Coinbase Global Inc (COIN) 2021 Q1 法說會逐字稿

Good afternoon.

下午好。

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

我的名字是 Erica，今天我將成為您的會議接線員。

At this time, I would like to welcome everyone to the Coinbase first-quarter 2021 earnings call.

在這個時候，我想歡迎大家參加 Coinbase 2021 年第一季度財報電話會議。

(Operator Instructions)

（操作員說明）

Thank you.

謝謝你。

Anil Gupta, Vice President Investor Relations, you may begin your conference.

Anil Gupta，投資者關係副總裁，您可以開始您的會議了。

Thank you.

謝謝你。

Good afternoon and welcome to the Coinbase first-quarter 2021 earnings call.

下午好，歡迎參加 Coinbase 2021 年第一季度財報電話會議。

Joining me on today's call are Brian Armstrong, cofounder and CEO, and Alesia Haas, CFO.

與我一起參加今天電話會議的還有聯合創始人兼首席執行官 Brian Armstrong 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, the 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、可比的 GAAP 衡量標準，這些信息發佈在我們的 IR 網站上。

Last week, we announced that we will use Say Technologies to enable all Coinbase shareholders the opportunity to submit and upload questions for our management team.

上週，我們宣布我們將使用 Say Technologies 讓所有 Coinbase 股東有機會為我們的管理團隊提交和上傳問題。

Thank you to everyone who participated in this process.

感謝所有參與此過程的人。

We will start today's call by answering some of the most upvoted questions.

我們將從回答一些最受歡迎的問題開始今天的電話會議。

We will also take live questions from Wall Street analysts, many of whom have done significant amounts of work to understand our business, which we are very appreciative of.

我們還將接受華爾街分析師的現場提問，他們中的許多人為了解我們的業務做了大量工作，我們對此非常感激。

So with that, let's dive into the first question.

因此，讓我們深入探討第一個問題。

Jordi Y asks: when will users be able to trade Doge?

Jordi Y 問：用戶什麼時候可以交易 Doge？

All right, I will take that one.

好吧，我會拿那個。

Thank you for the question, Jordi.

謝謝你的問題，喬迪。

And asset addition is something that's near and dear to my heart.

增加資產是我心中最親近的東西。

There is more and more assets being created in the crypto economy.

加密經濟中創造了越來越多的資產。

I think it's going to be something kind of like apps in the App Store on the iPhone where there's eventually millions of these assets created over time.

我認為這將類似於 iPhone 上 App Store 中的應用程序，隨著時間的推移，最終會創建數百萬個此類資產。

And so we are putting a lot of work and thought into how do we accelerate our pace of asset addition.

因此，我們在如何加快增加資產的步伐上投入了大量工作和思考。

And one of those is Doge, as you mentioned, which has been getting a lot of attention recently.

其中之一就是總督，正如你所提到的，它最近受到了很多關注。

So to answer your question directly, we plan to list Doge in the next six to eight weeks.

因此，為了直接回答您的問題，我們計劃在接下來的六到八週內列出 Doge。

And then more broadly, we are going to be focused on how we can accelerate asset addition in the future.

然後更廣泛地說，我們將專注於如何在未來加速資產增加。

Our next question comes from Garrett H, who asks: as volatility increases with the crypto market, can we expect to see a continuous profit and revenue growth, as with the most recent quarter?

我們的下一個問題來自 Garrett H，他問道：隨著加密市場的波動性增加，我們能否期望看到與最近一個季度一樣的持續利潤和收入增長？

In addition, can we look forward to additional ventures to cover the potential feeless future of crypto trading?

此外，我們是否可以期待更多的企業來覆蓋加密交易的潛在無情未來？

Thanks, Anil.

謝謝，阿尼爾。

I will take this one.

我會拿這個。

Garrett, thanks, this is a great question and there's a lot to unpack here.

加勒特，謝謝，這是一個很好的問題，這裡有很多東西要解開。

I want to start by saying that we do not believe in a feeless future of crypto trading, at least in the near term.

我想首先說，我們不相信加密交易的未來毫無意義，至少在短期內是這樣。

That said, we are definitely focused on building new products and services and have diversified our revenue stream.

也就是說，我們絕對專注於開發新產品和服務，並使我們的收入來源多樣化。

Many of these new revenue streams are reported as subscription and services revenue, which generated $56 million of revenue in the first quarter.

其中許多新收入流被報告為訂閱和服務收入，第一季度產生了 5600 萬美元的收入。

Our goal is to become the primary financial account of crypto economy for our users.

我們的目標是成為我們用戶加密經濟的主要金融賬戶。

And to achieve that goal, we are focused on introducing our customers to new products, services, adding new assets, as Brian just mentioned.

正如布賴恩剛才提到的，為了實現這一目標，我們專注於向客戶介紹新產品、新服務、增加新資產。

And over time, we believe all of this will drive diversification of our revenue.

隨著時間的推移，我們相信所有這些都將推動我們收入的多樣化。

But going back to the first part of your question as to whether we can expect to see continuous profit and revenue growth when volatility increases.

但是回到你問題的第一部分，當波動性增加時，我們是否可以期望看到持續的利潤和收入增長。

I think it's really important to understand.

我認為理解這一點非常重要。

Crypto volatility and crypto asset prices can and have fluctuated meaningfully quarter to quarter.

加密貨幣波動性和加密貨幣資產價格可以而且已經逐季顯著波動。

And historically, when we are in periods where we see a high bitcoin price and higher crypto asset price volatility, those two factors have driven to higher trading volume and therefore higher transaction fee revenue periods for Coinbase.

從歷史上看，當我們看到比特幣價格高企和加密資產價格波動較大時，這兩個因素推動了更高的交易量，因此 Coinbase 的交易費收入期也更高。

However, those are not assured.

但是，這些都不能保證。

We could see periods of increase, stability, or decrease.

我們可以看到增加、穩定或減少的時期。

In our shareholder letter, we included an outlook for Q2 along with full-year 2021 outlook.

在我們的股東信中，我們包括了第二季度的展望以及 2021 年全年的展望。

Quarter to date for the second quarter, we have seen a continuing of the strong crypto price cycle with high levels of volatility both in retail and institutional.

迄今為止的第二季度，我們看到了強勁的加密價格週期的持續，零售和機構的波動性都很高。

We expect our trading volume to meet or exceed the Q1 level if our performance continues at the current pace.

如果我們的表現繼續保持目前的速度，我們預計我們的交易量將達到或超過第一季度的水平。

And we have seen growth in MTUs since the end of Q1, driven by the continued strength in the crypto market.

自第一季度末以來，在加密市場持續走強的推動下，我們看到了 MTU 的增長。

So [here's] to remember to close, I think it's important to remind you all that our revenue in both can be volatile.

所以[這裡]要記住關閉，我認為重要的是要提醒大家，我們在這兩個方面的收入都可能不穩定。

And we could see periods of growth, we could see periods of stability, and we could see a decline in our revenue.

我們可以看到增長期，我們可以看到穩定期，我們可以看到我們的收入下降。

Our next question comes from Allan L, who asks: as crypto becomes more mainstream, how does Coinbase view competition with decentralized exchanges?

我們的下一個問題來自 Allan L，他問道：隨著加密貨幣變得越來越主流，Coinbase 如何看待與去中心化交易所的競爭？

Yes, I will take that one.

是的，我會拿那個。

So we are very excited about decentralized exchanges.

所以我們對去中心化交易所感到非常興奮。

I think this is a really important innovation in the crypto economy.

我認為這是加密經濟中一項非常重要的創新。

And it's a great example of the kinds of services out there that our customers want to use, even if it happens to be somewhat competitive with one of the products that Coinbase offers, which is a centralized exchange.

這是我們的客戶想要使用的各種服務的一個很好的例子，即使它恰好與 Coinbase 提供的一種產品（一種集中式交易所）相比具有一定的競爭力。

So I think in the future, there is going to be centralized exchanges and also decentralized exchanges.

所以我認為未來會有中心化交易所和去中心化交易所。

We need to make the full breadth of those products available to our customers.

我們需要向我們的客戶提供這些產品的全部範圍。

I am not a fan of trying to force people to use something just because it happens to be our product.

我不喜歡僅僅因為它恰好是我們的產品就強迫人們使用它。

We need to give our customers access to everything they want to use in the crypto economy.

我們需要讓我們的客戶訪問他們想在加密經濟中使用的一切。

And they can do that today through our self-custody wallet, Coinbase Wallet.

他們今天可以通過我們的自託管錢包 Coinbase Wallet 做到這一點。

They can also -- they can access decentralized exchanges directly through that product.

他們還可以——他們可以通過該產品直接訪問去中心化交易所。

We also have something called a smart order router that our institutional customers use, which can basically route orders to whatever exchange has best pricing.

我們還有一個叫做智能訂單路由器的東西，我們的機構客戶使用它，它基本上可以將訂單路由到任何價格最優惠的交易所。

And so in the future, you may see us integrate that into our retail product as well, where every order that comes through, it can be routed behind the scenes.

所以在未來，你可能會看到我們也將其整合到我們的零售產品中，每一個通過的訂單，都可以在幕後進行。

The customer doesn't even really need to know: is it going to a centralized exchange, a decentralized exchange, something run by Coinbase, something out there in the world.

客戶甚至不需要知道：它是去中心化交易所，去中心化交易所，還是由 Coinbase 運營的，還是世界上的某個地方。

As long as they are getting the best pricing, they probably don't really care.

只要他們得到最好的價格，他們可能並不在乎。

And that's a feature that we hope to offer in the future.

這是我們希望在未來提供的功能。

So we have several other top questions that have similar themes, so we will combine them here.

因此，我們還有其他幾個具有相似主題的熱門問題，因此我們將在這里合並它們。

One from Shunri G, one from Lee L, John B, and Tim G. They ask about longer-term product strategy, our new -- a potential new DeFi service offering, an update on staking, and thoughts on introducing an NFT marketplace.

一位來自 Shunri G，一位來自 Lee L、John B 和 Tim G。他們詢問了長期產品戰略、我們新的——一種潛在的新 DeFi 服務產品、關於 Staking 的更新以及關於引入 NFT 市場的想法。

Yes, so again, happy to jump in here.

是的，所以再次，很高興跳到這裡。

So there's a ton of innovation happening in the crypto economy.

因此，加密經濟中發生了大量創新。

This is great.

這很棒。

So we heard a lot of examples here with DeFi and NFTs.

所以我們在這裡聽到了很多關於 DeFi 和 NFT 的例子。

There's a lot of third-party applications; some people call them dapps or decentralized apps.

有很多第三方應用程序；有些人稱它們為 dapps 或去中心化應用程序。

DeFi is another name for that.

DeFi 是另一個名稱。

And kind of like I said in the previous answer, we want to make all these things available to our customers and just make them easy to use and trusted.

就像我在上一個答案中所說的那樣，我們希望將所有這些東西提供給我們的客戶，並讓它們易於使用和信任。

And so we are going to do that in a number of different ways.

因此，我們將以多種不同的方式做到這一點。

Again, Coinbase Wallet is an example, our self-custody app, where you can -- people are already using a number these things.

再一次，Coinbase 錢包就是一個例子，我們的自我託管應用程序，你可以——人們已經在使用這些東西。

And we hope to integrate that kind of functionality further into the main Coinbase app as well.

我們也希望將這種功能進一步集成到主要的 Coinbase 應用程序中。

In a perfect world, people will be able to just tap and open one of these third-party applications and it'll already have their wallet connected.

在一個完美的世界裡，人們只需點擊並打開這些第三方應用程序之一，它就已經連接了他們的錢包。

Because of course, our strategy is to be that primary financial account in the crypto economy.

當然，我們的戰略是成為加密經濟中的主要金融賬戶。

And in the future, maybe even their identity and everything is already connected when they just open one of these third-party applications.

將來，當他們打開這些第三方應用程序之一時，甚至他們的身份和一切都可能已經連接。

So I think that's going to be a really important part of how the crypto economy grows.

所以我認為這將成為加密經濟增長的一個非常重要的部分。

In terms of staking, since there was a question about that as well, this is been going really well.

在質押方面，由於也有一個問題，所以進展非常順利。

We actually crossed a million customers using our staking products in Q1 and it's become a nice source of revenue for us.

實際上，我們在第一季度使用我們的質押產品超過了 100 萬客戶，這對我們來說是一個很好的收入來源。

Our next question comes from Yashasvi A, who asks: what is Coinbase's strategy to deal with other exchanges with cheaper fees?

我們的下一個問題來自 Yashasvi A，他問：Coinbase 以更便宜的費用與其他交易所打交道的策略是什麼？

Apart from pricing, what other levers can you pull to attract more customers?

除了定價，您還可以利用哪些其他手段來吸引更多客戶？

Why don't I take this one?

我為什麼不拿這個？

So just to be clear, our biggest focus right now is to keep up with the current demand.

所以要明確一點，我們現在最大的重點是跟上當前的需求。

We are not focused on competing with fees.

我們並不專注於與費用競爭。

We are not trying to even win on fees.

我們甚至沒有試圖贏得費用。

We're trying to win on being the most trusted, easiest to use, on providing all the assets that our customers want to transact with.

我們正在努力贏得成為最值得信賴、最容易使用、提供客戶想要交易的所有資產的勝利。

On being able to provide to yield on crypto assets, the opportunity to engage in DeFi, as Brian just talked about.

正如布賴恩剛剛談到的那樣，能夠提供加密資產收益，參與 DeFi 的機會。

Our customers choose us because they trust us to keep their assets safe.

我們的客戶之所以選擇我們，是因為他們相信我們能夠保證他們的資產安全。

We provide an easy-to-use platform and a growing number of ways to transact and use crypto assets.

我們提供了一個易於使用的平台以及越來越多的方式來交易和使用加密資產。

Our institutions are choosing us for our secure storage as well, offered by our custody solution, the deep liquidity we offer on our exchange, and our best trading execution, where we are able to route orders across more than 10 liquidity venues, including other exchanges, to find the best price to execute client orders.

我們的機構也選擇我們作為我們的安全存儲，這得益於我們的託管解決方案、我們在交易所提供的深度流動性以及我們最好的交易執行，我們能夠在包括其他交易所在內的 10 多個流動性場所傳遞訂單, 找到執行客戶訂單的最佳價格。

On the retail side, we're bundling custody and storage services into our trading fee.

在零售方面，我們將託管和存儲服務捆綁到我們的交易費用中。

And our customers really see value in the fees that we provide based on the services.

我們的客戶真正看到了我們根據服務提供的費用的價值。

Crypto is so dynamic and is expanding and evolving every single week, which is to say this is not a commodity service.

加密是如此動態，並且每週都在擴展和發展，也就是說這不是一種商品服務。

And therefore, fees are not the sole basis that customers select who they engage with.

因此，費用並不是客戶選擇與之互動的唯一依據。

In Q1, we saw our MTUs grow up to 6.1 million, up over 200% compared to Q4 2020.

在第一季度，我們的 MTU 增長到 610 萬，與 2020 年第四季度相比增長了 200% 以上。

So while the crypto economy exploded, more and more users are choosing Coinbase and our services to access the crypto economy.

因此，在加密經濟爆炸式增長的同時，越來越多的用戶選擇 Coinbase 和我們的服務來訪問加密經濟。

We have another question from Allan L, who asks: what is Coinbase's stands on government regulation over cryptocurrency?

我們還有一個來自 Allan L 的問題，他問：Coinbase 對政府監管加密貨幣的立場是什麼？

Are there any long-term risks associated with this to Coinbase's core business model?

Coinbase 的核心業務模式是否存在與此相關的長期風險？

Yes, so our stance on regulation is that we have always decided to embrace regulation.

是的，所以我們對監管的立場是，我們一直決定接受監管。

And we've always assumed that for this industry to reach a billion people using the crypto economy, which is what we want to do, it's going to have to be a regulated industry.

我們一直認為，要讓這個行業使用加密經濟達到 10 億人，這就是我們想要做的，它必須是一個受監管的行業。

And from the earliest days of Coinbase, we actually proactively reached out to regulators and sought to be an educational resource for them, to teach them about crypto, and tried to be thoughtful and proactive in our steps and doing the reasonable thing, even if it wasn't necessarily required yet in the law.

從 Coinbase 成立之初，我們實際上就主動與監管機構聯繫，尋求成為他們的教育資源，向他們傳授加密貨幣知識，並嘗試在我們的步驟中深思熟慮和積極主動地做合理的事情，即使它法律還不一定要求。

So we are going to continue to follow that strategy.

因此，我們將繼續遵循該策略。

In fact, this week, I was actually in DC meeting with a number of policymakers in the United States.

事實上，本週，我實際上是在華盛頓與美國的一些政策制定者會面。

And we do that in a variety of countries around the world where we operate.

我們在世界各地開展業務的多個國家/地區都這樣做。

And our goal is really to continue to help educate and create clear regulatory frameworks where the entire crypto economy, not just Coinbase, can thrive.

我們的目標是繼續幫助教育和創建清晰的監管框架，讓整個加密經濟，而不僅僅是 Coinbase，能夠蓬勃發展。

Because we need lots of startups and businesses to be built in this space.

因為我們需要在這個領域建立許多初創公司和企業。

So we generally see a lot of value in regulation.

因此，我們通常認為監管具有很大價值。

We can --- we see it as a business enabler.

我們可以 --- 我們將其視為業務推動者。

We see it as an important long-term strategy.

我們將其視為一項重要的長期戰略。

The question also asked about are there any long-term risks associated with this.

該問題還詢問是否存在與此相關的任何長期風險。

I mean, I think the risk is that basically, it causes us to move more slowly.

我的意思是，我認為風險基本上是，它會導致我們行動得更慢。

It takes time to operate in that environment.

在那種環境下運作需要時間。

There are certain occasions where there's products that our competitors might offer that we don't feel comfortable offering because of the feedback that we are getting from regulators.

在某些情況下，我們的競爭對手可能會提供我們不願意提供的產品，因為我們從監管機構那裡得到了反饋。

And so the risk is it's really around speed of execution, but I think right approach is to not try and cut any corners.

所以風險在於它實際上與執行速度有關，但我認為正確的方法是不要試圖偷工減料。

It's to try to work with regulators to create a trusted environment and help the industry grow in that framework.

它試圖與監管機構合作，創造一個值得信賴的環境，並幫助該行業在該框架下發展。

Our next question comes from Samir G, who asks: what is your plan for international growth?

我們的下一個問題來自 Samir G，他問：您的國際增長計劃是什麼？

Which countries outside the US are you most bullish on?

你最看好美國以外的哪些國家？

Thanks for the question, Samir.

謝謝你的問題，薩米爾。

International growth is a top priority and we are bullish on the global market overall.

國際增長是重中之重，我們看好全球市場。

And while I say that, we are moving more slowly than we would like.

雖然我這麼說，但我們的行動比我們希望的要慢。

We would always like to move faster in our approach to growth in the international market.

我們總是希望加快我們在國際市場增長的方法。

However, this is a multistep, multiquarter, and sometimes multiyear process.

然而，這是一個多步驟、多季度，有時甚至是多年的過程。

And just like Brian just shared, it's because we take a regulated approach.

就像布賴恩剛剛分享的那樣，這是因為我們採取了受監管的方法。

And sometimes taking a regulated approach means that it is a little bit slower than we would like.

有時採用受監管的方法意味著它比我們想要的要慢一點。

We need to seek licenses to operate in these new countries.

我們需要尋求在這些新國家經營的許可證。

We seek new bank partnerships so that we can offer fiat to crypto rails, and those things take time to obtain.

我們尋求新的銀行合作夥伴關係，以便我們可以為加密軌道提供法幣，而這些東西需要時間才能獲得。

There's actually no single country outside the US that we are most bullish on, as our goal is to create economic freedom for all, and that has no borders.

實際上，我們最看好美國以外的任何一個國家，因為我們的目標是為所有人創造經濟自由，而且沒有國界。

We do have some current initiatives in process in Asia to begin expanding our offerings in that region, but we are looking globally and hope to be expanding as much as we can in all international markets.

我們在亞洲確實有一些目前正在製定的計劃，以開始在該地區擴展我們的產品，但我們正在放眼全球，並希望在所有國際市場上盡可能多地擴展。

Our next question is from Adam P, who asks: as cryptocurrency becomes more institutionally accepted and used by the banking industry, how will Coinbase respond?

我們的下一個問題來自 Adam P，他問道：隨著加密貨幣在銀行業越來越被機構接受和使用，Coinbase 將如何應對？

Will there be more of a push to work with these institutions rather than individuals?

是否會更多地推動與這些機構而不是個人合作？

So we don't think of it as institutions rather than individuals.

所以我們不認為它是機構而不是個人。

Actually, both of those customer segments are equally important to us, both retail and institutional.

實際上，這兩個客戶群對我們同樣重要，無論是零售還是機構。

And I think for ---- there's a lot of fiat money in the world, both in institutions and with retail individuals.

而且我認為，世界上有很多法定貨幣，無論是在機構中還是在零售個人中。

And so we need both of them to be served equally to get the crypto economy really off the ground and to have a billion people using it.

因此，我們需要為他們兩者提供平等服務，才能真正讓加密經濟真正起步，並讓十億人使用它。

Now, in terms of banks starting to work with cryptocurrency, I think there's actually an opportunity here for Coinbase to help.

現在，就銀行開始使用加密貨幣而言，我認為 Coinbase 實際上有機會提供幫助。

And by that, I mean there's a lot of really difficult technology problems that we've had to solve in terms of how we integrate with dozens of blockchains, how we store cryptocurrency securely in a geographically distributed way, which is very difficult.

我的意思是，我們必須解決很多非常困難的技術問題，比如我們如何與數十個區塊鏈集成，我們如何以地理分佈的方式安全地存儲加密貨幣，這非常困難。

How we do compliance on blockchains and do blockchain analytics and transaction monitoring in a way that meets our compliance obligations.

我們如何以符合我們合規義務的方式對區塊鏈進行合規並進行區塊鏈分析和交易監控。

And so what I think we can do is start to expose some of these solutions that we've built that other companies can build upon.

所以我認為我們可以做的是開始公開我們已經構建的一些其他公司可以構建的解決方案。

And we are doing that through a product called Coinbase Cloud.

我們正在通過一個名為 Coinbase Cloud 的產品來做到這一點。

You can imagine it is kind of like our AWS for crypto, where we are starting to offer more APIs and services like this that banks and really any other kind of company can use to integrate with the blockchain.

你可以想像它有點像我們用於加密的 AWS，我們開始提供更多這樣的 API 和服務，銀行和任何其他類型的公司都可以使用它來與區塊鏈集成。

So I think that will be a big opportunity for us over time.

所以我認為隨著時間的推移，這對我們來說將是一個巨大的機會。

Ed M and Nathaniel C both ask this question.

Ed M 和 Nathaniel C 都提出了這個問題。

What parameters are used to qualify various coins or tokens to add to your selection and why aren't there more choices?

哪些參數用於限定各種硬幣或代幣以添加到您的選擇中，為什麼沒有更多選擇？

Additionally, how quickly can you process / add debut issue coins, as new coin prices can escalate quickly such that other exchanges get a new listing advantage?

此外，您可以多快處理/添加首次發行的代幣，因為新代幣的價格會迅速上漲，從而使其他交易所獲得新的上市優勢？

Yes, this is a great question, kind of similar to the first one about Doge in a way, where I mentioned that I think there is going to be millions of different crypto assets out there, especially as we see new assets being created for -- new companies being created.

是的，這是一個很好的問題，在某種程度上類似於關於 Doge 的第一個問題，我在其中提到我認為那裡將會有數百萬種不同的加密資產，特別是當我們看到新資產被創建用於 - - 正在創建新公司。

And there's even NFTs and individuals who are tokenizing their time.

甚至還有 NFT 和個人正在標記他們的時間。

And so in a world where there is going to be millions and millions of these crypto assets out there, we get this question a lot.

因此，在一個將有數以百萬計的加密資產存在的世界中，我們經常會遇到這個問題。

How are you deciding which ones to add and how can you accelerate it?

您如何決定添加哪些以及如何加速它？

So today, we use a number of factors.

所以今天，我們使用了許多因素。

We look at cybersecurity around the coin to make sure that there's not going to be an issue that would cause customer loss.

我們關注代幣周圍的網絡安全，以確保不會出現導致客戶流失的問題。

We also look at it from a legal point of view and a compliance point of view.

我們還從法律和合規的角度來看待它。

There's various concerns out there about securities, for instance, and we've worked with things like the Crypto Rating Council to help create clear regulatory frameworks for this.

例如，人們對證券存在各種擔憂，我們與加密貨幣評級委員會等機構合作，幫助為此創建明確的監管框架。

So these are all things that we look at, but there's no doubt that we need to accelerate the process by which we review assets and we add them to the site.

所以這些都是我們所關注的，但毫無疑問，我們需要加快審查資產並將其添加到網站的過程。

Because we're quickly going to be in a world here where there's so many that we're not going to be able to keep up unless we accelerate that process.

因為我們很快就會進入一個世界，那裡有太多我們無法跟上的世界，除非我們加快這一進程。

The last thing I'll just mention -- well, sorry, the question also asked about debut coins.

我要提到的最後一件事——好吧，對不起，這個問題還問了關於首次亮相的硬幣。

We sometimes call those day one listings.

我們有時將這些稱為第一天列表。

I think these are really important.

我覺得這些真的很重要。

In the past, we would sort of say is this coin -- has it reached some substantial scale?

過去，我們會說這枚硬幣——它是否達到了相當大的規模？

And then we would add it.

然後我們會添加它。

But I think what we're going to have to do in the future is actually be first to list a number of these coins.

但我認為我們將來要做的實際上是首先列出這些硬幣中的一些。

And that's going to be really important to our business.

這對我們的業務非常重要。

The last thing I will say is we did launch a product called Coinbase Asset Hub.

我要說的最後一件事是我們確實推出了一款名為 Coinbase Asset Hub 的產品。

And the goal of this is to really help asset issuers out there to get more clarity about the process of how to get listed on Coinbase.

這樣做的目的是真正幫助資產發行人更清楚地了解如何在 Coinbase 上市的過程。

So any asset issuers can go there, submit a request, and will hopefully get more real-time feedback from our team about making their way through that process.

因此，任何資產發行人都可以去那裡提交請求，並有望從我們的團隊那裡獲得更多關於如何通過該過程的實時反饋。

And so we can demystify it, accelerate it, and we've had hundreds of asset issuers submit through there and there's a backlog of assets that we need to get through.

所以我們可以揭開它的神秘面紗，加速它，我們已經有數百個資產發行人通過那裡提交，我們需要通過積壓的資產。

Our next question comes from Ryan D, who asks: I've seen significant Coinbase advertising as of late.

我們的下一個問題來自 Ryan D，他問道：我最近看到了重要的 Coinbase 廣告。

What efforts are being put into user base growth?

正在為用戶群增長付出哪些努力？

What is the anticipated growth for this year?

今年的預期增長是多少？

And does Coinbase expect this growth trajectory to remain constant in the coming years?

Coinbase 是否預計這種增長軌跡在未來幾年將保持不變？

Thanks, Ryan.

謝謝，瑞恩。

I'm glad that you're seeing our advertising.

很高興您看到我們的廣告。

So historically, we've spent less than 5% of revenue on sales and marketing if you look at our financial results for 2019 and 2020.

因此，從歷史上看，如果您查看我們 2019 年和 2020 年的財務業績，我們在銷售和營銷上花費的收入不到 5%。

As we shared in our outlook, we are planning to make significant investment to increase our spend here, up to 12% to 15% of our net revenue.

正如我們在展望中所分享的那樣，我們計劃進行重大投資以增加我們在這裡的支出，最多占我們淨收入的 12% 到 15%。

And we are beginning to see some early signs these investments are having traction, as evidenced by our update in our shareholder letter that our Q2 quarter-to-date MTU trends have been increasing from our Q1 levels.

我們開始看到這些投資具有吸引力的一些早期跡象，正如我們在股東信中的更新所證明的那樣，我們的第二季度迄今為止的 MTU 趨勢已經從第一季度的水平上升。

And also what we've seen in Q2 is over two weeks, our app has been at the top 10 free apps on iOS and Android.

而且我們在第二季度看到的情況已經超過兩週了，我們的應用程序一直在 iOS 和 Android 上的前 10 名免費應用程序中。

So we are seeing these efforts into our sales and marketing paying off.

因此，我們看到這些努力在我們的銷售和營銷中得到了回報。

As we shared earlier, we don't provide specific outlook on the growth; we provide scenarios about what the potential growth of our MTUs could be.

正如我們之前分享的，我們沒有提供具體的增長前景。我們提供了關於我們的 MTU 的潛在增長可能的情景。

And the other thing I would just note on your question of does COIN expect this growth trajectory to remain constant in the coming years.

關於你的問題，我要注意的另一件事是，COIN 是否預計這種增長軌跡在未來幾年將保持不變。

Coinbase has shared with you historically there's a lot of volatility in our revenue as our revenue is influenced by trading volume on our platform, which in turn really reflects the overall crypto economy conditions, price of Bitcoin, crypto asset price volatility, the number of coins that are out in the market.

Coinbase 與您分享了歷史上我們的收入波動很大，因為我們的收入受到我們平台上的交易量的影響，這反過來真正反映了整體加密經濟狀況、比特幣價格、加密資產價格波動、硬幣數量那些在市場上。

And so consistency is not a feature of our platform.

所以一致性不是我們平台的一個特點。

We do expect volatility, but we do think we can grow over long term and over price cycles the MTUs and the engagement of users on our platform.

我們確實預計會出現波動，但我們確實認為我們可以在長期和價格週期內增長 MTU 和用戶在我們平台上的參與度。

Great.

偉大的。

So Erica, we will turn it over to questions from the analysts.

因此，Erica，我們將把它交給分析師的問題。

(Operator Instructions) Lisa Ellis, MoffettNathanson.

（操作員說明）Lisa Ellis，MoffettNathanson。

Hey, good afternoon and thanks for taking my question and for doing this call.

嘿，下午好，感謝您提出我的問題並撥打這個電話。

Great content already covered.

已經涵蓋了很棒的內容。

I wanted to ask a follow-up on the question about how you are I guess partnering potentially with some of the traditional digital wallets and retail brokerages that are beginning to offer crypto investing to their consumers?

我想問一個後續問題，我猜你是如何與一些開始向消費者提供加密投資的傳統數字錢包和零售經紀公司合作的？

Are you finding you are engaging with these players like more as competitors or more as partners?

您是否發現您與這些玩家互動更多是作為競爭對手還是合作夥伴？

I mean, you called out in the shareholder letter that you are seeing interest in like white label versions, I guess, as sort of a Coinbase inside type of model.

我的意思是，你在股東信中說你看到了對像白標版本的興趣，我猜，作為一種 Coinbase 內部類型的模型。

Kind of what's your overall strategy as we seeing this like pretty rapid ramp of crypto capabilities at traditional brokerages?

當我們看到傳統經紀商的加密功能快速增長時，您的總體策略是什麼？

Thank you.

謝謝你。

Yes, so I will take a crack at it and, Alesia, feel free to jump in.

是的，所以我會嘗試一下，Alesia，請隨時加入。

I think that as I mentioned previously on the call, there's a lot of really hard technology problems that we had to solve in building Coinbase.

我認為正如我之前在電話會議上提到的，在構建 Coinbase 時，我們必須解決很多非常困難的技術問題。

And it is probably not necessarily clear from the outside what some of those are.

從外部可能不一定清楚其中一些是什麼。

I think integrating with these blockchains turned out to be really difficult.

我認為與這些區塊鏈集成非常困難。

You need to be constantly in sync with them.

你需要不斷地與他們保持同步。

They're upgrading; they're having various issues where you need to have alerts.

他們正在升級；他們遇到各種問題，您需要發出警報。

And same with the way that we store crypto currency turned out to be an incredibly hard problem from a cybersecurity point of view.

從網絡安全的角度來看，我們存儲加密貨幣的方式也是一個非常困難的問題。

And we've gotten a number of intellectual properties taking place and built a ton of infrastructure.

我們已經獲得了許多知識產權並建立了大量的基礎設施。

So what we are seeing is that as a variety of companies out there begin to integrate crypto, whether they are brokerages or other fintechs or just regular companies, it could be anything at this point, or startups, they are often reaching out to us to say, hey, how can we build on top this platform that you've built?

所以我們看到的是，隨著各種各樣的公司開始整合加密，無論他們是經紀公司還是其他金融科技公司，或者只是普通公司，此時可能是任何東西，或者是初創公司，他們經常聯繫我們說，嘿，我們如何在您構建的這個平台上構建？

I don't think that's going to necessarily be true with every company out there.

我認為這不一定適用於所有公司。

Some of them will try to build it in-house; some of them will try to use others in this space.

他們中的一些人會嘗試在內部構建它；他們中的一些人會嘗試在這個空間中使用其他人。

But we are seeing inbound interest, and the strategy is essentially to productize these services that we've built in what we call Coinbase Cloud.

但是我們看到了對內的興趣，該策略本質上是對我們在 Coinbase Cloud 中構建的這些服務進行產品化。

And that's something that we are investing in actively and have a sales team around and things like that.

這就是我們正在積極投資的東西，並且周圍有一個銷售團隊等等。

Alesia, anything you want to add?

Alesia，你有什麼要補充的嗎？

No, I think that's right.

不，我認為這是對的。

I think that we are optimistic that we can help get a billion users into crypto, in part by being B2C, where we help get our own customers on a platform, but also in B2B, where we can help other existing financial institutions offer crypto to their customers and hope that this creates a very vibrant crypto economy.

我認為我們很樂觀，我們可以幫助 10 億用戶進入加密，部分是通過 B2C，我們幫助我們自己的客戶在平台上，但在 B2B，我們可以幫助其他現有金融機構提供加密他們的客戶，並希望這能創造一個非常有活力的加密經濟。

Yes, and just to add to that.

是的，只是補充一點。

It's like some of those other companies may even be competitive with Coinbase, and we're okay with that.

就像其他一些公司甚至可能與 Coinbase 競爭一樣，我們對此沒有意見。

We want the entire crypto economy to grow.

我們希望整個加密經濟增長。

We think that if other fintechs are offering some of these things but it's powered by Coinbase, that's great.

我們認為，如果其他金融科技公司提供其中一些東西，但它由 Coinbase 提供支持，那就太好了。

It's bringing more and more people into the crypto economy.

它將越來越多的人帶入加密經濟。

And so at this stage, it's a little bit like we're just trying to grow the size of the pie.

所以在這個階段，這有點像我們只是想擴大餡餅的大小。

Kind of like in the early days of the Internet, you know, Google wanted there to be more websites out there.

有點像在互聯網的早期，你知道，谷歌希望那裡有更多的網站。

So we need the whole crypto economy to grow and offering those services can help.

因此，我們需要整個加密經濟增長，提供這些服務可以提供幫助。

Kyle Voigt, KBW.

凱爾·沃伊特，KBW。

Hi, good evening.

嗨，晚上好。

Maybe just one on the retail transaction fee rate in the quarter.

本季度的零售交易費率可能只是其中之一。

It came in closer to 120 basis points versus where you were at last year at around 140 basis points.

與去年的大約 140 個基點相比，它接近 120 個基點。

Was that driven by Coinbase Pro users hitting higher volume tiers?

這是否是由 Coinbase Pro 用戶達到更高級別的驅動？

Or was it simply a mix of volume shifted towards the Coinbase Pro users versus the Coinbase.com users?

還是僅僅是向 Coinbase Pro 用戶和 Coinbase.com 用戶轉移的交易量的混合？

And then if can you just also, if it was driven by that volume mix, just wondering whether you are seeing any migration of customers from Coinbase to Coinbase Pro?

然後你是否也可以，如果它是由這種數量組合驅動的，只是想知道你是否看到客戶從 Coinbase 遷移到 Coinbase Pro？

Or was it just about those existing Coinbase Pro users simply trading much more?

或者僅僅是那些現有的 Coinbase Pro 用戶只是交易更多？

Thank you.

謝謝你。

Thanks, Kyle.

謝謝，凱爾。

I'll address that question.

我會解決這個問題。

You are absolutely right.

你是絕對正確的。

What we saw in Q1, given the heightened volumes, we saw higher volumes amongst the Coinbase Pro users.

我們在第一季度看到的情況是，鑑於交易量的增加，我們看到 Coinbase Pro 用戶的交易量更高。

And just for others listening on the call, within our retail suite, we have some of our customers using the Coinbase consumer app and some using the Coinbase Pro app.

在我們的零售套件中，我們的一些客戶使用 Coinbase 消費者應用程序和一些使用 Coinbase Pro 應用程序的客戶，只是為了讓其他人接聽電話。

And the Coinbase Pro app offers tiered pricing based on volume.

Coinbase Pro 應用程序提供基於數量的分層定價。

So the more volume trades, the fee is at a lower rate.

因此，交易量越多，費用就越低。

And so as those Pro users increase their volume, their weighted average fee rate came down.

因此，隨著這些 Pro 用戶增加他們的交易量，他們的加權平均費率下降了。

We did not see any material movement between the two products, between the consumer app and the Pro app.

我們沒有看到兩種產品之間、消費者應用程序和專業應用程序之間的任何實質性變化。

And so it really was just additional volume coming on the Pro app that drove lower fees in Q1.

因此，實際上只是 Pro 應用程序的額外交易量推動了第一季度的費用降低。

Kenneth Hill, Loop Capital.

肯尼斯希爾，循環資本。

Great.

偉大的。

Hey, good afternoon, everyone.

嘿，大家下午好。

I wanted to go back to that question on geographic outlook for Coinbase.

我想回到關於 Coinbase 地理前景的問題。

Alesia, I think you said you are moving a little more slowly in other regions, just given you are taking a more regulated approach.

Alesia，我想你說你在其他地區的行動要慢一點，只是因為你正在採取更加規範的方法。

I was hoping you could talk to maybe a little bit about maybe what countries have the most mature regulatory environment?

我希望你能談談也許哪些國家擁有最成熟的監管環境？

I think about a quarter of your revenues today come from rest of world.

我認為您今天大約四分之一的收入來自世界其他地區。

And then kind of as you think about expanding outside the US, how do you kind of pitch the sales and marketing effort there?

然後，當您考慮在美國以外擴張時，您如何在那裡推銷銷售和營銷工作？

Maybe where your brand loyalty isn't as strong or regular safeguards aren't quite as important to customers in maybe some of those other markets.

也許您的品牌忠誠度不那麼強，或者在其他一些市場中，定期保護措施對客戶來說並不那麼重要。

Thanks.

謝謝。

Thanks, and Brian, maybe I will start and please feel free to jump in.

謝謝，布賴恩，也許我會開始，請隨時加入。

So today, we offer a full suite of products and services in the US and in the UK and in Europe.

所以今天，我們在美國、英國和歐洲提供全套產品和服務。

So when we disclose our rest-of-world stats today, most of that -- 99% of the 25% that you mentioned is in the UK and Europe.

因此，當我們今天披露我們在世界其他地區的統計數據時，其中大部分——你提到的 25% 中的 99% 是在英國和歐洲。

And that's where we offer fiat to crypto services.

這就是我們為加密服務提供法幣的地方。

We do market in those countries similar to the approach that we do in the US.

我們在這些國家做市場，類似於我們在美國做的方法。

We do not have significant efforts in global marketing outside of those regions at this time.

目前，我們在這些地區以外的全球營銷方面沒有做出重大努力。

And so when I was addressing the comment earlier, what we're really looking to do is expand our fiat to crypto services in more and more countries as that is how we can provide the full suite of the Coinbase platform and the benefits that we offer to more users in more countries.

因此，當我早些時候發表評論時，我們真正想做的是將我們的法定貨幣擴展到越來越多的國家/地區的加密服務，因為這樣我們才能提供全套 Coinbase 平台以及我們提供的好處給更多國家的更多用戶。

And so to do that, that is what requires getting licenses, getting bank partnerships to be able to provide those fiat rails.

所以要做到這一點，這需要獲得許可證，獲得銀行合作夥伴關係才能提供這些法定軌道。

And once we do that, we would then extend marketing in those countries and introduce the Coinbase brand.

一旦我們這樣做了，我們就會在這些國家擴展營銷並引入 Coinbase 品牌。

Obviously, we would need to do the proper research and localize the product offering as appropriate.

顯然，我們需要進行適當的研究並酌情對產品進行本地化。

But we are in the early days where we are getting the infrastructure set up to do more global expansion and we're not yet at the point of marketing.

但我們正處於建立基礎設施以進行更多全球擴張的早期階段，我們還沒有進入營銷階段。

Mark Palmer, BTIG.

馬克·帕爾默，BTIG。

Yes, thank you for taking my question.

是的，謝謝你提出我的問題。

I wanted to get your take on what kind of demand you are seeing on the institutional side for your new prime brokerage product from hedge funds from large mutual fund complexes?

我想了解一下您在機構方面看到的大型共同基金綜合體的對沖基金對您的新大宗經紀產品的需求是什麼樣的？

How would you assess that demand?

您如何評估這種需求？

And if you could give some insight as well on the lending aspect of the prime brokerage product and what its prospects are?

如果您也可以就大宗經紀產品的借貸方面及其前景提供一些見解？

Thank you.

謝謝你。

Great.

偉大的。

Maybe I will start here again and Brian, please jump in.

也許我會從這裡重新開始，布賴恩，請加入。

So we are seeing great interest from all corners and institutions, whether they are hedge funds, asset managers, corporate pensions, endowments, insurance.

因此，我們看到來自各個角落和機構的極大興趣，無論是對沖基金、資產管理公司、企業養老金、捐贈基金還是保險。

I mean, you name it and people have started to explore interest in Bitcoin, Ethereum, and increasingly even the longer tail of crypto assets.

我的意思是，你說出它的名字，人們已經開始探索對比特幣、以太坊，甚至越來越多的加密資產的長尾的興趣。

And they are coming to us and looking for our services in custody, in our liquidity pools that we provide on our exchange, and then our smart order router, which enables us to get best pricing on a number of these transactions.

他們來找我們，在我們的交易所提供的流動資金池中尋找我們的託管服務，然後是我們的智能訂單路由器，這使我們能夠在許多此類交易中獲得最佳定價。

So incredible interest from all corners.

來自各個角落的令人難以置信的興趣。

Institutions are right now doing a lot of work on assessing these platform, doing their due diligence, ensuring that they have trusted service providers in the space.

機構現在正在做大量工作來評估這些平台，進行盡職調查，確保他們在該領域擁有值得信賴的服務提供商。

And we are proud to say that we are winning many of those mandates and growing our customer base.

我們很自豪地說，我們正在贏得許多這樣的授權並擴大我們的客戶群。

Today what we offer, as you see in our financials, is largely trading and custody.

正如您在我們的財務報表中看到的，今天我們提供的主要是交易和託管。

We are looking to expand our [Borrow & Lend] products.

我們正在尋求擴展我們的 [Borrow & Lend] 產品。

We've been building out the full suite of prime brokerage services that those firms would be accustomed to seeing in a tradition financial services prime broker, but the Borrow & Lend products are very nascent at this time and we expect to see future growth in that area.

我們一直在構建這些公司習慣於在傳統金融服務主要經紀商中看到的全套主要經紀服務，但 Borrow & Lend 產品目前還處於起步階段，我們預計未來會在這方面有所增長區域。

Yes, the only thing I would add is one other customer segment we're seeing interest from there is corporate treasuries as well.

是的，我唯一要補充的是，我們看到的另一個客戶群也有興趣，那就是公司資金。

Harshita Rawat, Bernstein.

Harshita Rawat，伯恩斯坦。

(technical difficulty) front row seat in the development of the crypto ecosystem.

（技術難度）加密生態發展的前排座位。

You've coined the term crypto economy.

你創造了加密經濟這個詞。

I know it's a hard question given the early innings that we are in, but can you talk about some of the most powerful applications of crypto over the next 5, 10 years in terms of [DeFi] [to the value payments]?

我知道考慮到我們處於早期階段，這是一個難題，但是您能否談談在 [DeFi] [價值支付] 方面未來 5 到 10 年加密的一些最強大的應用程序？

And how can Coinbase participate as an on-ramp to the crypto economy?

Coinbase 如何作為加密經濟的入口參與進來？

Thank you.

謝謝你。

Yes, I mean, that's a great question about the future.

是的，我的意思是，這是一個關於未來的好問題。

And in some ways, we were in a tough spot trying to predict the future here.

在某些方面，我們處於試圖預測未來的艱難境地。

We can give you a couple of themes that we're excited about, but I think if we were sitting here in 1999 trying to predict what the Internet would be in 5 or 10 years, we probably would have gotten a lot of it wrong.

我們可以為您提供一些令我們興奮的主題，但我認為，如果我們在 1999 年坐在這裡試圖預測 5 或 10 年後的互聯網會是什麼樣子，我們可能會弄錯很多。

So I think we're seeing crypto first be used as -- for investment.

所以我認為我們看到加密首先被用作投資。

People are trading it.

人們正在交易它。

We're now -- that was kind of a stage 1. Stage 2 is crypto in financial services.

我們現在 - 那是第一階段。第二階段是金融服務中的加密。

And so that's where you are starting to see things like decentralized exchanges, DeFi decentralized borrowing and lending, decentralized insurance.

這就是你開始看到去中心化交易所、DeFi 去中心化借貸、去中心化保險等事物的地方。

And so I think that trend will continue and that you will see greater adoption of DeFi.

所以我認為這種趨勢將繼續下去，你會看到更多的 DeFi 採用。

And then I guess the third phase what we're going to see here in the future is really around crypto as an app platform.

然後我猜第三階段我們將在這裡看到的未來真的是圍繞加密作為一個應用程序平台。

And so that could mean people using crypto as kind of like the next version of the Internet.

所以這可能意味著人們使用加密貨幣就像互聯網的下一個版本一樣。

They will build their application natively on blockchains even if they have nothing to do with financial services.

即使他們與金融服務無關，他們也會在區塊鏈上本地構建他們的應用程序。

And we're seeing some early signs of that.

我們看到了一些早期跡象。

People are doing things like identity management, they are creating games, they are doing things like artwork with NFTs, very creative things like that that could be even used in a virtual world.

人們正在做諸如身份管理之類的事情，他們正在創建遊戲，他們正在做諸如帶有 NFT 的藝術品之類的事情，甚至可以在虛擬世界中使用的非常有創意的事情。

Social sites like Reddit, for instance, has come out and said they want to use Ethereum in certain ways on their application.

例如，像 Reddit 這樣的社交網站已經站出來表示他們希望在他們的應用程序中以某種方式使用以太坊。

You could imagine new versions of social media being created on blockchains perhaps in a way where users own their own data, which could be interesting.

你可以想像在區塊鏈上創建新版本的社交媒體，或許用戶擁有自己的數據，這可能很有趣。

And I think you'll see new forms of governance and voting, too, where people are creating new types of autonomous organizations where proposals can be voted on by people with these coins and all over the world coordinating on various problems and challenges.

我認為你也會看到新的治理和投票形式，人們正在創建新型的自治組織，在那裡，擁有這些代幣的人可以對提案進行投票，並在世界各地就各種問題和挑戰進行協調。

So that's just like a hint at what's happening.

所以這就像對正在發生的事情的暗示。

By the way, there's also -- I think more and more central banks will start to create digital currencies.

順便說一句，我認為越來越多的中央銀行將開始創建數字貨幣。

We've seen a lot of activity there in China, and I think and hope that the US and other countries will follow.

我們在中國看到了很多活動，我認為並希望美國和其他國家也能效仿。

Coinbase is coin-agnostic and so we want to support every crypto asset out there that's legal and safe for customers.

Coinbase 與硬幣無關，因此我們希望支持所有對客戶來說合法且安全的加密資產。

And so we would include those assets as well along the way.

因此，我們將在此過程中也包括這些資產。

So I think you will just see it really is kind of like we're at the very early days of the Internet and I think you are seeing a ton of innovation.

所以我想你會看到它真的有點像我們處於互聯網的早期階段，我認為你看到了大量的創新。

And hopefully, that gives you a sense of some of the opportunities in the future as well.

希望這也能讓你對未來的一些機會有所了解。

Erika, we have time for one more question.

Erika，我們有時間再問一個問題。

Owen Lau, Oppenheimer.

歐文·劉，奧本海默。

Good afternoon and thank you for taking my question.

下午好，感謝您提出我的問題。

I think it's still in early days, but I think your cash balance almost doubled to $2 billion in three months.

我認為這仍處於早期階段，但我認為您的現金餘額在三個月內幾乎翻了一番，達到 20 億美元。

And the second quarter trading volume so far I think seems to be strong.

到目前為止，我認為第二季度的交易量似乎很強勁。

So what is the capital management priority regarding reinvesting back to the business, M&A, buybacks, and things like that?

那麼，在再投資於業務、併購、回購等方面，資本管理的優先事項是什麼？

And if there's a disconnect between the fundamentals of Coinbase as a whole in the stock price, how would you think about even initiating buybacks?

如果整個 Coinbase 的基本面在股價上存在脫節，你會如何考慮甚至發起回購？

Thank you.

謝謝你。

Thanks for the question.

謝謝你的問題。

Our focus is on growth.

我們的重點是增長。

Our focus is on investing both organically and inorganically in growth, so expanding our product suite, growing our MTUs, expanding geographically as we spoke about earlier.

我們的重點是對增長進行有機和無機投資，因此擴大我們的產品組合，增加我們的 MTU，正如我們之前所說的那樣在地理上擴張。

And we'll do that through hiring, we'll do that through investing in technology and through acquisitions where that makes sense with our product roadmap.

我們將通過招聘來做到這一點，我們將通過對技術的投資和對我們的產品路線圖有意義的收購來做到這一點。

We are not focused on deploying that cash for share repurchases at this time nor for dividends or any other capital action.

我們目前並不專注於將這筆現金用於股票回購，也不用於股息或任何其他資本行動。

As we've shared with you, there is a lot of volatility in our earnings and we are investing in growth when revenues are high and when revenues are low.

正如我們與您分享的那樣，我們的收益存在很大的波動性，我們在收入高和收入低時投資於增長。

And so we use the cash that we build up on our balance sheet in these periods of high revenue and high profitability to prepare for potential cryptowinters where we could see a decline in our revenues.

因此，我們使用在這些高收入和高盈利時期在資產負債表上積累的現金來為潛在的加密冬天做準備，我們可能會看到我們的收入下降。

We want to ensure that we have the balance sheet that can support us in all environments because we're building for the long term and think that we're going to have amazing future profitability at some point in time.

我們希望確保我們擁有能夠在所有環境中支持我們的資產負債表，因為我們正在長期建設，並認為我們將在某個時間點擁有驚人的未來盈利能力。

But we need to invest in this product suite and revenue diversification to get there.

但我們需要投資於這個產品套件和收入多元化才能實現這一目標。

Okay, thank you very much.

好的，非常感謝。

Great.

偉大的。

Well, thank you, everyone, for joining us today and we look forward to speaking with you on our next call.

好吧，謝謝大家今天加入我們，我們期待在下一次電話會議上與您交談。

Thank you.

謝謝你。

This does conclude today's conference call.

這確實結束了今天的電話會議。

You may now disconnect.

您現在可以斷開連接。