Coinbase Global Inc (COIN) 2021 Q2 法說會逐字稿

Good afternoon. My name is Maria, and I will be your conference operator today. At this time, I would like to welcome everyone to the Coinbase Second Quarter 2021 Earnings Call. (Operator Instructions) And I would now like to turn the call over to your first speaker, Anil Gupta, Vice President of Investor Relations. You may begin your conference.

下午好。我的名字是瑪麗亞，今天我將成為您的會議接線員。在這個時候，我想歡迎大家參加 Coinbase 2021 年第二季度財報電話會議。 （操作員說明）我現在想將電話轉給您的第一位發言人，投資者關係副總裁 Anil Gupta。你可以開始你的會議了。

Good afternoon, and welcome to the Coinbase Second Quarter 2021 Earnings Call. Joining me on today's call are Brian Armstrong, Co-Founder and CEO; and Alesia Haas, CFO. I hope you have all had the opportunity to read our shareholder letter, which was published on our Investor Relations website earlier today.

下午好，歡迎來到 Coinbase 2021 年第二季度財報電話會議。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；和首席財務官 Alesia Haas。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. Actual results may vary materially from today's statements. 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.

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。實際結果可能與今天的陳述大不相同。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. 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。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. You can find additional disclosures regarding adjusted EBITDA, including a reconciliation to net income, the comparable GAAP measure, in our shareholder letter and current report on Form 8-K, which are posted on our IR website.

非 GAAP 財務措施應作為 GAAP 措施的補充，而不是替代或孤立考慮。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、可比的 GAAP 衡量標準，這些信息發佈在我們的 IR 網站上。

Similar to last quarter, we are using state technologies to enable all coin-based shareholders and analysts the opportunity to submit and upvote questions for our management team. We had several thematic questions, so I'll summarize some of them. With that, let's go ahead and get started.

與上個季度類似，我們正在使用國家技術讓所有基於代幣的股東和分析師有機會為我們的管理團隊提交和投票支持問題。我們有幾個主題問題，所以我將總結其中的一些。有了這個，讓我們繼續開始吧。

So Brian, Q2 was a strong quarter for Coinbase. What trends do you think are most important to highlight to our investors?

所以布萊恩，第二季度對 Coinbase 來說是一個強勁的季度。您認為哪些趨勢對我們的投資者最重要？

Yes, Anil. So you're correct. So Q2 was a really strong quarter for us. We had amazing growth in terms of users added to the platform, assets on the platform revenue, just about everything. And also great diversification across our revenue lines users.

是的，阿尼爾。所以你是對的。所以第二季度對我們來說是一個非常強勁的季度。在添加到平台的用戶、平台收入資產以及幾乎所有方面，我們都取得了驚人的增長。而且我們的收入線用戶也有很大的多樣化。

So this is really good to see, more and more people are using crypto and using the crypto economy, individuals, businesses, developers, all over the world. Now it's important to remember that just because we had a strong quarter, we can base we always think about longer-term cycles of crypto. This is a theme you're going to hear us talk about a lot here on these earnings calls.

所以這真的很高興，全世界越來越多的人正在使用加密和使用加密經濟，個人、企業、開發人員。現在重要的是要記住，僅僅因為我們有一個強勁的季度，我們就可以始終考慮加密貨幣的長期週期。這是您將在這些收益電話會議上聽到我們談論很多的主題。

So we don't try to get too excited about any particular quarter being up or down. We're always looking at the long-term trends about how are people using this new technology? How is the crypto economy growing? And how is that eventually influencing our mission of creating more economic freedom in the world?

因此，我們不會對任何特定季度的上漲或下跌感到過於興奮。我們一直在關注人們如何使用這項新技術的長期趨勢？加密經濟如何發展？這最終將如何影響我們在世界上創造更多經濟自由的使命？

So the question asked about trends as well, there's really 2 that came to mind for me that I think were really important in the last quarter. The first one is that we're continuing to see this trend of people using crypto for more and more things beyond trading. So for example, we shared in the letter that we now have 1.7 million users doing stake in crypto, which is a way to earn yield on your assets. And this is up from -- basically, that number was probably zero a year ago. I think if you go back to 2019, late 2019, we had less than 1 million MTUs on our retail side for Coinbase in total. And now we have 1.7 million just doing one type of activity which is staking.

所以這個問題也問到了趨勢，我真的想到了兩個我認為在上個季度非常重要的問題。第一個是我們繼續看到人們將加密貨幣用於越來越多的交易以外的事情的趨勢。因此，例如，我們在信中分享了我們現在有 170 萬用戶參與加密，這是一種賺取資產收益的方式。這比 - 基本上，一年前這個數字可能為零。我認為，如果你回到 2019 年，也就是 2019 年末，我們在 Coinbase 的零售方面總共擁有不到 100 萬個 MTU。現在我們有 170 萬隻從事一種類型的活動，即 Staking。

So we're seeing people do more and more things with crypto, whether that's earning money with crypto, borrowing and lending staking, using coin-based card and then, of course, trading. And so I think we'll continue to see that percentage go up over time, which is great. That tells us that a truly a crypto economy is forming, it's not just a trading platform.

所以我們看到人們用加密貨幣做越來越多的事情，無論是用加密貨幣賺錢、借貸、使用基於硬幣的卡，當然還有交易。所以我認為我們將繼續看到這個百分比隨著時間的推移而上升，這很棒。這告訴我們，一個真正的加密經濟正在形成，它不僅僅是一個交易平台。

And then the second big trend we're seeing is this idea of cease embracing decentralization. And I wrote a blog post about this. Really, what this means for us is that we believe the future of this industry is going to be decentralized. There's going to be more and more of the third-party apps that are being created where people want to connect their wallets to it. And Coinbase is their primary financial accounts. So we need to make it easy for people to connect to and integrate with all of these third-party apps out there that are happening, NFTs DFI and there's hundreds of different start-ups now being built.

然後我們看到的第二個大趨勢是停止接受權力下放的想法。我寫了一篇關於這個的博客文章。真的，這對我們來說意味著我們相信這個行業的未來將是去中心化的。將會有越來越多的第三方應用程序被創建，人們希望將他們的錢包連接到它。 Coinbase 是他們的主要財務賬戶。因此，我們需要讓人們更容易地連接和集成所有這些正在發生的第三方應用程序、NFTs DFI 以及現在正在建立的數百個不同的初創公司。

We're also focusing on international expansion and other form of centralization and just listing more and more assets. We want to be the Amazon of assets, list every asset out there in crypto that's legal. And there's thousands of them today, there's eventually going to be millions of them. These are -- this is the all under the theme of embracing decentralization. So those are the 2 big trends that I'm seeing today.

我們還專注於國際擴張和其他形式的集中化，只是列出越來越多的資產。我們想成為資產的亞馬遜，用合法的加密貨幣列出所有資產。今天有數千個，最終將有數百萬個。這些是 - 這是擁抱權力下放主題下的全部內容。這就是我今天看到的兩大趨勢。

Great. Thanks. And Alesia, could you recap the financial highlights before we dive into investor questions.

偉大的。謝謝。還有 Alesia，在我們深入探討投資者問題之前，您能否回顧一下財務亮點。

Thanks, Anil. Second quarter was a strong quarter for Coinbase. To just elaborate on some of the things that Ryan just spoke about, we saw user growth across the board with our retail MTUs, institutions and our ecosystem partners. The metric that we really focus on is what percent of our retail MTUs are now using multiple products. on point base. And in Q2, this grew to 27%, up from 25% in the first quarter.

謝謝，阿尼爾。第二季度對 Coinbase 來說是一個強勁的季度。為了詳細說明 Ryan 剛才談到的一些事情，我們看到了零售 MTU、機構和生態系統合作夥伴的用戶全面增長。我們真正關注的指標是我們現在使用多種產品的零售 MTU 的百分比。在點基礎上。在第二季度，這一比例從第一季度的 25% 增長到 27%。

What's really notable to me though, when I look at this number is the growth in the underlying MTUs and how many users we now have using multiple products on our platform. Brian shared, we have 1.7 million users staking, but we also saw 2.3 million users engaging in the earned campaign during the quarter.

不過，對我來說真正值得注意的是，當我看到這個數字時，底層 MTU 的增長以及我們現在有多少用戶在我們的平台上使用多種產品。 Brian 分享說，我們有 170 萬用戶進行質押，但我們也看到本季度有 230 萬用戶參與了賺取的活動。

Separately, on our institutional side, we're seeing broad adoption. One of the things that we highlighted for you all is that we now have 10% of the top 100 hedge funds measured by AUM, now clients of Coinbase and engaging with the crypto economy.

另外，在我們的機構方面，我們看到了廣泛的採用。我們向大家強調的一件事是，我們現在擁有按 AUM 衡量的前 100 名對沖基金中的 10%，現在是 Coinbase 的客戶並參與加密經濟。

Just like Brian shared a few years ago, where we had very few MTUs like a year ago, very few stakers. About a year ago, hedge funds weren't participating in crypto. This is really a new theme that we see where more and more hedge funds are making allocation to the crypto economy and engaging in multiple assets on our platform. Combined, our users generated $462 billion of trading volume, which led to $2 billion in net revenue and $1.1 billion of adjusted EBITDA.

就像布賴恩幾年前分享的那樣，我們像一年前那樣擁有很少的 MTU，也很少有質押者。大約一年前，對沖基金沒有參與加密。這確實是一個新主題，我們看到越來越多的對沖基金正在向加密經濟進行配置，並在我們的平台上參與多種資產。加起來，我們的用戶創造了 4620 億美元的交易量，帶來了 20 億美元的淨收入和 11 億美元的調整後 EBITDA。

We were also pleased to see the growth in our subscription and services revenue, which totaled $103 million in Q2, roughly 5% of our total revenue. I want to take this not just to remind everybody that crypto asset prices and volatility heavily influenced our transaction revenue. And these inputs continue to be volatile and very hard to forecast. We do not extrapolate our quarterly results. We shared our current outlook of potential future full year 2021 scenarios with you in our shareholder letter, and we believe that any of those outcomes are possible for the full year.

我們也很高興看到我們的訂閱和服務收入增長，第二季度總計 1.03 億美元，約占我們總收入的 5%。我想藉此提醒大家，加密資產價格和波動性嚴重影響了我們的交易收入。而且這些輸入仍然不穩定且很難預測。我們不會推斷我們的季度業績。我們在股東信中與您分享了當前對 2021 年全年潛在情景的展望，我們相信這些結果中的任何一個在全年都是可能的。

Okay. Great. Thanks. So let's now turn to the questions that we've received from our analysts and investors through the Say Technologies platform. We had several questions centered around the regulatory landscape from our analysts. So Will Nance at Goldman Sachs, Sean Horgan at Rosenblatt, Rich Repetto at Piper Sandler, Lisa Ellis of MoffetNathanson, Harshita Rawat at Bernstein and Patrick O'Shaughnessy at Raymond James, all asked about this topic.

好的。偉大的。謝謝。因此，現在讓我們轉向通過 Say Technologies 平台從分析師和投資者那裡收到的問題。我們的分析師提出了幾個圍繞監管環境的問題。所以高盛的 Will Nance、Rosenblatt 的 Sean Horgan、Piper Sandler 的 Rich Repetto、MoffetNathanson 的 Lisa Ellis、Bernstein 的 Harshita Rawat 和 Raymond James 的 Patrick O'Shaughnessy 都問過這個話題。

So Brian, let's start with your view on the current regulatory environment. what kinds of proposals or actions do you view as likely coming off of the recent events and commentary? And how should that be viewed for the industry overall? What does it mean for Coinbase relative to perhaps less conservative competitors?

那麼布萊恩，讓我們從您對當前監管環境的看法開始。您認為最近的事件和評論可能會產生哪些建議或行動？應該如何看待整個行業？相對於可能不太保守的競爭對手來說，這對 Coinbase 意味著什麼？

Yes. So the regulatory environment has been super interesting recently, if you've been following along in the news and on social media, just recently with the Senate vote on the language and the infrastructure bill, which has kind of gotten a lot of attention.

是的。所以最近監管環境非常有趣，如果你一直在關注新聞和社交媒體，就在最近參議院對語言和基礎設施法案進行投票時，這已經引起了很多關注。

So a couple of things that I've taken away from this. I mean the first one is that the crypto community has really kind of come out as a powerful constituent, which has something like on the order of 20 million people in the U.S. who have crypto, we don't know exactly, but they're now actually becoming a volumed participant in the policy efforts around the U.S., and I think that's going to happen around the globe eventually.

所以我從這件事中拿走了一些東西。我的意思是第一個是加密社區已經真正成為一個強大的組成部分，在美國有大約 2000 萬人擁有加密，我們不知道確切的，但他們是現在實際上成為美國各地政策努力的大量參與者，我認為這最終會在全球範圍內發生。

And the other thing is that there's still a really big gap in understanding. We're seeing a number of our policy makers out there go to bat really for the crypto community and understand the potential of this technology and what it can do and others who still have quite a bit of skepticism or just frankly, a lack of understanding.

另一件事是在理解上仍然存在很大的差距。我們看到我們的許多政策制定者真正為加密社區而戰，並了解這項技術的潛力及其可以做什麼，而其他人仍然持懷疑態度，或者坦率地說，缺乏理解.

And so just like with the birth of the Internet, I think there's huge opportunity here for governments around the world to benefit from the economic growth and the innovation that could happen with crypto. But of course, some of the risks need to be mitigated and that's just an opportunity for us to go out there and educate.

因此，就像互聯網的誕生一樣，我認為世界各國政府都有巨大的機會從加密貨幣可能發生的經濟增長和創新中受益。但是，當然，需要減輕一些風險，這只是我們走出去接受教育的機會。

So what is Coinbase doing? Well, really from the earliest days of Coinbase when it was founded, we made this decision that we wanted to go out there and be an educational resource with regulators and folks in government and try to be the most trusted crypto company out there and really invest in compliance have that kind of tone from the top.

那麼 Coinbase 在做什麼呢？好吧，實際上，從 Coinbase 成立之初，我們就做出了這個決定，我們想走出去，成為監管機構和政府人員的教育資源，並努力成為最值得信賴的加密公司並真正投資在合規上有那種從上到下的語氣。

And we felt like that was a more difficult path to go on, but it was the right long-term approach that would pay dividends and really be a business enabler for us. And so we've continued that approach. We're doing that in a variety of ways. We just recently hired Faryar Shirzad, who is the former -- he's our Chief Policy Officer and was previously the co-head of government affairs at Goldman Sachs, and he was also at the White House, National Security Council member. So that's been great. He's building out his team, as you can imagine, just having started he's quite busy these days.

我們覺得那是一條更難走的路，但這是正確的長期方法，可以帶來紅利，真正成為我們的業務推動者。所以我們繼續這種方法。我們正在以多種方式做到這一點。我們最近剛剛聘請了前任 Faryar Shirzad，他是我們的首席政策官，之前是高盛的政府事務聯席主管，他還是白宮的國家安全委員會成員。所以這很棒。正如你可以想像的那樣，他正在組建他的團隊，剛開始他這幾天很忙。

We're also investing in something called the Criptive Council for innovation, which is an advocacy group that a number of other companies in the industry have come together on. And we're using that as a vehicle to kind of go out there and educate. And so I think we've always welcomed sensible regulation in this space. We basically just want to be treated on a level playing field with any other traditional financial services companies out there.

我們還投資了一個名為 Criptive Council for Innovation 的組織，這是一個由業內許多其他公司聯合組成的倡導組織。我們用它作為一種去那裡教育的工具。所以我認為我們一直歡迎在這個領域進行明智的監管。我們基本上只是希望與其他任何傳統金融服務公司在公平的競爭環境中受到對待。

And I think unlike maybe some traditional tech companies that sort of have waited for something bad to happen then they like reluctantly go engage with the government. I think we view it as our role to kind of go out there proactively before a kind of issue comes up that educational resource and kind of advise world leaders and finance ministers on how they can adapt their economies to capture the opportunity environment with the crypto economy.

而且我認為可能不像一些傳統的科技公司，他們在等待不好的事情發生，然後他們很不情願地與政府打交道。我認為我們認為我們的角色是在出現某種問題之前主動走出去，教育資源和建議世界領導人和財政部長如何調整經濟以抓住加密經濟的機會環境.

Central Bank digital currencies are a hot topic. Competitiveness with China, who's really kind of taken a lead on this. And so it's about shifting people's mentality from thinking about crypto as a set of risks they have to deal with to thinking of it as an opportunity. And yes, we can mitigate those risks, but that's actually not the most important thing in front of us. So that's what we're doing on the policy side.

央行數字貨幣是一個熱門話題。與中國的競爭力，中國在這方面確實處於領先地位。因此，這是關於將人們的心態從將加密貨幣視為他們必須應對的一系列風險轉變為將其視為機遇。是的，我們可以減輕這些風險，但這實際上並不是擺在我們面前的最重要的事情。這就是我們在政策方面正在做的事情。

Okay. Great. And as a follow-up for Alesia, lending, in particular, seems top of mind, not just for SEC Chairman, Gensler, but for states as well that have taken action against other companies. Could you talk about what types of lending activities Coinbase is currently engaged in? And what concerns do you have around scaling these efforts while also remaining compliant with any forthcoming regulations?

好的。偉大的。作為 Alesia 的後續行動，尤其是貸款似乎是首要考慮的問題，不僅對於 SEC 主席 Gensler，而且對於對其他公司採取行動的州也是如此。你能談談 Coinbase 目前從事哪些類型的借貸活動嗎？您對擴大這些努力同時保持遵守任何即將出台的法規有什麼顧慮？

Thanks, Anil. Great question. So we began to build out a robust financing business. Today, we offer bilateral lending and post-trade credit to our institutional clients. On the retail side, our retail borrow product has seen growth, and we now enable our customers to borrow up to $100,000 against their crypto holdings.

謝謝，阿尼爾。好問題。因此，我們開始建立強大的融資業務。今天，我們向機構客戶提供雙邊貸款和交易後信貸。在零售方面，我們的零售借貸產品實現了增長，我們現在使我們的客戶能夠以他們的加密資產借貸高達 100,000 美元。

These products are offered through Coinbase's credit under our state lending licenses that we have. It's important to note that today, we lend funds off our own balance sheet. We are paying careful attention to SEC Chairman Gensler's public statements, and we're eager to understand the legal framework for the concerns that he has raised and how NEF those may impact our product road bound.

這些產品是根據我們擁有的國家貸款許可證通過 Coinbase 的信用提供的。值得注意的是，今天，我們從自己的資產負債表中藉出資金。我們正在密切關注 SEC 主席 Gensler 的公開聲明，我們渴望了解他提出的擔憂的法律框架以及 NEF 這些可能如何影響我們的產品之路。

As Brian said, we are engaging with staff and we reiterate our commitment to bring just the market reality to their attention and are looking forward to engagement with regulators to drive from our regulation to provide the clarity and to enable our product growth.

正如布賴恩所說，我們正在與員工接觸，我們重申我們致力於讓他們關注市場現實，並期待與監管機構接觸，以推動我們的監管提供清晰度並促進我們的產品增長。

Okay. Let's turn to some questions that we received from our investors. We had a number of questions this quarter, including some of the top voted ones that deal with the topic of decentralization in applications like DFI, NFTs, Web 3.0 and others. Brian, could you help our investors understand a bit more about that shift and talk about the investments coin-based is making here?

好的。讓我們談談我們從投資者那裡收到的一些問題。本季度我們有很多問題，包括一些投票最多的問題，這些問題涉及 DFI、NFT、Web 3.0 等應用程序中的去中心化主題。布賴恩，你能幫助我們的投資者更多地了解這種轉變並談談基於代幣的投資嗎？

Yes, sure. So it's funny for a long time -- Coinbase was founded probably about 9 years ago, and people would always ask me kind of what -- where are the use cases, aside from trading? And the good news is that we're now seeing tons of use cases pop-up in crypto. Some of them were mentioned DFI, NFTs and all the third-party gaps or the Web 3.0 concept, there's literally hundreds of start-ups out there being funded by top-tier VCs with really great founding team. It's kind of like basically the dotcom start-ups of the Internet era.

是的，當然。所以很長一段時間以來都很有趣——Coinbase 可能成立於大約 9 年前，人們總是會問我什麼——除了交易之外，用例在哪裡？好消息是，我們現在看到大量的用例出現在加密貨幣中。其中一些提到了 DFI、NFT 和所有第三方差距或 Web 3.0 概念，實際上有數百家初創公司由頂級風險投資公司資助，擁有非常出色的創始團隊。這基本上有點像互聯網時代的 dotcom 初創企業。

And so there's tons of use cases out there that are being created with Coinbase as the primary financial account for many of these people participating in the crypto economy, they, of course, want to take those assets, they're storing with us and to use them with all these different new applications out there, these third-party applications.

因此，有大量的用例以 Coinbase 作為參與加密經濟的許多人的主要財務賬戶，他們當然想要拿走這些資產，他們與我們一起存儲並將它們與所有這些不同的新應用程序一起使用，這些第三方應用程序。

So what do we need to do to make sure we can enable that? Well, with Coinbase's wallet today, which is our self-pay, you can go participate in all these things, DFI, NFTs, third-party applications and a number of our customers are taking advantage of that.

那麼我們需要做些什麼來確保我們可以啟用它呢？好吧，今天有了 Coinbase 的錢包，也就是我們的自付費用，你可以參與所有這些事情，DFI、NFT、第三方應用程序和我們的一些客戶正在利用這一點。

But how do we bring that functionality to the main Coinbase app, the one that has the majority of our users? Well, that's the next thing that we're working on. And so we're doing that with a kind of crypto app store, if you will, that can be built right to the app. We're also doing some work to rearchitect our Hot wallet using a technology called MPC or multiparty computation, which is going to make our Hot wallet compatible with these DAS or third-party applications. So there's some really important engineering architecture work happening there.

但是，我們如何將這一功能帶到主要的 Coinbase 應用程序中，這個擁有我們大多數用戶的應用程序呢？嗯，這就是我們接下來要做的事情。因此，我們正在使用一種加密應用商店來做到這一點，如果你願意的話，它可以直接構建到應用程序中。我們還在做一些工作，使用稱為 MPC 或多方計算的技術重新構建我們的熱錢包，這將使我們的熱錢包與這些 DAS 或第三方應用程序兼容。所以那裡發生了一些非常重要的工程架構工作。

And just the concept of embracing decentralization is bigger than just NFTs or DFI or whatever the hottest thing is that's happening this month in crypto. It's also about us embracing a global mindset. We are trying to build a company that enables people all over the world to access the crypto economy. So we're doing a lot of effort in international expansion. It's also about enabling all the new assets that are being created in crypto.

擁抱去中心化的概念不僅僅是 NFT 或 DFI 或本月在加密領域發生的任何最熱門的事情。這也與我們擁抱全球思維有關。我們正在努力建立一家公司，讓世界各地的人們都能訪問加密經濟。所以我們在國際擴張方面做了很多努力。它還涉及啟用以加密貨幣創建的所有新資產。

Like I mentioned earlier, we really want to be the Amazon of assets. We actually added 22 assets in Q2, which was great. That was the most we ever added in the quarter. But we need to keep scaling that. I think there's eventually going to be millions of crypto assets out there.

就像我之前提到的，我們真的想成為資產的亞馬遜。我們實際上在第二季度添加了 22 項資產，這很棒。這是我們在本季度添加的最多。但我們需要繼續擴大規模。我認為最終會有數百萬的加密資產出現。

You can imagine that there's going to be a crypto asset for every crypto start that wants to get creative and who wants to raise money or every kind of -- individual might create a coin or there's NFTs, like there's so many new assets being created that we eventually need to support millions of these. And so there's a lot of work going into how we scale that process internally and manage we're ready for all of that growth.

你可以想像，對於每一個想要發揮創造力、想要籌集資金或各種類型的加密貨幣初創公司，都會有一種加密資產——個人可能會創造硬幣或有 NFT，就像正在創造的新資產如此之多一樣我們最終需要支持數百萬這樣的人。因此，在我們如何在內部擴展該流程並進行管理方面有很多工作要做，我們已經為所有這些增長做好了準備。

Great. Switching gears a bit. We got a question about asset listings. So Sean Horgan over at Rosenblatt Securities asked about engagement and activity on Coinbase after the introduction of those last quarter. And how that approach has -- if that approach has changed as we look at new assets. And Brian, could you just overall expand on our approach to asset listings in general?

偉大的。稍微換個檔次。我們有一個關於資產清單的問題。因此，Rosenblatt Securities 的 Sean Horgan 在上個季度推出 Coinbase 後詢問了 Coinbase 的參與度和活動。以及這種方法是如何發生的——如果我們看待新資產時這種方法發生了變化。布賴恩，您能否全面擴展我們對資產上市的總體方法？

Yes. So no major changes as a result of that asset listing, but that was one of the 22 that we did in Q2. I mean our overall approach is we're agnostic about which assets are going to win. We really just want to support every asset that's legal for our customers. And we have a very rigorous process we've created on the compliance and the legal and the cybersecurity evaluation of these assets to make sure they comply with those standards. But once we get comfortable with that, we want to list every asset that meets the listing criteria.

是的。因此，該資產上市沒有重大變化，但這是我們在第二季度所做的 22 項之一。我的意思是我們的整體方法是我們不知道哪些資產將獲勝。我們真的只想支持對我們的客戶合法的每一項資產。我們針對這些資產的合規性、法律和網絡安全評估制定了非常嚴格的流程，以確保它們符合這些標準。但是，一旦我們對此感到滿意，我們希望列出符合上市標準的所有資產。

Bitcoin and Ethereum still make up about 50% of our trading volume. And the other 50% is kind of the long tail of all the other assets that we support. No single one of those long tail assets accounts for more than 10% of our trading volume. So it's really starting to become quite a diverse set of assets out there. And in any given week or month, there's something interesting in happening in one of them and it tends to trend up or down.

比特幣和以太坊仍然占我們交易量的 50% 左右。另外 50% 是我們支持的所有其他資產的長尾。這些長尾資產中沒有任何一項占我們交易量的 10% 以上。所以它真的開始變成非常多樣化的資產。在任何給定的一周或一個月內，其中一個都會發生一些有趣的事情，並且趨向於上升或下降。

So we never know which one is going to be there the active one that week, but we need to know -- we know that we need to support the entire ecosystem of assets out there for our customers.

因此，我們永遠不知道那週哪一個會是活躍的，但我們需要知道——我們知道我們需要為我們的客戶支持整個資產生態系統。

Great. Brian, several shareholders asked about our institutional business and how Coinbase's offering is not only differentiated relative to other service providers in the market today, but also how you believe the product evolves over time as more established players enter the space. Could you talk a little bit about that?

偉大的。 Brian，幾位股東詢問了我們的機構業務，以及 Coinbase 的產品如何不僅相對於當今市場上的其他服務提供商與眾不同，而且隨著更多老牌玩家進入該領域，您認為產品如何隨著時間的推移而發展。你能談談這個嗎？

Yes. Sure. So I'm really excited about our institutional product. And it's going super well. We've now basically become the dominant institutional platform out there. We're serving customers like SpaceX and Tesla, also PNC Bank, Third Point and WisdomTree.

是的。當然。所以我對我們的機構產品感到非常興奮。而且進展非常順利。我們現在基本上已經成為了占主導地位的機構平台。我們為 SpaceX 和 Tesla 等客戶提供服務，還為 PNC Bank、Third Point 和 WisdomTree 等客戶提供服務。

Alesia mentioned earlier, 10% of the top 100 hedge funds by AUM, I have now onboarded with our institutional product. And so we're just really excited about this product. The asset managers, corporate treasuries are now using this product pension funds. So there it's really quite a lot of adoption that we've seen.

Alesia 之前提到，AUM 排名前 100 位的對沖基金中有 10%，我現在已經加入了我們的機構產品。所以我們對這個產品真的很興奮。資產管理公司、企業國庫現在都在使用這種產品的養老基金。因此，我們已經看到了很多采用率。

And so the question you asked about why are they choosing Coinbase, what's defensible about it? So I think the main thing that's defensible is that we are really the fully integrated solution here, right? So people not only trust us to do custody and store crypto assets, but we also have our prime brokerage product integrated, so they have the full suite of products there in terms of our smart order router, which connects into more than 10 venues to get best liquidity.

所以你問他們為什麼選擇 Coinbase 的問題，它有什麼可辯護的？所以我認為主要的辯護是我們真的是完全集成的解決方案，對吧？因此，人們不僅信任我們進行加密資產的託管和存儲，而且我們還集成了我們的大宗經紀產品，因此他們擁有智能訂單路由器方面的全套產品，該路由器連接到 10 多個場所以獲得最佳流動性。

We also have a number of products -- services for them like postpaid credits. If they want to be staking on those assets and earn yield or if they want to participate in the governance of some of these blockchains, these are all features that our institutional customer ask for.

我們還有許多產品——為他們提供的服務，如後付費信用。如果他們想在這些資產上進行質押並獲得收益，或者如果他們想參與其中一些區塊鏈的治理，這些都是我們的機構客戶所要求的功能。

We've also integrated our market and on chain data analytics products in a way that it's providing them a lot of value. And so we basically have this one-stop shop where you can store your crypto, trade it, earn yield, do post-trade credits and things like that, that are needed all in one place.

我們還整合了我們的市場和鏈上數據分析產品，為它們提供了很多價值。因此，我們基本上擁有這個一站式商店，您可以在其中存儲您的加密貨幣、進行交易、賺取收益、進行交易後信用以及類似的事情，這些都需要在一個地方完成。

I think it also really helps that we've established ourselves as the first public crypto company offering this kind of service. It's -- now larger companies are much more comfortable trading with us. And the work that we've done to create this product is really difficult. People sometimes don't realize that integrating with all these different blockchains, doing transaction monitoring for compliance storing these private keys and material in a way that's distributed globally, so it has redundancy and consensus mechanisms, and it's audited and pen tested, this is all really a core differentiator for us.

我認為，我們將自己確立為第一家提供此類服務的公共加密公司，這也確實有幫助。這是 - 現在大公司更願意與我們進行交易。我們為創造這個產品所做的工作真的很困難。人們有時沒有意識到，與所有這些不同的區塊鏈集成，為合規性進行交易監控，以全球分佈的方式存儲這些私鑰和材料，因此它具有冗餘和共識機制，並且經過審計和滲透測試，僅此而已對我們來說確實是一個核心差異化因素。

And so we're really -- the last part of the question really just asked about what's going to happen as more established players entered the space. I mean, first of all, I think we're really excited about that. We want every single financial services company out there to enter the crypto space because we believe this is going to be a huge part of the economy in the future, a substantial portion of global GDP. And so we want every bank and financial service company and fintech out there to integrate crypto, if they haven't started already.

所以我們真的 - 問題的最後一部分真的只是問隨著更多老牌玩家進入這個領域會發生什麼。我的意思是，首先，我認為我們對此感到非常興奮。我們希望每一家金融服務公司都進入加密領域，因為我們相信這將成為未來經濟的重要組成部分，佔全球 GDP 的很大一部分。所以我們希望每家銀行、金融服務公司和金融科技公司都整合加密，如果他們還沒有開始的話。

So I think this is partially a competition for us, but it's also partially an opportunity because one of the things we're building is called Coinbase Cloud, and this is kind of our AWS for crypto product. It's taking all those difficult things that we've had to build that I mentioned in very blockchains and transaction monitoring and custody and everything and exposing those through APIs in a way that any third party can actually build on top of those services, those APIs to get to market faster. And we're seeing interest from a number of those financial service players, for instance.

所以我認為這對我們來說部分是競爭，但也部分是機會，因為我們正在構建的東西之一叫做 Coinbase Cloud，這是我們的 AWS 加密產品。它採用了我在區塊鍊和交易監控和託管中提到的所有那些我們必須構建的困難的東西，並通過 API 以任何第三方實際上可以在這些服務之上構建的方式公開這些東西，這些 API更快地進入市場。例如，我們看到了許多金融服務業者的興趣。

And so I think that we may have an opportunity to actually create a big business out of that as more and more people enter the space and not have it just be purely competitive.

所以我認為，隨著越來越多的人進入這個領域，而不僅僅是純粹的競爭，我們可能有機會真正創造一個大企業。

Thank you. Alesia, investors often ask about our marketing efforts in the wake of the incremental investment we spoke about last quarter. Could you outline our marketing efforts and what they've looked like to date, what we've learned? And any clarification on the marketing strategy for the remainder of the year and beyond for Coinbase?

謝謝你。 Alesia，在我們上個季度談到的增量投資之後，投資者經常詢問我們的營銷工作。您能否概述一下我們的營銷工作以及迄今為止的情況以及我們學到了什麼？以及關於 Coinbase 今年剩餘時間及以後的營銷策略的任何澄清？

Thanks, Anil. So yes, our marketing spend has grown and grew about 65% quarter-over-quarter. So we're definitely ramping up our efforts here. To date, our spend is primarily centered on paid media on digital channels. And we believe the step-up marketing was a key component of the growth of our MTUs this quarter.

謝謝，阿尼爾。所以是的，我們的營銷支出環比增長了約 65%。因此，我們肯定會在這方面加大努力。迄今為止，我們的支出主要集中在數字渠道的付費媒體上。我們認為，升級營銷是本季度 MTU 增長的關鍵組成部分。

As we look forward though, we plan to really ramp up additional marketing investments in 3 ways: with the goal of driving brand awareness, growing customer acquisition and increasing our customer retention globally.

不過，正如我們所期待的那樣，我們計劃以 3 種方式真正增加額外的營銷投資：目標是提高品牌知名度、增加客戶獲取並提高我們在全球的客戶保留率。

They're going to see a focused scenarios of brand awareness like partnerships and sponsorships. We're going to look to new strategic channels and new venture channels for us, which could include TV or out-of-home, also the digital space. These will be fundamentally new marketing channels for Coinbase, and we expect them to perform differently than the optimized core performance marketing moves invested in to-date.

他們將看到品牌知名度的重點場景，例如合作夥伴關係和讚助。我們將為我們尋找新的戰略渠道和新的風險渠道，其中可能包括電視或戶外，以及數字空間。這些將是 Coinbase 的全新營銷渠道，我們預計它們的表現將不同於迄今為止投資的優化核心績效營銷舉措。

What we're looking to do here is test we need to learn and iterate to get the right balance between optimize and new channels to drive additional growth and return on our investments over time. We believe all these new investments in brand campaigns and strategic and venture channels will drive the full funnel of customer growth and bring more and more people into the crypto economy, which is really our long-term goal of driving 1 billion people in the crypto and creating economic freedom.

我們在這裡要做的是測試，我們需要學習和迭代，以在優化和新渠道之間取得適當的平衡，從而隨著時間的推移推動額外的增長和投資回報。我們相信所有這些對品牌活動以及戰略和風險渠道的新投資將推動客戶增長的完整渠道，並將越來越多的人帶入加密經濟，這確實是我們推動 10 億人進入加密和創造經濟自由。

As we look to the rest of the year in terms of spend, we've left our outlook unchanged, and we believe sales and marketing expense the percent of our net revenue for full year 2021 will range between 12% to 15% of our net revenue.

當我們展望今年剩餘時間的支出時，我們的前景保持不變，我們相信銷售和營銷費用占我們 2021 年全年淨收入的百分比將在我們淨收入的 12% 到 15% 之間收入。

About half a dozen shareholders inquired about topics related to our capital allocation principles. How Coinbase evaluates investment opportunities? How we fund these opportunities? And ultimately, if and when capital may be returned to shareholders?

大約六名股東詢問了與我們的資本分配原則相關的話題。 Coinbase 如何評估投資機會？我們如何資助這些機會？最終，是否以及何時可以將資本返還給股東？

Alesia, can you provide a framework for helping investors understand our approach to capital allocation?

Alesia，您能否提供一個框架來幫助投資者了解我們的資本配置方法？

Happy to. So we are a high-growth company, and we are in what we think of as the earliest days of a massive global opportunity to bring crypto to 1 billion people. As such, we think it's the best opportunity to put our capital to work in our growth for wheel and flywheel for product development, to add users to our platform, to add new assets to our platform and build the exciting product road map we have.

高興。因此，我們是一家高增長的公司，我們正處於我們認為的將加密貨幣帶給 10 億人的巨大全球機遇的早期階段。因此，我們認為這是將我們的資金投入到產品開發的輪子和飛輪的增長、向我們的平台添加用戶、向我們的平台添加新資產並構建我們擁有的令人興奮的產品路線圖的最佳機會。

We invest this resource in a 70%-20%-10% framework. Thinking about 70% as a percent towards core work, 20% to strategic investments and then 10% to innovative new ideas. We also think about investing both organically and inorganically, and we think about using our capital for the potential for opportunistic acquisitions in service of our product road map. When we think about the use of our cash overall, Ben, it's to fund our operations, just core business operations. We also think of it for strategic purposes.

我們將此資源投入到 70%-20%-10% 的框架中。將 70% 用於核心工作，20% 用於戰略投資，然後 10% 用於創新的新想法。我們還考慮進行有機和無機投資，並考慮利用我們的資金進行機會性收購的潛力，以服務於我們的產品路線圖。當我們考慮整體現金的使用時，本，它是為我們的運營提供資金，只是核心業務運營。我們也出於戰略目的考慮它。

And lastly, what we would think of is for investment cash. We're very mindful that crypto is volatile, and we want to ensure we have enough cash and resources to weather any prolonged crypto winter cycle and still be able to grow our business and execute on our business goals.

最後，我們會想到的是投資現金。我們非常注意加密貨幣的波動性，我們希望確保我們有足夠的現金和資源來度過任何延長的加密貨幣冬季週期，並且仍然能夠發展我們的業務並執行我們的業務目標。

So as we said previously, we have no intention of any near-term return of capital to shareholders in the form of a dividend or share repurchase.

因此，正如我們之前所說，我們無意以股息或股票回購的形式在短期內向股東返還資本。

Okay. Thanks. Brian, customer service continues to be a hot button issue and a very important topic for many of our shareholders and consumers. What would you tell shareholders about the state of customer service at Coinbase? And what are we doing to address ongoing customer concerns?

好的。謝謝。 Brian，對於我們的許多股東和消費者來說，客戶服務仍然是一個熱門話題和一個非常重要的話題。關於 Coinbase 的客戶服務狀況，你會告訴股東什麼？我們正在做些什麼來解決持續存在的客戶問題？

Yes. Well, with all of this hyper growth happening in the last couple of quarters, you can imagine this has been a big focus for us. So proud of our report that we are doing much better, but there's always more to do. We've increased the head count 5x or so since January, beginning of this year, working on support specifically. And so that means there's now more than 3,000 people dedicated to solving customer support issues.

是的。好吧，隨著過去幾個季度發生的所有這些高速增長，你可以想像這一直是我們關注的重點。為我們的報告感到自豪，我們做得更好，但總有更多工作要做。自今年年初以來，我們已將員工人數增加了 5 倍左右，專門致力於支持。這意味著現在有 3,000 多人致力於解決客戶支持問題。

We're also rolling out live support for customers via chat and phone later this year in a more robust fashion. So some of these things, along with our -- just improving our education resources, making sure help center is up to date with all the latest features. These are all investments that are happening. And I think we'll continue to make progress there.

我們還將在今年晚些時候以更強大的方式通過聊天和電話為客戶提供實時支持。所以其中一些事情，以及我們的——只是改進我們的教育資源，確保幫助中心是最新的，具有所有最新功能。這些都是正在發生的投資。我認為我們將繼續在那裡取得進展。

A few investors honed in on the consumer financing products we brought to market recently, like Coinbase Card and Bitcoin Borrow. Brian, can you talk about the vision for those offerings, early learnings from how consumers are engaging with them and how and when we intend to expand those programs?

一些投資者對我們最近推向市場的消費金融產品進行了深入研究，例如 Coinbase Card 和 Bitcoin Borrow。 Brian，您能否談談這些產品的願景，從消費者如何與他們互動中獲得的早期經驗以及我們打算如何以及何時擴展這些計劃？

Yes. Sure. So Coinbase Card and Coinbase Borrow are both examples of what we think of as expanding the crypto economy, right? It's this trend that we've talked about where crypto started off as something that primarily people were trading. And then they thought about what else can I do with this? Can I spend it? Can I get a loan? Can I earn money with crypto and participate in the crypto economy in a broader way? Doing all those things people might do with money eventually.

是的。當然。所以 Coinbase Card 和 Coinbase Borrow 都是我們認為擴展加密經濟的例子，對吧？正是這種趨勢，我們談到了加密貨幣最初是人們交易的東西。然後他們想我還能用這個做什麼？我可以花嗎？我可以貸款嗎？我可以用加密貨幣賺錢並以更廣泛的方式參與加密經濟嗎？做所有這些人們最終可能會用錢做的事情。

So the Bitcoin Borrow feature is a great way that we've allowed customers to secure a USD loan using the Bitcoin as collateral. And it's been great to roll that product out. Coinbase Card is allowing customers to actually go spend their crypto on a debit card anywhere that Visa is accepted.

因此，比特幣借貸功能是我們允許客戶使用比特幣作為抵押獲得美元貸款的一種很好的方式。推出該產品真是太好了。 Coinbase Card 允許客戶在任何接受 Visa 的地方使用借記卡消費他們的加密貨幣。

So one of our goals long term is how do we get more and more commerce transactions for goods and services in everyday economy happening with crypto. And there's a few things that need to get in place for that to happen. One is that you need to get the blockchains to be more scalable. And so there's some work we're doing on how to overcome that.

因此，我們的長期目標之一是如何在日常經濟中通過加密獲得越來越多的商品和服務商業交易。為了實現這一點，需要採取一些措施。一是你需要讓區塊鏈更具可擴展性。所以我們正在做一些工作來解決這個問題。

The other is that we need to get both a set of merchants and a set of consumers who both want to spend crypto. So that's kind of a 2-sided marketplace, a chicken and egg problem. And so Coinbase Card is a way for us to dial up one side of the two sided market by allowing -- you don't need the merchant to specifically accept crypto. They can -- as long as they accept Visa, you can spend your crypto with them.

另一個是我們需要同時獲得一組商家和一組都想使用加密貨幣的消費者。所以這是一個雙面市場，一個先有雞還是先有蛋的問題。因此，Coinbase 卡是我們通過允許撥打雙邊市場一側的一種方式——您不需要商家專門接受加密貨幣。他們可以——只要他們接受 Visa，你就可以和他們一起使用你的加密貨幣。

So we'll dial up one side of the market, people spending their crypto. And once we get that to be larger, we can then go see who are the merchants accepting the most payments in crypto and then we can go direct to those merchants and say, "Hey, maybe want to think about accepting crypto directly" and see what kind of fees you can set and things like that.

因此，我們將撥通市場的一側，人們花費他們的加密貨幣。一旦我們把它變大，我們就可以去看看誰是接受加密貨幣支付最多的商家，然後我們可以直接去找這些商家說，“嘿，也許想考慮直接接受加密貨幣”然後看看你可以設置什麼樣的費用等等。

So that's a little bit of how we think about it. And it all fits broadly under this concept of how do we grow the crypto economy, how do we get people using crypto for more and more things, all the things they would use money for value for traditionally but also probably some new ones, which are -- don't have a direct equivalent in the traditional economy.

這就是我們的想法。這一切都廣泛適用於我們如何發展加密經濟，我們如何讓人們使用加密來做越來越多的事情，他們會用金錢來換取傳統價值的所有事情，但也可能是一些新的事情，它們是——在傳統經濟中沒有直接的等價物。

Okay. Great. I think we're going to have time for one last question here, which comes from Owen Lau at Oppenheimer about fees. Alesia, you mentioned before claim base doesn't compete on fees, but could you elaborate on our reported fees in Q2 as well as thoughts on both fees and spread going forward?

好的。偉大的。我想我們將有時間在這裡討論最後一個問題，它來自 Oppenheimer 的 Owen Lau 關於費用的問題。 Alesia，您之前提到索賠基礎不存在費用競爭，但您能否詳細說明我們在第二季度報告的費用以及對未來費用和價差的想法？

Yes. So you are correct. We have said before that we do not compete on fees. And instead of focusing on being the lowest priced platform, we focus on providing the most value to customers through our custody, our security and storage in addition to trade execution, which is critical for their instruments like crypto.

是的。所以你是對的。我們之前說過，我們不競爭費用。我們並沒有專注於成為價格最低的平台，而是專注於通過我們的託管、我們的安全和存儲以及交易執行為客戶提供最大的價值，這對於他們的加密貨幣等工具至關重要。

On the retail side, these services are bundled into our transaction fees. Although competing though for these users based on the product suite, as we shared earlier, our users continue to further engage with the crypto economy in nontrading products like staking and earn these types of services, new assets, new ways to engage with crypto or want to track users to client base.

在零售方面，這些服務與我們的交易費用捆綁在一起。儘管正如我們之前分享的那樣，儘管基於產品套件競爭這些用戶，但我們的用戶繼續在非交易產品中進一步參與加密經濟，並獲得這些類型的服務、新資產、參與加密的新方式或想要跟踪用戶到客戶群。

If you look at retail transaction revenue relative to our retail trading fee -- sorry, volume, you will see that our weighted average retail transaction fees were 1.26% as compared to 1.21% in Q1. We driven by a mix shift between our customers. We saw more volume on consumer versus pro in Q2. I'd also remind investors report matched volume.

如果您查看相對於我們的零售交易費用的零售交易收入——抱歉，交易量，您會發現我們的加權平均零售交易費用為 1.26%，而第一季度為 1.21%。我們受到客戶之間的混合轉變的推動。我們在第二季度看到消費者與專業人士的交易量更多。我還要提醒投資者報告匹配量。

On the institutional side, customers are choosing us for our deep liquidity and the integrated product suite that Brian spoke about earlier as well as our heritage of security and compliance. If you look at our institutional transaction revenue relative to our institutional trading volume, you'll see that our weighted average fee was 3 basis points as compared to 4 basis points in Q1, driven by our tier-based pricing and the higher volume that we saw in Q2. We haven't made any broad modifications to our pricing in some time, but we are constantly running pricing experiments and testing if there are opportunities to better serve different customer segments with different pricing models.

在機構方面，客戶選擇我們是因為我們擁有深厚的流動性和 Brian 之前談到的集成產品套件，以及我們在安全性和合規性方面的傳統。如果您查看我們相對於我們的機構交易量的機構交易收入，您會發現我們的加權平均費用為 3 個基點，而第一季度為 4 個基點，這是由我們的分級定價和我們更高的交易量推動的。在第二季度看到。一段時間以來，我們沒有對定價進行任何廣泛的修改，但我們一直在進行定價實驗並測試是否有機會通過不同的定價模型更好地服務於不同的客戶群。

Great. Well, thank you. And so with that, I think we're done. Thanks, everybody, for joining us on the call today, and we'll talk to you again next quarter.

偉大的。嗯，謝謝。因此，我認為我們已經完成了。感謝大家今天加入我們的電話會議，我們將在下個季度再次與您交談。

And this concludes today's conference call. Thank you for participating. You may now disconnect your lines.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開線路。