did see a decline in our retail transaction fees in Q3 as we saw more volume from our Pro platform than our consumer platform.

因此，我們確實看到第三季度零售交易費用有所下降，因為我們看到 Pro 平台的交易量超過了消費者平台。

And this is very common in periods of low volatility like we saw in July that we see high activity remain under our institutions and our Pro users and retail or the consumer trading subsides a little bit.

這在我們在 7 月看到的低波動時期非常常見，我們看到我們的機構和我們的專業用戶和零售或消費者交易仍然有高活動。

And the opposite is true for periods of high volatility like we saw in September and we saw in October.

對於像我們在 9 月和 10 月看到的高波動時期，情況正好相反。

And so we do think in the long term, though, zooming out a little, that we will see fee compression as more and more products will become commoditized in crypto.

因此，從長遠來看，我們確實認為，隨著越來越多的產品將在加密貨幣中商品化，我們將看到費用壓縮。

And so we've already begun focusing on diversifying our revenue, and you can see that progress through the growth of the line item in our subscription and services revenue.

因此，我們已經開始專注於使我們的收入多樣化，您可以通過我們訂閱和服務收入中的項目增長看到這一進展。

As we shared in our opening comments, what we're really excited about is to move into crypto entity utility phase.

正如我們在開場評論中所分享的，我們真正興奮的是進入加密實體實用程序階段。

And so users are not coming to us just to transact and buy themselves crypto.

因此，用戶來找我們不僅僅是為了交易和購買自己的加密貨幣。

They're also engaging with products like Staking, Earn, Borrow, Lend.

他們還參與 Staking、Earn、Borrow、Lend 等產品。

And this is just the beginning, as we've announced, that we're launching new products and services over the coming quarters that we think will further diversify these revenues.

正如我們宣布的那樣，這僅僅是開始，我們將在未來幾個季度推出新產品和服務，我們認為這將進一步使這些收入多樣化。

So we think our job is to continue to build compelling product experiences, allow our users to engage in multiple ways beyond just transactions.

因此，我們認為我們的工作是繼續打造引人入勝的產品體驗，讓我們的用戶能夠以多種方式參與交易，而不僅僅是交易。

And our goal is to become that primary financial account.

我們的目標是成為主要的金融賬戶。

And we think this will tamper down the revenue volatility and really diversify those revenue streams over time.

我們認為這將削弱收入波動性，並隨著時間的推移真正使這些收入流多樣化。

Our next question is about product experience.

我們的下一個問題是關於產品體驗。

So [Timothy S., Adam W. and Nicolas S.] have asked, when can we expect to see improvements in the in-app functionality around cost basis, profitability, et cetera, of a position?

因此，[Timothy S.、Adam W. 和 Nicolas S.] 提出了問題，我們什麼時候可以看到應用內功能在成本基礎、盈利能力等方面的改進？

And similarly, what are you developing to help consumers come tax season?

同樣，您正在開發什麼來幫助消費者度過稅收季節？

Yes.

是的。

So I think I can take this one.

所以我覺得我可以拿下這個。

So let me just talk generally about how we think about this, and then I'll answer your question directly.

所以讓我大致談談我們對此的看法，然後我會直接回答你的問題。

So just how do we think about taxes and cost basis in crypto?

那麼我們如何看待加密貨幣中的稅收和成本基礎呢？

Well, we want to make it easier and easier for every customer of ours out there to calculate this so that "it just works." And you don't have to -- if you bought some crypto and went up in value and now you want to spend it on an NFT or with Coinbase commerce, that all just works.

好吧，我們想讓我們的每一位客戶更容易地計算這個，這樣“它就可以工作”。而且你不必這樣做——如果你購買了一些加密貨幣併升值，而現在你想將其用於 NFT 或 Coinbase 商業，那一切都行得通。

So we produce one simple form for you at the end of the year and government's copy, you get a copy, just like any other kind of financial service firm out there.

因此，我們會在年底為您製作一份簡單的表格，政府的副本，您會得到一份副本，就像任何其他類型的金融服務公司一樣。

So that's going to be great for crypto.

所以這對加密貨幣來說非常有用。

And I think the good news is that we're getting very close to having that ready.

我認為好消息是我們已經非常接近做好準備了。

So we've already started rolling out something called the Coinbase Tax Center.

所以我們已經開始推出一個叫做 Coinbase 稅務中心的東西。

And basically, this is a single portal where customers can just download that 1 form at the end of the year.

基本上，這是一個單一的門戶，客戶可以在年底下載該表格。

If you're using Coinbase products today, let's say, Coinbase Commerce and you but the crypto on Coinbase, we can help track all of that for you, so you don't have to worry about it.

如果您今天使用 Coinbase 產品，比如說 Coinbase Commerce 和您，但 Coinbase 上的加密貨幣，我們可以幫助您跟踪所有這些，因此您不必擔心。

Now in the future, I would love to see the crypto industry actually even develop some kind of common standards, so between different companies, it's actually interoperable.

現在，在未來，我希望看到加密行業實際上甚至制定某種通用標準，因此在不同公司之間，它實際上是可互操作的。

So like if you bought the crypto somewhere else, then you move it here, you spend it there, like there's a way to do information sharing behind the scenes.

因此，如果您在其他地方購買了加密貨幣，然後將其移至此處，然後將其花在此處，就像有一種在幕後進行信息共享的方法一樣。

And so there might be more that we can do on that in the future.

因此，我們將來可能會在這方面做更多的事情。

But I think the Coinbase Tax Center we're rolling out is going to be a huge step in the right direction and make it "just work" for people who are on Coinbase products at least.

但我認為我們正在推出的 Coinbase 稅務中心將是朝著正確方向邁出的一大步，並使其至少對使用 Coinbase 產品的人“正常工作”。

Secondly, you asked about cost basis and profitability, the gain/loss type summary.

其次，您詢問了成本基礎和盈利能力，損益類型摘要。

And this is a feature that we also feel is important.

這是一個我們也認為很重要的功能。

We've been working on it for a while.

我們已經為此工作了一段時間。

So by Q1, in time for tax season, you should see a support for that rollout.

因此，到第一季度，趕上稅收季節，您應該會看到對該推出的支持。

Thanks.

謝謝。

So a question from [Tony P.] who asked about competition.

[Tony P.] 提出了一個關於競爭的問題。

How do you think about the competitive landscape?

您如何看待競爭格局？

And who or what do you view as Coinbase's largest competitive threat?

你認為誰或什麼是 Coinbase 最大的競爭威脅？

We think it's a very positive development when companies enter the crypto economy because we think it creates more innovation in the space, and we think that the TAM potential is kind of limitless here.

我們認為，當公司進入加密經濟時，這是一個非常積極的發展，因為我們認為它在該領域創造了更多創新，而且我們認為 TAM 的潛力在這裡是無限的。

On the more traditional side, there are companies like PayPal and Square and Robinhood and traditional financial institutions who are entering.

在更傳統的方面，有 PayPal、Square 和 Robinhood 等公司以及傳統金融機構正在進入。

And we believe that that's a huge validation of the whole space.

我們相信這是對整個空間的巨大驗證。

In many cases, we're actually collaborating with those companies and exploring ways to partner.

在許多情況下，我們實際上是在與這些公司合作並探索合作方式。

And we've talked about our differentiation point relative to those companies as being crypto-native.

我們已經討論了我們相對於這些公司的差異化點是加密原生的。

We can offer features and assets more scalably because we have a crypto-native bench.

我們可以提供更具可擴展性的功能和資產，因為我們有一個原生加密平台。

On the other side of the spectrum, you have lots of other crypto-native companies that are out there that we admire and their pace of innovation is kind of breathtaking.

另一方面，您還有許多我們欽佩的其他加密原生公司，他們的創新步伐令人嘆為觀止。

And we also view them, in many cases, as partners or collaborators, but also we look to them for inspiration in terms of what is resonating with crypto-native users.

在許多情況下，我們還將他們視為合作夥伴或合作者，但我們也會從他們身上尋找靈感，以了解與加密原生用戶產生共鳴的內容。

In many cases, those companies are not regulated and we can offer more usable, more regulated versions of those products to customers.

在許多情況下，這些公司不受監管，我們可以向客戶提供這些產品的更實用、更受監管的版本。

Customers, as we talked about, choose us for trust, ease of use, safety and security of our services.

正如我們所談到的，客戶選擇我們是因為我們的服務的信任、易用性、安全性和保障性。

I think that, ultimately, the way that you should think about Coinbase in this market is we are kind of the best of both worlds in terms of we are the regulated player, we are the trustworthy player that makes things as usable as possible for our many customers.

我認為，最終，你應該在這個市場上考慮 Coinbase 的方式是，就我們是受監管的參與者而言，我們是兩全其美的參與者，我們是值得信賴的參與者，讓我們的東西盡可能可用許多客戶。

And then we also are crypto-native, and we are able to offer many more assets and many more crypto-native features such as Staking, Rewards, Borrow, Earn, because of our exclusive focus on crypto.

然後我們也是加密原生的，由於我們專注於加密，我們能夠提供更多的資產和更多的加密原生功能，例如 Staking、Rewards、Borrow、Earn。

Great.

偉大的。

Thanks.

謝謝。

So we'll take one more question from today before going to some live questions from the analysts.

因此，我們將從今天開始再回答一個問題，然後再回答分析師的一些實時問題。

Our last one here is from [Nova Y. and Jason M.] who asked about international plans.

我們的最後一位來自 [Nova Y. 和 Jason M.]，他們詢問了國際計劃。

How do you think about the product and future road map internationally, notably across South Asia and South America?

您如何看待國際上的產品和未來路線圖，尤其是在南亞和南美？

And additionally, Harshita Rawat from Sanford Bernstein asked if we could provide an update on recent launches in both Japan and Germany.

此外，來自 Sanford Bernstein 的 Harshita Rawat 詢問我們是否可以提供最近在日本和德國推出的最新信息。

Sure.

當然。

Our platform is now available in more than 100 companies globally today, and this is very much consistent with our mission to increase economic freedom in the world.

如今，我們的平台已在全球 100 多家公司中使用，這與我們提高世界經濟自由度的使命非常一致。

We believe, to fulfill that mission, we have to have as deep global and broad global reach as possible.

我們相信，為了完成這一使命，我們必須盡可能深入和廣泛的全球影響力。

So we're working to build products with a ship international by default mindset.

因此，我們正在努力以默認思維方式構建具有國際航運的產品。

Crypto is very global, so our product capabilities need to be as well.

加密是非常全球化的，所以我們的產品能力也需要如此。

We obviously note that the adoption curve is different across different geographies, and so we're mindful of which features to scale where and when.

我們顯然注意到不同地區的採用曲線是不同的，因此我們注意在何時何地擴展哪些功能。

And we look at a host of different signals in these different countries and regions, including GDP; crypto volumes, both fiat to crypto and crypto to crypto; currency stability; and we look actively to kind of pursue both M&A and partnerships to help accelerate our path into those different geographies.

我們研究了這些不同國家和地區的許多不同信號，包括 GDP；加密卷，包括法幣到加密和加密到加密；貨幣穩定性；我們積極尋求併購和合作夥伴關係，以幫助加快我們進入這些不同地區的道路。

Alesia, do you want to talk about the latter part of that question?

Alesia，你想談談那個問題的後半部分嗎？

Absolutely.

絕對地。

So thank you for the question on Japan and Germany.

謝謝你關於日本和德國的問題。

We had shared in our Q2 shareholder letter, that we have just received licenses in both of these markets, and so they were long-awaited launches for us.

我們在第二季度的股東信中分享了我們剛剛獲得這兩個市場的許可，因此它們對我們來說是期待已久的發布。

Just to pull back, it's difficult to enter regulated markets as you go through a long license application process with the regulators.

退一步說，當您與監管機構進行漫長的許可證申請流程時，很難進入受監管的市場。

So sometimes we don't know exactly when we will launch.

所以有時我們不知道我們什麼時候發布。

As a result, when we launch in those countries, it is an MVP product.

因此，當我們在這些國家推出時，它是 MVP 產品。

It's the first kind of foothold in a country.

這是在一個國家的第一種立足點。

And so what we see in Q3 is we don't have a meaningful update to provide you in terms of those launches, but our goal is to develop very similar products in those markets that we have in the U.S., reduce customer friction, offer delightful onboarding experiences and customer [rails].

所以我們在第三季度看到的是，就這些發布而言，我們沒有為您提供有意義的更新，但我們的目標是在我們在美國的市場開發非常相似的產品，減少客戶摩擦，提供令人愉快的入職體驗和客戶 [rails]。

And that's what we're building towards in those markets to really be able to then market and grow those customer pace.

這就是我們在這些市場中建立的目標，以便真正能夠營銷和發展這些客戶的步伐。

So not yet material, but we hope to have news in the coming quarters.

所以還不是很重要，但我們希望在未來幾個季度有消息。

Okay.

好的。

Super.

極好的。

Thanks.

謝謝。

So with that, we'll now transition and take a few live questions from our analysts.

因此，我們現在將過渡並從我們的分析師那裡回答一些實時問題。

So Celine, I'll turn it over to you for the first question, please.

那麼，Celine，第一個問題，請交給你。

(Operator Instructions) We have our first question coming from the line of Kenneth Worthington with JPMorgan.

（操作員說明）我們的第一個問題來自摩根大通的 Kenneth Worthington。

The cryptocurrency markets have had a nice move in recent months and recent weeks.

最近幾個月和最近幾週，加密貨幣市場出現了不錯的走勢。

Do you think that the drivers of this interest in the cryptocurrency markets and ecosystem today, and I think you guys mentioned Web3 a number of times in the prepared remarks, are different from the drivers that drove interest in the ecosystem late last year and even earlier this year?

你認為今天對加密貨幣市場和生態系統產生興趣的驅動因素，我認為你們在準備好的評論中多次提到 Web3，與去年底甚至更早推動對生態系統興趣的驅動因素不同今年？

And maybe at a higher level, how is the interest in the ecosystem evolving for retail and corporate investors as cryptocurrencies evolve from the fringe towards more of the mainstream?

也許在更高的層面上，隨著加密貨幣從邊緣向更多主流發展，散戶和企業投資者對生態系統的興趣如何發展？

Yes.

是的。

Thanks for the question, Ken.

謝謝你的問題，肯。

I can share my high-level thinking on this.

我可以分享我對此的高級思考。

And then Alesia or Emilie, if you have any thoughts as well, please jump in.

然後是 Alesia 或 Emilie，如果您也有任何想法，請加入。

I mean so I think if you go back really 3, 4, 5 years, a lot of these cycles in crypto were more speculative in nature.

我的意思是，我認為如果你真的回到 3、4、5 年，很多加密貨幣週期本質上都更具投機性。

People were buying it because this was now a scarce digital good and then they thought it would be valuable in the future.

人們購買它是因為它現在是一種稀缺的數字商品，然後他們認為它在未來會很有價值。

And there were some people using it for payments and things like that, but it wasn't the primary driver.

還有一些人用它來支付和類似的東西，但它不是主要驅動力。

What's exciting now -- and by the way, people would always ask me back then, this is like 2015, 2016, always asking me, "What is the use case going to be here," right?

現在有什麼令人興奮的——順便說一句，當時人們總是會問我，就像 2015 年、2016 年一樣，總是問我，“這裡的用例是什麼”，對嗎？

Luckily, nobody is really asking me that question anymore.

幸運的是，沒有人真的再問我這個問題了。

I mean we're now seeing these tons of use cases where like NFTs and games, and you're seeing staking and borrowing and lending and Coinbase Card.

我的意思是，我們現在看到了大量的用例，比如 NFT 和遊戲，你看到的是抵押、借貸和 Coinbase 卡。

And I think as Alesia shared at the beginning, I think almost half of our customers now, our active customers, are doing something other than trading crypto.

而且我認為正如 Alesia 一開始所分享的那樣，我認為我們現在幾乎一半的客戶，我們的活躍客戶，都在做加密交易以外的事情。

So I would say that I would hesitate to speculate on what is driving momentum because I think we try to take a long-term view of this.

所以我想說我會猶豫推測是什麼推動了勢頭，因為我認為我們試圖從長遠來看。

And I'm a little bit less concerned about what's the recent rally or whatever.

而且我不太關心最近的反彈或其他什麼。

We're always trying to think a little bit longer term.

我們總是試圖從長遠考慮。

But to me, the most important thing is how do we drive more people actually using crypto for more things.

但對我來說，最重要的是我們如何讓更多人真正使用加密貨幣做更多事情。

We're now seeing that in the numbers.

我們現在在數字中看到了這一點。

And I have to imagine that that's driving a lot of this recent growth.

我不得不想像這推動了最近的增長。

It's becoming less of a speculative thing.

它變得不那麼投機了。

So Alesia, Emilie, do you want to add?

Alesia，Emilie，你想補充嗎？

I agree with all that, Brian.

我同意這一切，布賴恩。

I would just connect the dots perhaps a little bit.

我可能只是將這些點連接起來。

When we see the growth of NFTs, that has great tailwind effect to then the Ethereum, blockchain, the Ethereum assets.

當我們看到 NFT 的增長時，這對以太坊、區塊鏈、以太坊資產產生了巨大的順風效應。

And then we've seen new development on Solana, which then has benefits for those underlying protocols.

然後我們看到了 Solana 的新發展，這對那些底層協議有好處。

And so I do think it's just the activity in headline and innovation that we're seeing that is driving a lot of the overall crypto market count growth.

所以我確實認為，正是我們看到的標題和創新活動推動了整個加密市場數量的增長。

I think that's definitely the case on the retail side.

我認為這絕對是零售方面的情況。

And on institutional, what I think we're continuing to see is new types of institutional investors decide to make an allocation to crypto.

在機構方面，我認為我們將繼續看到新型機構投資者決定對加密進行配置。

And what we see there is an adoption curve that starts with Bitcoin, typically then moves to Ethereum but is quickly then picking up to other crypto assets.

我們看到有一條採用曲線從比特幣開始，然後通常轉移到以太坊，但很快就會轉向其他加密資產。

And we're seeing those investors looking for allocation to DeFi, finding ways that they can make that in the growing innovation of crypto broadly.

我們看到那些投資者正在尋找分配給 DeFi 的方法，他們正在尋找可以在加密貨幣不斷增長的創新中實現這一目標的方法。

So lots of different drivers, but it does feel different, as Brian said, that it feels less speculative and more driven by utility and broader adoption of crypto and in more traditional use cases.

有很多不同的驅動因素，但它確實感覺不同，正如布賴恩所說，它感覺不那麼投機，而是更多地受到實用性和更廣泛地採用加密以及更傳統的用例的驅動。

We have our next question coming from the line of Lisa Ellis with MoffettNathanson.

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

Terrific.

了不起。

This quarter, we've seen the launch of crypto ETF in the U.S. Can you talk a bit about how ETFs are affecting Coinbase or may in the future?

本季度，我們已經看到美國推出了加密貨幣 ETF。你能談談 ETF 將如何影響 Coinbase 或將來可能會如何影響 Coinbase 嗎？

And I guess maybe the broader question is, can you elaborate a bit on how Coinbase is thinking about partnering versus competing with some of the traditional asset managers that's crypto investing mainstream?

我想也許更廣泛的問題是，你能否詳細說明一下 Coinbase 如何考慮與一些加密投資主流的傳統資產管理公司合作與競爭？

Thanks, Lisa.

謝謝，麗莎。

It is Alesia, maybe I'll start and then Brian and Emilie, feel free to add on.

是 Alesia，也許我會先開始，然後是 Brian 和 Emilie，請隨時補充。

So first of all, we're actually all here cheering for the approval of the Bitcoin ETFs.

所以首先，我們實際上都在為比特幣 ETF 的批准歡呼。

And we think that it will benefit trading volumes just broadly in a crypto ecosystem and add to broader adoption as there are some institutions that don't have the ability to invest in underlying spot.

我們認為，這將使加密生態系統中的交易量廣泛受益，並增加更廣泛的採用，因為有些機構沒有能力投資於基礎現貨。

That said, we think it's a different market.

也就是說，我們認為這是一個不同的市場。

So crypto spot markets are 24/7 global.

因此，加密貨幣現貨市場是 24/7 全球性的。

There's never a dull moment in them.

他們從來沒有一個沉悶的時刻。

But an ETF market obviously follows the traditional securities time line.

但 ETF 市場顯然遵循傳統的證券時間線。

And so it's not 24/7, and there'll be different traits that one can put on in each of those markets.

所以它不是 24/7，每個市場都會有不同的特徵。

So we think that they'll both attract different investors and different use cases.

所以我們認為它們都會吸引不同的投資者和不同的用例。

Obviously, the Bitcoin ETFs will also benefit the broader spot market, and we have the ability to provide custody solutions and are actively having conversations of how we can support the broader ETF adoption.

顯然，比特幣 ETF 也將使更廣泛的現貨市場受益，我們有能力提供託管解決方案，並且正在積極討論如何支持更廣泛的 ETF 採用。

And while our business today is entirely spot, we do have ambitions of launching a futures trading business in the future and apply for approval to do so in the U.S. So we're excited about the potential for that future growth of our own business as well.

雖然我們今天的業務完全是現貨，但我們確實有雄心在未來開展期貨交易業務併申請批准在美國這樣做所以我們對我們自己的業務未來增長的潛力感到興奮.

So in general, again, very positive.

所以總的來說，還是非常積極的。

We're excited for the growth of the crypto economy and that will bring more users into the space.

我們對加密經濟的發展感到興奮，這將吸引更多用戶進入該領域。

We have our next question coming from the line of Pete Christiansen with Citi.

我們的下一個問題來自花旗銀行的 Pete Christiansen。

Brian, I appreciate your color on the question regarding policy that, that doesn't necessarily have to be under a completely different umbrella but certainly a separate regulatory framework.

布賴恩，我很欣賞你對政策問題的看法，這不一定必須在一個完全不同的保護傘下，但肯定是一個單獨的監管框架。

But I guess how do you think about that in the context of having some cohesion with the traditional finance world on a regulatory front?

但我想在監管方面與傳統金融界有一定凝聚力的背景下，您如何看待這一點？

I mean you have to get fiat dollars into crypto somehow.

我的意思是你必須以某種方式將法定美元變成加密貨幣。

How are you thinking about a policy maybe should be formed around that notion?

您如何看待可能應該圍繞該概念制定的政策？

Yes.

是的。

Good question.

好問題。

Thank you for bringing it up.

謝謝你提出來。

I mean so Coinbase is certainly acting as a bridge between the traditional financial system and this new cryptoeconomy.

我的意思是，Coinbase 無疑是傳統金融體系和這種新的加密經濟之間的橋樑。

And so we often need to play in both worlds, right?

所以我們經常需要在兩個世界裡玩，對吧？

For instance, we're custodying customer funds in U.S. dollars, and so we have money transmission licenses for that, as an example.

例如，我們以美元託管客戶資金，因此我們擁有用於此目的的匯款許可證，例如。

I think this might be a good question that, Alesia, I don't know if you have any thoughts on it or Emilie, feel free to add more context if there's anything that you want to add to it.

我認為這可能是一個很好的問題，Alesia，我不知道您是否對此或 Emilie 有任何想法，如果您想添加任何內容，請隨時添加更多上下文。

Sure.

當然。

I'll jump in with a couple of thoughts, Pete.

皮特，我會提出一些想法。

And I think our goal right now is to get all regulators focused on crypto.

我認為我們現在的目標是讓所有監管機構都專注於加密貨幣。

And the reason we would like that is that the technology is just so different.

我們希望這樣做的原因是技術是如此不同。

And so if you think about how the traditional financial services regulatory environment grew up around the need for financial intermediaries, banks, broker-dealers, to really facilitate the regulations and to maybe interface between regs and the customers, the technology can provide some of those services directly in crypto.

因此，如果您考慮一下傳統金融服務監管環境是如何圍繞金融中介、銀行、經紀自營商的需求而發展起來的，以真正促進監管並可能在監管機構和客戶之間建立接口，技術可以提供其中的一些直接在加密中提供服務。

And so we need to make sure that the regulation is in and around the common ground, yes, we don't want to have fraud.

因此，我們需要確保法規符合共同點，是的，我們不希望有欺詐行為。

We don't want to have scams.

我們不希望有騙局。

We want to protect customers, but can technology solve that in those intermediaries, as an example.

我們想保護客戶，但技術可以在這些中介中解決這個問題，例如。

And so we think that having a single regulator really deeply understand the technology and then help frame what the new principles for financial regulation and crypto will look like will be helpful.

因此，我們認為擁有一個真正深入了解該技術的單一監管機構，然後幫助制定金融監管和加密的新原則將是有幫助的。

But we also believe that there's going to be assets that are securities, and those crypto securities will be regulated by the SEC.

但我們也相信會有證券資產，這些加密證券將受到美國證券交易委員會的監管。

There will be crypto commodities that will be regulated by the CFTC.

將有受 CFTC 監管的加密貨幣商品。

And so there'll be things that fall under traditional financial services regulation.

因此，有些事情會受到傳統金融服務監管的影響。

But there's a lot of things that are new that needs to be adopted.

但是有很多新的東西需要採用。

And so having that focus we think is valuable.

因此，我們認為專注於這一點很有價值。

I don't know if that helps kind of frame our views.

我不知道這是否有助於構建我們的觀點。

I would agree with that.

我同意這一點。

I think there are some parts which are probably applicable in this new crypto economy.

我認為有些部分可能適用於這個新的加密經濟。

It's like, of course, we don't want fraud, we don't want scams, market structure rules are probably good.

這就像，當然，我們不想要欺詐，我們不想要詐騙，市場結構規則可能是好的。

They're there for good reason.

他們在那裡是有充分理由的。

There's some rules that we're always questioning, does this actually make sense in the new crypto company because, as Alesia said, some of those intermediaries aren't there or it is a new technology paradigm.

有些規則我們一直在質疑，這在新的加密公司中是否真的有意義，因為正如 Alesia 所說，其中一些中介不存在，或者它是一種新技術範式。

And so I think that's kind of the big, hard question in the room that a lot of regulators and policymakers are having to grapple with right now.

所以我認為這是房間里許多監管機構和政策制定者現在必須解決的一個很大的難題。

And we're trying to be helpful, resource them, really do those -- some of these rules were created back in the '40s around orange groves and things.

我們正在努力提供幫助，為他們提供資源，真正做到這些——其中一些規則是在 40 年代圍繞橘園和其他事物製定的。

And it's like we're living in this new world of crypto economy, are these really relevant?

就像我們生活在這個加密經濟的新世界裡，這些真的相關嗎？

Or is this actually holding back innovation?

或者這實際上阻礙了創新？

And so those are big questions to ask, maybe even above our pay grade a little bit, but I think they're important ones to ask.

所以這些都是要問的大問題，甚至可能比我們的工資等級高一點，但我認為這些問題很重要。

We have our next question coming from the line of Will Nance with GS.

我們的下一個問題來自 GS 的 Will Nance。

Maybe just another question on the regulatory environment.

也許只是監管環境的另一個問題。

I think Coinbase has always been thought of as one of the members of the crypto ecosystem that's been the most proactive with regulators with your approach to compliance.

我認為 Coinbase 一直被認為是加密生態系統的成員之一，它對監管機構的合規方式最為積極。

What are you seeing in conversations with regulators today?

您今天在與監管機構的對話中看到了什麼？

And when you think about the kind of lack of clarity or the lack of a regulatory framework around crypto, as it relates to your ability to roll out new products, I mean what do you feel should be prioritized the most to kind of pull back on the reins a little bit and let you guys kind of be more free to roll out new products?

當你想到加密貨幣缺乏明確性或缺乏監管框架時，因為這與你推出新產品的能力有關，我的意思是你認為最應該優先考慮的是什麼？稍微控制一下，讓你們更自由地推出新產品？

Is there a pipeline of new products that you guys are most excited about, but that you can't proceed with until there's more regulatory clarity?

有沒有你們最興奮的新產品管道，但在監管更加明確之前你不能繼續進行？

Yes.

是的。

Thanks for the question, Will.

謝謝你的問題，威爾。

I would say 90% of our interactions with regulators are really positive and constructive.

我想說，我們與監管機構 90% 的互動都是非常積極和建設性的。

And I generally feel like we're doing really well.

我通常覺得我們做得很好。

We try to reach out proactively with everybody before we launch products well in advance and kind of give them a heads-up.

在我們提前推出產品之前，我們會嘗試主動與每個人聯繫，並給他們一個提示。

And usually, that worked out pretty well.

通常情況下，效果很好。

But 1 out of 10 times, when we see some kind of bad policy that's proposed and we feel like we have a responsibility to speak up and kind of for the industry as the largest player in the U.S. and push back on it where needed, but our default is really just to proactively engage.

但是十分之一的時候，當我們看到有人提出了某種糟糕的政策時，我們覺得我們有責任為這個行業作為美國最大的參與者大聲疾呼，並在需要的地方予以反擊，但是我們的默認設置實際上只是主動參與。

And I think the vast majority of the time, the regulators that we interact with are really thoughtful people and with mutual respect and we're just really trying to achieve the same outcome, same goals, which is consumer protection and fair market.

我認為絕大多數時候，我們與之互動的監管機構都是非常有思想的人，相互尊重，我們只是在努力實現相同的結果，相同的目標，即消費者保護和公平市場。

There certainly have been times where we felt like we've wanted to launch a product and we've gotten kind of a different answer at the last minute about whether we were allowed to roll that out.

當然，有時我們覺得我們想要推出一個產品，但在最後一刻我們得到了一個不同的答案，即我們是否被允許推出該產品。

And that's really tough on the team at Coinbase that have put a lot of time into building these things.

這對 Coinbase 的團隊來說真的很艱難，他們花了很多時間來構建這些東西。

So that's not always great.

所以這並不總是很好。

But this is a fast-moving space.

但這是一個快速發展的空間。

We understand that these are complicated issues.

我們知道這些都是複雜的問題。

So it's not always a simple answer.

所以這並不總是一個簡單的答案。

Frankly, the regulators don't always have the resources to go meet with every single company in the crypto space.

坦率地說，監管機構並不總是有資源與加密領域的每一家公司會面。

There's thousands of these start-ups now.

現在有數千家這樣的初創公司。

So we're the large company.

所以我們是大公司。

We sometimes get more scrutiny.

我們有時會受到更多的審查。

It doesn't feel great.

感覺不是很好。

Sometimes competitors have had something out there in the market for 2 years, and then we aren't able to launch it suddenly at the last minute, it doesn't feel like that's actually creating a fair market, a level playing field.

有時競爭對手已經在市場上推出了 2 年的東西，然後我們無法在最後一刻突然推出它，感覺這實際上並沒有創造一個公平的市場，一個公平的競爭環境。

So we try to avoid things like that, but I also understand why it happens.

所以我們盡量避免這樣的事情，但我也理解為什麼會這樣。

The regulators can't meet with every single company in crypto.

監管機構無法與加密領域的每一家公司會面。

We have our last question coming from the line of Rich Repetto with Piper Sandler.

我們的最後一個問題來自 Rich Repetto 與 Piper Sandler 的對話。

The blockchain rewards revenue doubled, quadrupled, really drove the subscription revenue.

區塊鏈獎勵收入翻了一番、翻了兩番，真正推動了訂閱收入。

So I guess I'm trying to understand, what is sort of runway of where can it go going forward?

所以我想我想了解，什麼是跑道，它可以向前發展？

And I know you have Staking and Ethereum, but what do you expect?

我知道你有 Staking 和 Ethereum，但你期望什麼？

Can you continue to grow at it?

你能繼續成長嗎？

And at what type of pace given the great results you've had here in the last couple of quarters?

鑑於您在過去幾個季度中取得的出色成績，以什麼樣的速度進行？

Thanks, Rich, for the question.

謝謝，里奇的問題。

I'm going to restate it just because your audio was a little choppy.

我要重申它只是因為你的音頻有點波濤洶湧。

So what I think your question was we've seen significant growth in our blockchain rewards revenue that grew meaningfully quarter-over-quarter and you're asking about what the trajectory is.

所以我認為你的問題是，我們的區塊鏈獎勵收入顯著增長，環比增長顯著，你問的是軌跡是什麼。

Can you just confirm that I understood the question?

你能確認我理解了這個問題嗎？

Yes, that's exactly it.

是的，就是這樣。

Okay.

好的。

Great.

偉大的。

Thank you for the question.

感謝你的提問。

Nice to hear you, Rich.

很高興聽到你的聲音，里奇。

We're really excited about the growth of blockchain rewards, which is predominantly Ethereum staking revenue today.

我們對區塊鏈獎勵的增長感到非常興奮，這主要是今天的以太坊 Staking 收入。

And the growth here is really around the growth of overall proof of stake networks and the growth of crypto overall.

這裡的增長實際上是圍繞權益網絡整體證明的增長和整體加密貨幣的增長。

So one is we're going to add more proof of stake networks and offer staking and more assets on our platform.

因此，我們將添加更多的權益證明網絡，並在我們的平台上提供權益質押和更多資產。

Two is we continue to have a waitlist for Ethereum staking and for the existing staking offer, and so we're continuing to roll that out and bring more users into the staking assets that we do provide.

二是我們繼續為以太坊質押和現有質押報價提供候補名單，因此我們將繼續推出該名單，並將更多用戶帶入我們提供的質押資產。

And so we have existing runway with those assets.

所以我們有這些資產的現有跑道。

And those are going to be the 2 significant drivers of that growth.

這些將成為這種增長的兩個重要驅動力。

But we believe that this is the direction the industry is growing.

但我們相信這是行業發展的方向。

Brian, I don't know if you want to comment on proof of stake networks and the overall industry view.

Brian，我不知道您是否想對 PoS 網絡和整個行業觀點發表評論。

No, I think proof of stake is going to continue to grow.

不，我認為權益證明將繼續增長。

And I think staking rewards awards, these blockchain rewards as we call them, I think, will be an important growth area for us in the future.

我認為質押獎勵，我們稱之為區塊鏈獎勵，我認為，將是我們未來的一個重要增長領域。

Yes, I believe at this point, Coinbase is the largest Ethereum 2 staker, for instance, which is really great.

是的，我相信在這一點上，Coinbase 是最大的以太坊 2 質押者，例如，這真的很棒。

Emilie, anything else you want to add on this before we wrap up?

埃米莉，在我們結束之前你還有什麼想補充的嗎？

I think it's a big source of innovation.

我認為這是創新的重要來源。

This goes back to one of the other questions about what is driving kind of the activity in the ecosystem, and I think it comes back to this.

這又回到了關於是什麼推動了生態系統中的活動的其他問題之一，我認為它又回到了這一點。

And so we're pretty bullish on the potential for this, both as just helping the ecosystem as well as being an important source of subscription revenue for us.

因此，我們非常看好這方面的潛力，既可以幫助生態系統，也可以成為我們訂閱收入的重要來源。

Great.

偉大的。

Thank you, Brian, Emilie, Alesia, and thank you all for joining us today.

謝謝你，Brian、Emilie、Alesia，感謝大家今天加入我們。

We look forward to speaking with you again on the next call.

我們期待在下一次電話會議上再次與您交談。

This does conclude the call.

這確實結束了通話。

Thank you for participating.

感謝您的參與。

You may now disconnect.

您現在可以斷開連接。