Coinbase Global Inc (COIN) 2021 Q4 法說會逐字稿

Good afternoon. My name is Mel, and I will be your conference operator today. At this time, I would like to welcome everyone to the Coinbase Fourth Quarter and Full Year 2021 Earnings Call. (Operator Instructions)

下午好。我叫梅爾，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 年第四季度和全年財報電話會議。 （操作員說明）

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. Good afternoon and welcome to the Coinbase Fourth Quarter and Full Year 2021 Earnings Call. Joining me on today's call are Brian Armstrong, Co-Founder and CEO; Emilie Choi, President and COO; and Alesia Haas, CFO. I hope you've all had the opportunity to read our shareholder letter, which was published on our IR site earlier today. Before we get started, I'd like to remind you that during today's call, we may make forward-looking statements. Actual results may vary materially from today's statements. Information concerning risks, uncertainties and other factors that could cause these results to differ is included in our SEC filings and shareholder letter available on our IR website.

謝謝你。下午好，歡迎來到 Coinbase 第四季度和 2021 年全年收益電話會議。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； Emilie Choi，總裁兼首席運營官；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 IR 網站上發布的股東信。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。有關可能導致這些結果不同的風險、不確定性和其他因素的信息包含在我們提交給美國證券交易委員會的文件和投資者關係網站上提供的股東信函中。

Our discussion today will include references to adjusted EBITDA, a non-GAAP financial measure. 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. We are once again using Say Technologies to enable all shareholders to post questions to management. In addition, we will take some live questions from our research analysts.

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。非 GAAP 財務措施除了不能替代 GAAP 措施或與 GAAP 措施隔離外，還應予以考慮。您可以在我們的股東信中找到有關調整後 EBITDA 的其他披露，包括與淨收入的對賬，即可比的 GAAP 衡量標準。我們再次使用 Say Technologies 讓所有股東能夠向管理層提出問題。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。

Before we get started with opening comments, I wanted to start with a question for Brian. Brian, looking back at 2021, it was an incredible year of growth for crypto and for Coinbase and looking ahead, some people are suggesting we might be entering a crypto winter. So what's your view of the crypto market today and what's Coinbase's position broadly?

在我們開始發表評論之前，我想先問一個布賴恩的問題。布萊恩，回顧 2021 年，對於加密貨幣和 Coinbase 來說，這是令人難以置信的增長之年，展望未來，有些人認為我們可能正在進入加密貨幣冬天。那麼你對今天的加密貨幣市場有什麼看法，以及 Coinbase 的廣泛立場是什麼？

Thanks, Anil. So I don't think we're entering a crypto winter. In fact we don't really think about it like that anymore. I think early on in crypto's history, there was this trend of going through summers and winters. And the thing is crypto is kind of working now and so I don't expect it to be anything quite that pronounced over time. I think we basically have no idea what's going to happen in the next quarter, the next couple of quarters, at any moment in our history with crypto. It's like trying to predict what the S&P 500 is going to be next quarter or something like that. And so what we do in the absence of that is we just consistently build great products and grow the business because long term we're incredibly bullish about the potential of this industry. I mean, I think we're just in the very earliest days of this industry and it has a massive potential TAM.

謝謝，阿尼爾。所以我認為我們不會進入加密冬天。事實上，我們真的不再那樣想了。我認為在加密貨幣歷史的早期，就有這種經歷夏季和冬季的趨勢。問題是加密現在有點工作，所以我不認為隨著時間的推移它會變得如此明顯。我認為我們基本上不知道下個季度，接下來的幾個季度會發生什麼，在我們的加密歷史上的任何時刻。這就像試圖預測標準普爾 500 指數下個季度的走勢或類似情況。因此，在沒有這一點的情況下，我們所做的就是始終如一地打造出色的產品並發展業務，因為從長遠來看，我們非常看好這個行業的潛力。我的意思是，我認為我們還處於這個行業的早期階段，它具有巨大的潛在 TAM。

There's a ton of capital being injected into this industry and a lot of the smartest young people are all rushing in to build companies in this space. And then with all those thousands of new companies, I think you're just going to see a ton of innovation. So I guess unlike in past crypto cycles where we might have had summers and winters, crypto is working. We've got major use cases now outside of people just trading it. DeFi has tens of billions of dollars locked up in it. NFTs have been a massive trend and continuing to grow. People are building gaming and social media apps and DAOs and identity systems. And I think what we're really seeing is that Web 3 is kind of the future of how people are going to build all kinds of applications on the Internet even non-financial services applications.

這個行業有大量的資本注入，很多最聰明的年輕人都爭先恐後地在這個領域建立公司。然後有了成千上萬的新公司，我認為你會看到大量的創新。因此，我想與過去的加密貨幣週期不同，我們可能有夏天和冬天，加密貨幣正在發揮作用。我們現在已經有了主要的用例，而不僅僅是交易它的人。 DeFi 已經鎖定了數百億美元。 NFT 一直是一個巨大的趨勢，並且還在繼續增長。人們正在構建遊戲和社交媒體應用程序以及 DAO 和身份系統。我認為我們真正看到的是，Web 3 是人們將如何在 Internet 上構建各種應用程序甚至非金融服務應用程序的未來。

So the biggest problem we have is not to think about what's going to happen in any given quarter, it's how do we actually capture the size of this and scale of this opportunity in front of us when there's so many kind of multi-billion dollar business opportunities around us. And so honestly, we would love the chance to like catch our breath, right? If things weren't growing quite so quickly, it would almost be better because we have to focus all of our time on scaling when things grow so quickly. Having a chance to invest more in some of these upcoming business opportunities would be the best outcome. So hopefully that gives you a little bit of a sense of how we think about it.

因此，我們面臨的最大問題是不要考慮在任何特定季度會發生什麼，而是當有這麼多種數十億美元的業務時，我們如何真正抓住擺在我們面前的這個機會的規模和規模我們身邊的機會。老實說，我們很想有機會喘口氣，對吧？如果事情發展得不是那麼快，那幾乎會更好，因為當事情發展得如此之快時，我們必須把所有的時間都集中在擴展上。有機會在這些即將到來的商業機會中進行更多投資將是最好的結果。因此，希望這能讓您對我們的想法有所了解。

Great. Helpful perspective. So let's start off the call with some opening comments about our results. Brian, back over to you.

偉大的。有用的觀點。因此，讓我們以一些關於我們結果的開放評論開始電話會議。布賴恩，回到你身邊。

So I'll give a quick summary of the letter and then I'll turn it over to Alesia to give more detail. So obviously 2021 was just an incredible year for Coinbase, the kind of thing that you see very rarely in your lifetime and in your business career. Not only did crypto obviously do well, we can talk about that, we hit $3 trillion in total market cap. Bitcoin and Ethereum hit all-time highs. Now one in 4 U.S. households, according to some third-party research, now own crypto. So this is becoming mainstream and of course Coinbase is not just in the US. So crypto did well. But I think Coinbase did incredibly well also and maybe even better and we're really helping drive this adoption I think by making crypto safer and easier to use for people all over the world. Just to give you one metric, Alesia will go into more detail. So we hit an all-time high in our monthly transacting users of 11.4 million, which is 4x year-over-year, 400%, pretty incredible.

因此，我將簡要概述這封信，然後將其交給 Alesia 以提供更多詳細信息。所以很明顯，2021 年對於 Coinbase 來說只是令人難以置信的一年，這種事情在你的一生和商業生涯中都很少見。不僅加密貨幣顯然做得很好，我們可以談論這一點，我們的總市值達到了 3 萬億美元。比特幣和以太坊創下歷史新高。根據一些第三方研究，現在有四分之一的美國家庭現在擁有加密貨幣。所以這正在成為主流，當然 Coinbase 不僅僅是在美國。所以加密貨幣做得很好。但我認為 Coinbase 也做得非常好，甚至可能更好，我們確實在幫助推動這種採用，我認為通過使加密貨幣更安全、更容易為世界各地的人們使用。為了給您一個指標，Alesia 將更詳細地介紹。因此，我們的月交易用戶達到了 1140 萬的歷史新高，同比增長 4 倍，達到 400%，非常令人難以置信。

We're continuing to add assets really quickly. We have a diligent process that we go through to look at what assets we can add from a cybersecurity and legal point of view. We can't add all of the ones that are out there. But the ones that we can add, we added 95 new ones for trading, 72 for custody. More than 50% of all our trading volume this year is on our assets other than Bitcoin and Ethereum. So we just saw this industry really flourish last year and Coinbase really I think capitalized on that opportunity and helped lead it. So looking ahead for 2022, the opportunity is just as big if not bigger. I think we're continuing to invest in our suite of products. So we're a multi-product company. We do a 70/20/10 resource allocation with 70% on our core, 20% on these strategic bets and 10% on these venture bets and kind of bigger moonshot efforts or more ambitious moonshot efforts. And so building that suite of products and thinking about how they can all be tied together is really powerful.

我們將繼續快速添加資產。我們有一個勤奮的過程，我們從網絡安全和法律的角度來看我們可以添加哪些資產。我們無法添加所有現有的。但是我們可以添加的，我們添加了 95 個新的用於交易，72 個用於託管。今年我們所有交易量的 50% 以上來自比特幣和以太坊以外的資產。所以我們去年剛剛看到這個行業真正蓬勃發展，我認為 Coinbase 真的利用了這個機會並幫助領導了它。因此，展望 2022 年，機會即使不是更大，也同樣大。我認為我們將繼續投資於我們的產品套件。所以我們是一家多產品公司。我們進行 70/20/10 資源分配，其中 70% 用於我們的核心，20% 用於這些戰略賭注，10% 用於這些風險賭注以及更大的登月計劃或更雄心勃勃的登月計劃。因此，構建那套產品並考慮如何將它們捆綁在一起是非常強大的。

And I think our fundamental belief is that crypto is not just going to be an investment although that's a massive use case and first pillar of our strategy. It's not just going to be a new financial system, which is the second pillar of our strategy, and we have lots of products helping make that happen. It's also going to be the new default way that people build applications on the Internet. It's the new application platform. That's what people are calling Web 3 and they're going to be building all kinds of applications not just financial service applications. So we believe Coinbase is the best positioned company in the world to help drive that change and our goal is really to be the primary account where people access crypto economy and Web 3. And we have this really great customer base and brand and infrastructure that all nicely integrates and we can make crypto easy and trusted and safe to use.

我認為我們的基本信念是，加密不僅僅是一項投資，儘管這是一個巨大的用例，也是我們戰略的第一支柱。這不僅僅是一個新的金融體系，這是我們戰略的第二個支柱，我們有很多產品可以幫助實現這一目標。這也將成為人們在 Internet 上構建應用程序的新默認方式。這是新的應用平台。這就是人們所說的 Web 3，他們將構建各種應用程序，而不僅僅是金融服務應用程序。因此，我們相信 Coinbase 是世界上幫助推動這一變革的最佳定位公司，我們的目標是真正成為人們訪問加密經濟和 Web 3 的主要賬戶。我們擁有非常強大的客戶群、品牌和基礎設施。很好地集成，我們可以使加密變得簡單、可信和安全使用。

So with that, Alesia, let me turn it over to you to give a bit more detail on our 2021 results and the outlook for 2022.

因此，Alesia，讓我把它交給你，以便更詳細地介紹我們 2021 年的業績和 2022 年的前景。

Thanks, Brian. So we put a lot of detail into our shareholder letter and so I encourage you all to read it, but I want to call out a few highlights. As Brian shared, we had a lot of great wins in 2021. First one I want to call out is we expanded our trading volume market share. Our trading volumes increased 8.5x versus 2020 and this was higher growth than crypto spot markets which grew at 7.5x. This means that our trading volume market share increased in virtually every asset that we support on our platform. Second, we made significant progress at diversifying our revenues and we significantly increased our revenues. Our 2021 transaction revenue increased more than 6x year-over-year to $6.8 billion, including $2.3 billion in Q4. In our emerging revenue streams, which we call our subscription and services revenues, it's even more significant. We generated more than $500 million of subscription and services revenues this year, including $214 million in the fourth quarter.

謝謝，布賴恩。所以我們在我們的股東信中加入了很多細節，所以我鼓勵大家閱讀它，但我想指出一些亮點。正如布賴恩所分享的，我們在 2021 年取得了很多重大勝利。我要指出的第一個是我們擴大了交易量市場份額。與 2020 年相比，我們的交易量增長了 8.5 倍，這比加密貨幣現貨市場增長了 7.5 倍要高。這意味著我們在平台上支持的幾乎所有資產的交易量市場份額都有所增加。其次，我們在收入多元化方面取得了重大進展，我們的收入顯著增加。我們 2021 年的交易收入同比增長 6 倍以上，達到 68 億美元，其中第四季度為 23 億美元。在我們稱之為訂閱和服務收入的新興收入流中，它甚至更為重要。今年我們創造了超過 5 億美元的訂閱和服務收入，其中包括第四季度的 2.14 億美元。

This was a 10x increase from 2020 and importantly this now comprised 7% of our net revenue in 2021, up from 4% in 2020. We're anticipating massive industry growth to continue over the long term and this really informs the backdrop of our 2022 investment plan. So switching gears and turning more towards our outlook. I'm going to start with Q1. So we noted in our letter that Q1 is trending softer than Q4 and this is driven by lower crypto asset prices and lower volatility than we saw last quarter, both of which are significantly correlated with our monthly transacting users and our trading volumes. Quarter to date, our retail MTUs have averaged roughly 10 million. On our trading volume quarter-to-date, we've seen approximately $200 billion and so we expect Q1 to have lower MTUs and lower trading volume than Q4 2021.

這比 2020 年增長了 10 倍，重要的是，這現在占我們 2021 年淨收入的 7%，高於 2020 年的 4%。我們預計行業的大規模增長將長期持續，這確實為我們 2022 年的背景提供了信息投資計劃。所以換檔，更多地轉向我們的前景。我將從 Q1 開始。因此，我們在信中指出，第一季度的趨勢比第四季度疲軟，這是由於加密資產價格和波動性低於上季度，這兩者都與我們的月度交易用戶和交易量顯著相關。迄今為止，我們的零售 MTU 平均約為 1000 萬。在我們本季度迄今為止的交易量中，我們已經看到了大約 2000 億美元，因此我們預計第一季度的 MTU 和交易量將低於 2021 年第四季度。

In terms of subscription and services revenues, we do anticipate the price effects, i.e. lower crypto prices, will drive lower revenue in Q1 as compared to Q4. But we're excited about the prospect of this revenue stream nonetheless and continue to build new products and grow our native units on our platform. On the expense side, we're anticipating transaction expenses to be in the low to mid 20%s driven primarily by the growth of blockchain rewards revenue. And our operating expenses, excluding other expenses and there's more detail about this in the letter, will be in the range of $1.2 billion to $1.3 billion. Turning to the full year 2022. I want to just start with very difficult to forecast our business and we're entering this year with more unknowns, which make it even more difficult to forecast then what I would have said last year. And so it is too early in the year to take a very precise view.

在訂閱和服務收入方面，我們確實預計價格效應，即較低的加密貨幣價格，將導致第一季度的收入低於第四季度。但我們仍然對這一收入流的前景感到興奮，並繼續在我們的平台上構建新產品並發展我們的原生單元。在費用方面，我們預計交易費用將在 20% 左右，主要受區塊鏈獎勵收入增長的推動。我們的運營費用，不包括其他費用，信中對此有更多詳細信息，將在 12 億美元至 13 億美元之間。談到 2022 年全年。我想從很難預測我們的業務開始，今年我們進入了更多的未知數，這使得預測比我去年所說的更加困難。因此，在今年做出非常準確的看法還為時過早。

This informs our approach where we said we will be transparent with you all, but we've provided for an average annual retail MTU range that spans from 5 million to 15 million for 2022. And importantly, we are prepared to manage our business through either end of this range, through any of the outcomes and permutations in between. Our 2022 expense outlook reflects an ambitious headcount growth plan to build the product experiences and infrastructure, to drive user adoption higher throughout the world and through increased marketing investments and international expansion. And as Brian alluded to earlier, we're really excited about the options ahead of us. Given this wide range of MTUs 5 million to 15 million, which could in turn drive a wide range of revenue outcomes, I wanted to provide some more color on what you might expect.

這為我們的方法提供了信息，我們說過我們將對你們所有人保持透明，但我們已經為 2022 年的平均年度零售 MTU 範圍提供了 500 萬到 1500 萬個。重要的是，我們準備通過以下任一方式管理我們的業務這個範圍的末端，通過任何結果和其間的排列。我們的 2022 年費用展望反映了一項雄心勃勃的員工人數增長計劃，旨在打造產品體驗和基礎設施，通過增加營銷投資和國際擴張來推動全球用戶採用率更高。正如布賴恩早些時候提到的那樣，我們對擺在我們面前的選擇感到非常興奮。考慮到從 500 萬到 1500 萬的廣泛 MTU，這反過來又可以推動廣泛的收入結果，我想為您的預期提供更多顏色。

If we performed to the middle or the high end of this range, we expect to be profitable. If we perform on the low end of this range, we plan to manage our business such that our adjusted EBITDA loss would be no more than $500 million. Against our $7 billion of cash that we ended the year with, we think this is a very manageable loss if we choose to take it because the investment for the long term is the most important thing we can do because we're in the early days of crypto. So notwithstanding short-term lack of predictability, we're so excited about the progress we made in 2021 and our plans for building out further this year.

如果我們在這個範圍的中端或高端表現，我們預計會盈利。如果我們在這個範圍的低端表現，我們計劃管理我們的業務，使我們調整後的 EBITDA 損失不超過 5 億美元。相對於我們年底的 70 億美元現金，我們認為如果我們選擇接受它，這是一個非常可控的損失，因為長期投資是我們能做的最重要的事情，因為我們還處於早期階段的加密貨幣。因此，儘管短期內缺乏可預測性，但我們對 2021 年取得的進展以及今年進一步建設的計劃感到非常興奮。

With that, I'll turn it to Anil and we can take some questions.

有了這個，我會把它交給 Anil，我們可以回答一些問題。

Sounds good. So before getting into Q&A, I wanted to clearly lay out some principles for our Q&A session today similar to last quarter. First, we will answer the most uploaded questions determined by the number of shares and we may group some questions together that touch on the same themes. Second, we don't plan on answering questions related to the potential listing of new assets. And third, we will avoid answering questions that we've done so in the past if there are no updates. For example, we still do not plan to issue a dividend.

聽起來不錯。因此，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，類似於上個季度。首先，我們將回答由分享數量決定的上傳最多的問題，我們可能會將一些涉及相同主題的問題組合在一起。其次，我們不打算回答有關新資產潛在上市的問題。第三，如果沒有更新，我們將避免回答我們過去做過的問題。例如，我們仍然不打算派發股息。

So with that, we'll go to the first question. The first question comes from several users including [Akash S.], who expressed concern about our share price performance recently and since Coinbase went public. How can we add some context for investors about our share price performance to date?

因此，我們將進入第一個問題。第一個問題來自包括 [Akash S.] 在內的幾位用戶，他們最近以及自 Coinbase 上市以來對我們的股價表現表示擔憂。我們如何為投資者添加一些關於我們迄今為止的股價表現的背景信息？

Thank you, [Akash], for the question. And I think this is something a lot of investors have questions about so I'm glad you gave us the opportunity to respond. I'm going to answer in 2 ways. So let's start with the textbook answer. There are a number of factors that play with regards to the COIN stock price right now. First, there's been a significant sell off in the market since the November FOMC meeting for many high growth companies and Coinbase is no exception. This is driven by broad macroeconomic factors at play; inflation, interest rate concerns and geopolitical tension that we unfortunately saw in the headlines this morning. So beyond macro factors, we've also observed that our stock has been highly correlated with crypto prices, which are down roughly 20% year-to-date. We honestly don't truly understand this as this correlation does not take into account the growth in our market share that I spoke about previously, the diversification of our business beyond investing and let alone the future potential of our business as we expand into new assets and new product streams.

謝謝 [Akash] 的提問。我認為這是很多投資者都有疑問的問題，所以我很高興你給了我們回應的機會。我將以兩種方式回答。所以讓我們從教科書的答案開始。目前有許多因素與 COIN 股票價格有關。首先，自 11 月 FOMC 會議以來，許多高增長公司的市場出現了大幅拋售，Coinbase 也不例外。這是由廣泛的宏觀經濟因素驅動的；不幸的是，我們今天早上在頭條新聞中看到了通貨膨脹、利率問題和地緣政治緊張局勢。因此，除了宏觀因素之外，我們還觀察到我們的股票與加密貨幣價格高度相關，加密貨幣價格今年迄今下跌了約 20%。老實說，我們並沒有真正理解這一點，因為這種相關性沒有考慮到我之前談到的我們市場份額的增長，我們業務在投資之外的多元化，更不用說我們業務在我們擴展到新資產時的未來潛力和新產品流。

We're focused on building towards revenue diversification and we think this will trend and will decouple over time. But that is a little bit of what's impacting our stock at this moment. The non-textbook answer now. When I look at the market today, I cannot help but reflect back on prior risk off markets where we saw investors move capital out of risk assets. And those historic windows honestly were the best times to invest in my lifetime. So when I look at the crypto market today and we see the innovation, the diversification, the growth vectors, there's just so much to be excited about and I'm really optimistic about the opportunity to enter crypto asset investment at these price levels, in fact we just increased our own corporate crypto investments by nearly $350 million in the last few weeks. Brian, do you want to add anything here before I go on?

我們專注於實現收入多元化，我們認為這將隨著時間的推移而趨於分離。但這只是目前影響我們股票的一點點。現在非教科書答案。當我觀察今天的市場時，我不禁回想起之前的避險市場，我們看到投資者將資本從風險資產中撤出。老實說，那些歷史悠久的窗戶是我一生中投資的最佳時機。因此，當我今天查看加密貨幣市場時，我們看到了創新、多樣化、增長向量，令人興奮的是，我對以這些價格水平進入加密資產投資的機會感到非常樂觀，在事實上，在過去的幾周里，我們剛剛將我們自己的企業加密投資增加了近 3.5 億美元。布賴恩，在我繼續之前，你想在這裡添加什麼嗎？

Yes, I think that was a great answer. I mean look, I'm in the same boat. I have to scratch my head a little bit looking at some of the revenue multiples and I think we're very bullish about the future. I think it's really rare to see a company that has high growth, profitability and a massive TAM in front of it. That's kind of the trifecta and it's really hard for me to imagine an industry that has more growth potential in front of it if I look at the next decade. And so look, I think a lot of this is just human psychology. I think even just a few months ago there were people I saw lamenting like I wish I bought crypto sooner or COIN stock sooner and they didn't think they would ever get a chance to buy something like it at these prices again.

是的，我認為這是一個很好的答案。我的意思是看，我在同一條船上。我不得不稍微看看一些收入倍數，我認為我們對未來非常看好。我認為很難看到一家公司擁有高增長、盈利能力和巨大的 TAM。這是一種三連勝，如果我展望未來十年，我真的很難想像一個行業有更大的增長潛力。所以看，我認為很多這只是人類的心理。我想即使就在幾個月前，我還看到有人感嘆我希望我早點購買加密貨幣或 COIN 股票，他們認為他們再也沒有機會以這些價格再次購買類似的東西了。

And then of course by some stroke of luck when that opportunity does arise that they -- now they may feel pessimistic or something on it. So I think it's just human psychology. Like Alesia said, this is kind of when fortunes are made if people -- some are greedy when others are fearful. But honestly, I think we try to ignore this stuff. I think a lot of it is just short-term effects that are macro things happening out there in the world. And 95% of our effort should just be on building great products that help our customers and help grow this industry. And I think the next 10 years are going to be great. So we really try not to think about it too much and just have a long-term view.

當然，當機會確實出現時，幸運的是，他們——現在他們可能會感到悲觀或其他什麼。所以我認為這只是人類的心理。就像 Alesia 說的那樣，這就是人們發財的時候——有些人貪婪，而有些人則恐懼。但老實說，我認為我們試圖忽略這些東西。我認為其中很多只是短期影響，是世界上正在發生的宏觀事情。我們 95% 的努力應該只用於打造出色的產品來幫助我們的客戶並幫助這個行業發展。我認為接下來的 10 年將會很棒。所以我們真的盡量不去想太多，只著眼長遠。

I just want to reinforce that point. I think one of the questions is what are we doing about this? And firstly, I just think we're a good company as I think many companies are asking this question of themselves right now watching the stock price declines over the last few months. But crypto has prepared us well for volatility. And as Brian said, we've learned to focus on what is in our control and for us that means building safe, trusted and easy to use products for our customers, investing in innovation and trying to clearly articulate our story and our business value to our employees and to you our investors. And we believe if we continue to focus on these basic principles that will drive our long-term business success and the stock price will take care of itself.

我只是想強調這一點。我認為問題之一是我們在做什麼？首先，我認為我們是一家好公司，因為我認為許多公司現在都在問自己這個問題，因為過去幾個月股價下跌。但是加密貨幣已經為我們做好了應對波動的準備。正如布賴恩所說，我們已經學會專注於我們可以控制的事情，對我們來說，這意味著為我們的客戶打造安全、值得信賴和易於使用的產品，投資於創新，並努力清楚地表達我們的故事和我們的商業價值我們的員工和您的投資者。我們相信，如果我們繼續專注於這些將推動我們長期業務成功的基本原則，那麼股票價格就會自行好轉。

All right. Our next question comes from [Milton M. and Jeff C.], who are both focused on our revenue mix. What avenues of revenue are we exploring beyond trading? And do we have any ambitions to help businesses with NFTs, for example? And will diversification of revenue help decouple the share price from the price of crypto assets?

好的。我們的下一個問題來自 [Milton M. 和 Jeff C.]，他們都專注於我們的收入組合。除了交易，我們還在探索哪些收入途徑？例如，我們是否有雄心幫助企業使用 NFT？收入多元化是否有助於將股價與加密資產的價格脫鉤？

Great questions, [Milton and Jeff]. A little to unpack here. So you're right that the transaction revenue has historically made up the lion's share of our revenue. But as I shared in my comments earlier, we're taking steps to diversify this revenue and also grow our non-transaction revenue stream. One of the big takeaways of last year was the increasing amount of utility in the crypto economy beyond investing and the growth of the subscription and services I spoke about earlier reflects this where we saw 10x growth year-over-year. We have 3.6 million users earning yield on their assets at year-end, which is more than 5x the number that we're doing in 2020. A lot of these users are staking their assets, many of them on Ethereum. And so we plan to open up assets like ETH2 for institutions later this year and we also plan to add more assets and more proof-of-stake chains for users to participate in.

好問題，[米爾頓和傑夫]。在這裡稍微打開包裝。所以你是對的，交易收入在歷史上占我們收入的最大份額。但正如我之前在評論中所分享的，我們正在採取措施使收入多樣化，並增加我們的非交易收入流。去年最大的收穫之一是加密經濟中除了投資之外的實用程序數量不斷增加，而我之前談到的訂閱和服務的增長反映了這一點，我們看到了 10 倍的同比增長。到年底，我們有 360 萬用戶從他們的資產中獲得收益，這是我們在 2020 年所做的數字的 5 倍多。這些用戶中的很多都在將他們的資產抵押，其中許多是在以太坊上。因此，我們計劃在今年晚些時候為機構開放 ETH2 等資產，我們還計劃增加更多資產和更多 PoS 鏈供用戶參與。

Beyond that, we're really excited to launch our NFT platform. We view this as a very large addressable market with new and existing users who are clamoring for a different NFT experience, a simpler NFT experience. It still tends to be a little bit complex. And what we like right now while observing the market is that NFT volume and price appear less correlated with other crypto assets. And so you're seeing new crypto projects that have less correlation and it's just that general theme of diversification, whether NFTs fall to our transaction revenue or not, you're going to see different trends that will lead to a more sticky revenue stream with time. And I commented on this earlier, but as far as share price goes, it's difficult to predict the future. But we do hope to see that investors recognize that we are a diversified platform and will start to see our price decouple from overall crypto prices. Anil, back to you.

除此之外，我們真的很高興推出我們的 NFT 平台。我們認為這是一個非常大的潛在市場，新用戶和現有用戶都在要求不同的 NFT 體驗，更簡單的 NFT 體驗。它仍然傾向於有點複雜。而我們現在在觀察市場時喜歡的是 NFT 的數量和價格似乎與其他加密資產的相關性較低。因此，您會看到相關性較低的新加密項目，這只是多元化的總體主題，無論 NFT 是否屬於我們的交易收入，您都會看到不同的趨勢，這些趨勢將導致更具粘性的收入流時間。我之前對此發表了評論，但就股價而言，很難預測未來。但我們確實希望看到投資者認識到我們是一個多元化的平台，並將開始看到我們的價格與整體加密價格脫鉤。阿尼爾，回到你身邊。

Great. Next question comes from [Tom W.], who asked about the timing of the ability to trade ETH2.

偉大的。下一個問題來自 [Tom W.]，他詢問了交易 ETH2 的時間。

Great. Thanks for the question, [Tom]. Generally we don't comment on the listing of new assets, but this is a unique case because we already list ETH and then we allow staking for ETH2. Trading of ETH2 is dependent on the merge, which is going to combine the original Ethereum blockchain, which is proof of work with the ETH2 chain, which is proof of stake. The timing of this merge is out of our control and it will be driven by the Ethereum community, but we expect to see it at some point later this year. And we think this is a really exciting event for the crypto community and are working to support our customers before and after the merge. We recognize that customers are seeking liquidity on their ETH2 and we're working on solutions to provide this such as a raft ETH token in advance of the merge. And we believe that once ETH2 has liquidity available, it is going to drive more demand for ETH2 staking. We're also working to extend this capability to institutional clients for the first time later this year.

偉大的。謝謝你的問題，[湯姆]。通常我們不會評論新資產的上市，但這是一個獨特的案例，因為我們已經列出了 ETH，然後我們允許 ETH2 的質押。 ETH2 的交易依賴於合併，它將把原始的以太坊區塊鏈（工作證明）與 ETH2 鏈（權益證明）結合起來。這次合併的時間是我們無法控制的，它將由以太坊社區推動，但我們預計會在今年晚些時候看到它。我們認為這對加密社區來說是一個非常激動人心的事件，我們正在努力在合併前後為我們的客戶提供支持。我們認識到客戶正在尋求他們的 ETH2 的流動性，我們正在研究解決方案來提供這種流動性，例如在合併之前提供 raft ETH 代幣。我們相信，一旦 ETH2 有可用的流動性，它將推動對 ETH2 質押的更多需求。我們還在努力在今年晚些時候首次將這種能力擴展到機構客戶。

Next question comes from [Gerardo D.], who asks if there's a roadmap for Coinbase to support traditional securities such as stocks.

下一個問題來自 [Gerardo D.]，他詢問 Coinbase 是否有路線圖來支持股票等傳統證券。

Not at the time. Over the long term, our view is that everything will eventually migrate to blockchain technology. So we'll see security tokens as an example and we're excited to support those in the future. We're investing in the infrastructure to power that future, but we do not see that as a near-term roadmap item.

當時不是。從長遠來看，我們認為一切最終都會遷移到區塊鏈技術。因此，我們將以安全令牌為例，我們很高興在未來支持這些令牌。我們正在投資基礎設施來為未來提供動力，但我們並不認為這是近期的路線圖項目。

Just to add to that, I think there's so much greenfield opportunity in front of us with the cryptoeconomy and Web 3. And frankly, we've got our hands full I think just trying to keep up with all the various opportunities emerging there. So to me it would be a little bit of a step backwards to try to launch maybe a traditional brokerage or something like that. I think there's many good companies out there already serving that use case. So I would rather lean into the future and kind of build to where things are going.

再補充一點，我認為加密經濟和 Web 3 在我們面前有很多新的機會。坦率地說，我認為我們已經忙得不可開交，只是想跟上那裡出現的所有各種機會。所以對我來說，嘗試推出傳統的經紀公司或類似的東西會有點倒退。我認為有很多優秀的公司已經在為這個用例提供服務。因此，我寧願面向未來，並根據事情的發展方向進行構建。

Great. Next question comes from [Kyle R.], who asked about how we plan to beat OpenSea for the NFT market share.

偉大的。下一個問題來自 [Kyle R.]，他詢問了我們計劃如何在 NFT 市場份額上擊敗 OpenSea。

Yes, this is an important question. So clearly there's a significant and growing amount of volume across NFT marketplaces today, but the industry is still so nascent that we see a lot of opportunity for innovation. We definitely don't believe that this is a zero-sum game. We're huge fans of OpenSea and in fact we've been investors in their platform as members of Coinbase ventures. And we're always going to ultimately as Coinbase double down on the value props that got us to the place where I'm today, which are based on ease of use, trust and safety. For our own NFT marketplace, we're also focused on a social experience building a community so the person who is architecting this came from Instagram and has social roots, exclusive content and partnerships and then distribution. So today people can buy on Coinbase, transfer it to a wallet and then go to the marketplace. If they can do that all in one app with a few clicks, that's a win and it feeds into the ease of use that we think we're quite good at. Brian, anything to add on that?

是的，這是一個重要的問題。很明顯，當今 NFT 市場的交易量非常大且不斷增長，但該行業仍處於起步階段，我們看到了很多創新機會。我們絕對不相信這是一場零和遊戲。我們是 OpenSea 的忠實粉絲，事實上，作為 Coinbase 企業的成員，我們一直是他們平台的投資者。我們總是會最終作為 Coinbase 加倍投入價值支柱，這些支柱讓我們走到今天的位置，這些支柱基於易用性、信任和安全性。對於我們自己的 NFT 市場，我們還專注於建立社區的社交體驗，因此構建這個社區的人來自 Instagram，擁有社會根源、獨家內容和合作夥伴關係，然後進行分發。所以今天人們可以在 Coinbase 上購買，將其轉移到錢包，然後去市場。如果他們只需點擊幾下就可以在一個應用程序中完成所有這些操作，那將是一場胜利，並且它提供了我們認為我們非常擅長的易用性。布萊恩，有什麼要補充的嗎？

Yes, I agree with that 100%. I think look, it's not really about beating OpenSea. I think this is a new market. There's going to be a lot of winners. Oftentimes if you put out a product and another product looks similar in the early days, they tend to diverge over time and find their own niches after at some point. So I think just generally, we're really bullish on NFTs. It's going to be much larger than just digital artwork or something, which a lot of people are thinking of it as. There's going to be all kinds of in-game items in the metaverse, there's domain name and like ENS name type assets that are being created out there. There's citizenship and governance and like various novel fundraising mechanisms. So this segment is going to be really big and it's so early, I think it's not really about beating any of the other smaller players or -- we're a small player today too. So I think it's all about building the future. How do we 100x the size of the opportunity?

是的，我同意 100%。我認為看，這並不是真的要擊敗 OpenSea。我認為這是一個新市場。會有很多贏家。通常，如果您推出一種產品，而另一種產品在早期看起來很相似，它們往往會隨著時間的推移而分道揚鑣，並在某個時候找到自己的利基市場。所以我認為，總的來說，我們真的看好 NFT。它將比許多人認為的數字藝術品或其他東西大得多。元宇宙中將會有各種各樣的遊戲內物品，有域名和類似 ENS 名稱類型的資產正在那裡創建。有公民權和治理，以及各種新穎的籌款機制。所以這個細分市場將會非常大，而且還為時過早，我認為這並不是要擊敗任何其他較小的玩家，或者——我們今天也是一個小玩家。所以我認為這一切都是為了建設未來。我們如何將機會規模擴大 100 倍？

Our next question comes from [Ashwin N.], who asks when Coinbase will release infrastructure and tooling for building like AWS for crypto. And similarly, John D. asks how our offering and market share stack up to services like Alchemy and Infura?

我們的下一個問題來自 [Ashwin N.]，他詢問 Coinbase 何時會發布基礎設施和工具，用於構建像 AWS 這樣的加密貨幣。同樣，John D. 詢問我們的產品和市場份額如何與 Alchemy 和 Infura 等服務相提並論？

I think it's a valid observation. At the same time, we weren't first-movers in these markets. And our strategy is not necessarily to be the first to launch in every market, but we want to be the first to do it right. Now that said, global expansion has a top priority for us as a company. Historically, we've built products for the U.S. first, international second. And now we are transitioning to a new model and mindset where we ship products globally by default. We made a big hire this past quarter by hiring Nana Murugesan and he is the VP of International Operations and Business Development. Last week we did a blog post about lighting up the map, which is a new two-pronged approach to how we are going to go after global expansion. So one is going broad. We're going to launch foundational products that are a gateway to Web 3 and crypto in every country. And then also we're going deep. So we're going to launch localized infrastructure and public-facing products with a full suite of services.

我認為這是一個有效的觀察。同時，我們並不是這些市場的先行者。我們的戰略不一定是在每個市場上率先推出，但我們希望成為第一個做對的人。話雖如此，全球擴張對我們公司來說是重中之重。從歷史上看，我們首先為美國製造產品，其次才是國際市場。現在我們正在過渡到一種新的模式和思維方式，我們默認在全球範圍內運送產品。上個季度，我們聘請了 Nana Murugesan，他是國際運營和業務發展副總裁。上週，我們發表了一篇關於點亮地圖的博文，這是一種新的兩管齊下的方法，用於說明我們將如何進行全球擴張。所以一個是廣泛的。我們將在每個國家/地區推出基礎產品，這些產品是通往 Web 3 和加密貨幣的門戶。然後我們也會深入。因此，我們將推出具有全套服務的本地化基礎設施和麵向公眾的產品。

Specifically with respect to your question on Singapore and Japan, we have started to build local teams. We've hired our local country directors based in Singapore and Japan. We have set up engineering hubs in APAC to help localize our products for the region. And in Japan, we've made good progress working with regulators and have secured our license. We launched an early version of our retail product and now we're in the testing phase. We've built a strong early foundation. We were the only crypto player to provide a banking rail with the nation's largest bank, MUFG.

特別是關於你關於新加坡和日本的問題，我們已經開始建立本地團隊。我們聘請了駐新加坡和日本的當地國家主管。我們在亞太地區設立了工程中心，以幫助我們在該地區本地化我們的產品。在日本，我們與監管機構的合作取得了良好進展，並獲得了我們的許可證。我們推出了零售產品的早期版本，現在我們正處於測試階段。我們已經建立了堅實的早期基礎。我們是唯一一家為美國最大的銀行 MUFG 提供銀行服務的加密貨幣玩家。

And in Singapore, we're focusing on institutional and are already seeing substantial interest in adoption. Our Singapore team has also focused on developing the large retail opportunity in Indonesia, Philippines, and the broader Southeast Asia region. So we have a long-term strategy in place and winning markets takes time. We expect it's going to take several years to build a market-leading position across the markets in the Americas, EMEA and APAC, just like we've done in our US and European businesses.

在新加坡，我們專注於機構，並且已經看到對採用的濃厚興趣。我們的新加坡團隊還專注於在印度尼西亞、菲律賓和更廣泛的東南亞地區開發大型零售機會。因此，我們制定了長期戰略，贏得市場需要時間。我們預計需要數年時間才能在美洲、歐洲、中東和非洲和亞太地區市場建立市場領先地位，就像我們在美國和歐洲業務中所做的那樣。

Brian, anything to add?

布萊恩，有什麼要補充的嗎？

Yes, I mean, I'm glad you asked about international expansion. It's definitely something I'm really passionate about if you just go back to our mission about increasing economic freedom. A lot of places in the world, certainly outside of the US, have major challenges around economic freedom. And that's something that we feel like crypto is this incredible invention that can be creating this new, more global, more free, more fair financial system for the world. So international expansion is a big priority for us. You're going to see us -- there's really, it's really a two-pronged approach because if you're going to large markets that have, as a regulated financial service business like we're doing in Japan, you're going to see that move slower because it's a lot about getting the right licenses and right bank partners and localizing the product. And that's a country by country kind of slower approach, but it's great when you can land it.

是的，我的意思是，我很高興你問到國際擴張。如果你回到我們關於增加經濟自由的使命，這絕對是我真正熱衷的事情。世界上很多地方，當然是美國以外的地方，都面臨著經濟自由方面的重大挑戰。這就是我們認為加密是一項令人難以置信的發明，它可以為世界創造這個新的、更全球化、更自由、更公平的金融體系。因此，國際擴張是我們的重中之重。你會看到我們——真的，這真的是一個雙管齊下的方法，因為如果你要去大型市場，作為我們在日本所做的受監管的金融服務企業，你會看到這一步進展緩慢，因為獲得正確的許可證和正確的銀行合作夥伴以及對產品進行本地化非常重要。這是一個國家一個國家的一種較慢的方法，但是當你能登陸它時它是很棒的。

When you want to -- if you want to go for more of a self-custodial wallet or that product can be distributed globally quicker. You don't have to go country by country. It's more of a software product. And so we're seeing that product do well in some emerging markets. And so I think we're going to have our custodial products do well in regulated markets. We're going to have -- like major markets, we're going to have our self-custodial wallet do better in a bunch of emerging markets. And I think we'll get a lot of global coverage out of that two-pronged approach. So glad that we're getting more and more people in crypto on the platform globally.

當您想要時——如果您想購買更多的自託管錢包，或者該產品可以更快地在全球範圍內分發。你不必逐個國家去。它更像是一個軟件產品。因此，我們看到該產品在一些新興市場表現良好。所以我認為我們會讓我們的託管產品在受監管的市場上表現良好。我們將擁有 - 就像主要市場一樣，我們將讓我們的自託管錢包在一堆新興市場中做得更好。我認為我們將從這種雙管齊下的方法中獲得大量的全球報導。很高興我們在全球平台上吸引越來越多的人使用加密貨幣。

And I think from an economic freedom point of view, a lot of barriers happen when people tried to do remittance and FX and things like that. And so that's kind of the dream, that's the vision behind this crypto generally is, how can the world have one decentralized global transnational financial system that's more efficient, more fair, and more free.

而且我認為，從經濟自由的角度來看，當人們嘗試進行匯款和外匯之類的事情時，會出現很多障礙。所以這就是一種夢想，這就是加密背後的願景，世界如何才能擁有一個更高效、更公平、更自由的去中心化全球跨國金融系統。

So we'll take 2 more questions before opening up to the analysts. The next one comes from Jason K. and John D., who both observed that many competing platforms are offering attractive yields on assets through staking or lending. So what are Coinbase's plans to offer yield-generating products? And is Coinbase facing more regulatory scrutiny around these features or is it simply just not a priority right now?

因此，在向分析師開放之前，我們將再回答 2 個問題。下一位來自 Jason K. 和 John D.，他們都觀察到許多競爭平台通過質押或借貸提供有吸引力的資產收益率。那麼 Coinbase 提供可產生收益的產品的計劃是什麼？ Coinbase 是否面臨圍繞這些功能的更多監管審查，或者它現在根本不是優先事項？

I'll take this one. So yes, yield products are one of the top requested products by our customers. And today we do offer staking products, which are compelling yield generation opportunity. We drove more than $200 million of blockchain rewards this year, which is really rooted largely in our staking revenues as we added a number of proof-of-stake assets, notably ETH2, in mid-2021. We hope to support more users to generate rewards from many more proof-of-stake assets this year, and we'll be looking to make that a large growth area for our customers and for our revenue stream. You're right to note that yield products are also a significant area of focus by regulators. So there was some noise earlier this year about a lend product that we had in market, we've talked about on prior calls. And we have always taken the approach to embrace regulation and think of it as a thoughtfully done, it is a business enabler. So we've seen recent actions in the market that have taken both at the state and federal level to curtail certain products that offer yield. But there appears now to be a path to registration as a result of some of the recent enforcement actions. And so we will see how that plays out. But our objective is to continue to offer more and more choice to consumers and institutions as we possibly can, while remaining compliant with regulations in each market that we operate in.

我要這個。所以，是的，產量產品是我們客戶最需要的產品之一。而今天，我們確實提供了質押產品，這些產品提供了極具吸引力的收益機會。今年，我們推動了超過 2 億美元的區塊鏈獎勵，這主要源於我們的質押收入，因為我們在 2021 年年中增加了一些權益證明資產，尤其是 ETH2。我們希望今年支持更多的用戶從更多的權益證明資產中獲得回報，我們將尋求將其作為我們客戶和收入來源的巨大增長領域。您說得對，收益產品也是監管機構關注的一個重要領域。所以今年早些時候有一些關於我們在市場上的借貸產品的噪音，我們在之前的電話會議上談到過。我們一直採取接受監管的方法，並將其視為經過深思熟慮的做法，它是業務推動者。因此，我們已經看到市場上最近在州和聯邦層面採取的行動，以減少某些提供收益的產品。但由於最近的一些執法行動，現在似乎有一條註冊途徑。因此，我們將看到結果如何。但我們的目標是盡可能繼續為消費者和機構提供越來越多的選擇，同時遵守我們經營的每個市場的法規。

So the last question we'll take from Say today before we go into the analysts is from Scott W., who asked a great question. He's curious about DAOs. How do DAOs figure into the Coinbase product roadmap for retail and institutional users?

因此，在我們進入分析師之前，我們今天將從 Say 那裡得到的最後一個問題來自 Scott W.，他提出了一個很好的問題。他對 DAO 很好奇。 DAO 如何融入 Coinbase 面向零售和機構用戶的產品路線圖？

Let me start by quickly defining a DAO. A DAO is a decentralized autonomous organization and it's currently being used as a catch-all term that describes the broad range of emerging organizations that are powered by crypto at their core. It's one of the more exciting ideas in the crypto community right now. These range from investment DAOs that buy assets to social DAOs that create communities to protocol DAOs that manage the infrastructure of the crypto economy. And DAOs unlock new ways of working that weren't previously possible and they offer the potential to improve organizational efficiency. This is innovation that could disrupt the long-established business norms of organizing via c-corps and LLCs.

讓我從快速定義一個 DAO 開始。 DAO 是一個去中心化的自治組織，它目前被用作一個包羅萬象的術語，描述了以加密為核心的廣泛的新興組織。這是目前加密社區中更令人興奮的想法之一。這些範圍從購買資產的投資 DAO 到創建社區的社會 DAO 到管理加密經濟基礎設施的協議 DAO。 DAO 開啟了以前不可能的新工作方式，並提供了提高組織效率的潛力。這項創新可能會破壞通過 c-corps 和 LLC 組織的長期確立的商業規範。

So taking a step back, for Coinbase, we're building a platform to create trusted, easy-to-use crypto experiences for customers across their entire crypto journey. And this would include developers who are creating DAOs or users transacting with DAOs. We're making some early investments here in building the picks and shovels for DAOs that can help them succeed. And our initial focus is unlocking existing products like Coinbase Cloud and Prime to serve this new segment. Over time, we hope to better explore these innovations and to expand our products to meet the evolving needs of our customers, but it's very early days.

因此，退後一步，對於 Coinbase，我們正在構建一個平台，為客戶在整個加密旅程中創建可信賴、易於使用的加密體驗。這將包括創建 DAO 的開發人員或與 DAO 進行交易的用戶。我們在這裡進行了一些早期投資，為 DAO 構建可以幫助他們成功的鎬和鏟子。我們最初的重點是解鎖 Coinbase Cloud 和 Prime 等現有產品，以服務於這一新細分市場。隨著時間的推移，我們希望更好地探索這些創新並擴展我們的產品以滿足客戶不斷變化的需求，但這還為時過早。

Brian, anything on DAOs that you want to add?

Brian，你想添加關於 DAO 的任何內容嗎？

Yes, I mean, we think DAOs are very exciting. I think it's potentially the Delaware c-corp of the cryptoeconomy, right? And I think in terms of what products we can offer to our retail and institutional users, yes, I mean, we would follow the same approach that we do with all of our products, which is, how do we make it the most trusted and easiest to use? And so you could imagine many scenarios where a retail user or a business institution wants to go create a DAO, we can help them do that. We could help them provide ancillary services to participants in the DAO, like around how to conduct votes and how people submit proposals and maybe how payroll happens on the DAO, taxes, like you name it. So I think there's going to be a lot of opportunities to help people create DAOs and to manage them. And yes, we'd love to build that out.

是的，我的意思是，我們認為 DAO 非常令人興奮。我認為它可能是加密經濟的特拉華州 c-corp，對吧？我認為，就我們可以向零售和機構用戶提供哪些產品而言，是的，我的意思是，我們將採用與所有產品相同的方法，即，我們如何使其成為最值得信賴和最容易使用？因此，您可以想像零售用戶或商業機構想要創建 DAO 的許多場景，我們可以幫助他們做到這一點。我們可以幫助他們為 DAO 的參與者提供輔助服務，例如如何進行投票和人們如何提交提案，以及 DAO 的工資單如何發生，稅收，就像你說的那樣。所以我認為將會有很多機會幫助人們創建和管理 DAO。是的，我們很樂意建立它。

Okay. So with that, we'll switch and take a few live questions from our analysts. Mel, I will turn it over to you for the first question, please.

好的。因此，我們將切換並從我們的分析師那裡接受一些實時問題。梅爾，第一個問題，我會把它交給你。

Your first question comes from the line of Ken Worthington of JPMorgan.

您的第一個問題來自摩根大通的 Ken Worthington。

Coinbase's plans are ambitious and the increase in investment spending guidance is significant compared to the fourth quarter run rate. I guess, can you help us feel more comfortable with your comments that the pace of investment could, in fact, drive Coinbase to be unprofitable in 2022? Help us feel confident in the investments you're making in the new products, new services, and new geographies that are driving the G&A and technology costs so much higher. And how much of the 2022 investments that you're making could actually result in higher 2022 revenue versus the investments you're making today that's going to benefit the business over the next 5 to 10 years?

Coinbase 的計劃雄心勃勃，與第四季度的運行速度相比，投資支出指導的增加是顯著的。我想，你能否幫助我們對你的評論感到更舒服，即投資步伐實際上可能會導致 Coinbase 在 2022 年無利可圖？幫助我們對您在推動 G&A 和技術成本大幅上漲的新產品、新服務和新地區的投資充滿信心。您在 2022 年進行的投資中有多少實際上可以帶來更高的 2022 年收入，而您今天所做的投資將使未來 5 到 10 年的業務受益？

I'm going to take a shot at this and then Brian and Emilie feel free to add on. So Ken, just to unpack that a little bit, yes, '22 is an investment year. As we shared in our outlook, it's too early to call with precision where we think the revenue or MTUs of 2022 will land, which is why we gave a range of 5 million to 15 million. As I said in my earlier remarks, if we're in the midpoint or the high end of that range we'll continue to be profitable, but there's a scenario where if we're at the low end of that range that we're prepared to drive a loss up to a $500 million loss in Adjusted EBITDA.

我將對此進行嘗試，然後 Brian 和 Emilie 隨時補充。所以肯，只是稍微解開一下，是的，22 年是投資年。正如我們在展望中所分享的那樣，現在準確判斷我們認為 2022 年的收入或 MTU 將落在哪裡還為時過早，這就是我們給出 500 萬至 1500 萬範圍的原因。正如我在之前的評論中所說，如果我們處於該範圍的中點或高端，我們將繼續盈利，但有一種情況是，如果我們處於該範圍的低端，我們將準備在調整後的 EBITDA 中造成高達 5 億美元的損失。

We believe that many of the investments that we're making this year are going to the products that we articulated in our looking ahead. The investments that we're making in our investment platform, for example, of adding new assets, adding payment rails, those we expect to impact our 2022 revenue as we've seen, the continued diversification of assets on our platform contribute very near term to the revenue that we've able to generate, for example, in 2021, where we saw more revenue come from the long tail of crypto than from Bitcoin and Ethereum.

我們相信，我們今年進行的許多投資都將用於我們在展望未來時闡明的產品。我們在我們的投資平台上進行的投資，例如，增加新資產、增加支付渠道，正如我們所見，我們預計會影響我們 2022 年的收入，我們平台上資產的持續多樣化在短期內做出了貢獻以我們能夠產生的收入為例，在 2021 年，我們看到來自加密貨幣長尾的收入比來自比特幣和以太坊的收入更多。

Other investments that we're making, for example, in the DApp platform and NFTs, I think that that's going to not have as material of an impact in 2022, and those are more long-term bets that we think will have significant impacts on the longer term revenues of our company, similar with international. It'll take us, as Emilie said earlier, quarters or years to see those investments turn into meaningful revenue streams. So we think they're the right long-term investments to make.

我們正在進行的其他投資，例如在 DApp 平台和 NFT 上，我認為這不會在 2022 年產生重大影響，而這些是我們認為將對這些方面產生重大影響的長期押注我們公司的長期收入，與國際類似。正如 Emilie 之前所說，我們需要幾個季度或幾年的時間才能看到這些投資變成有意義的收入來源。因此，我們認為它們是正確的長期投資。

Last, we're putting a lot of effort into just increasing the reliability, the stability, and the infrastructure on our platform. As Brian [shared] in his comments earlier, the volume pick up from 2020 to 2021 was extraordinary. It sort of, you don't see these moments very often in your business career where you have 5x, 10x kind of volume multiples on your users, on your volume, on your platform. And what we've seen in crypto is that, you do see those step functions and growth. And so we want to make sure that we can offer great experiences to our customers and meet the volume that is coming to our platform, and so that requires investments in infrastructure. So it's investing in near-term revenue opportunities, long term as well as infrastructures, is how we bucket that investment.

最後，我們正在努力提高平台的可靠性、穩定性和基礎設施。正如布賴恩（Brian）早些時候在他的評論中所分享的，從 2020 年到 2021 年的銷量增長是非同尋常的。有點像，在你的商業生涯中，你不會經常看到這樣的時刻，你的用戶、你的音量、你的平台上有 5 倍或 10 倍的音量倍數。我們在加密貨幣中看到的是，你確實看到了這些階梯函數和增長。因此，我們希望確保我們能夠為客戶提供出色的體驗並滿足我們平台的需求量，因此這需要對基礎設施進行投資。因此，它投資於短期收入機會，長期以及基礎設施，是我們投資的方式。

Yes. I think that was great. You reminding me of just when we did the direct listing, I think we were -- we've repeated that message a handful of times that we're going to continue to invest through up and down cycles. But roughly, we feel like we're so early in this stage of this industry. We roughly want to operate the business at breakeven, smoothed out over multiple years if there's up and down cycles. So far, we've been profitable every quarter as a public company. But we just want to repeat that message again that we're going to continue to invest through up and down cycles because it's the early days, we're investing for the long term. So hopefully, that gives good context on our thinking.

是的。我認為那很棒。你讓我想起了我們直接上市的時候，我想我們是——我們已經多次重複了這個信息，我們將繼續在上下週期中進行投資。但粗略地說，我們覺得我們在這個行業的這個階段還很早。我們大致希望在盈虧平衡的情況下經營業務，如果有上升和下降週期，可以在多年內保持平穩。到目前為止，作為一家上市公司，我們每個季度都盈利。但我們只想再次重申這一信息，即我們將繼續在上下週期中進行投資，因為現在還處於早期階段，我們正在長期投資。因此，希望這能為我們的思維提供良好的背景。

The next question comes from the line of Will Nance of Goldman Sachs.

下一個問題來自高盛的 Will Nance。

I wanted to ask, I guess, another question on the investment spending. You've seen a lot of the competitors with the large crypto exchanges make pretty significant investments in brand advertising, stadiums, things like that, everyone was at the Super Bowl this year. And I guess, when you look at the competitive environment and the amount that your competitors are spending on maybe the less visible things that we can see from the outside, -- how much of the investment that you're making this year, would you say is a response? Or are you trying to keep up with the market? Or you feel like you're pulling ahead of the market in terms of the amount of money that you're spending on the ecosystem?

我想我想問另一個關於投資支出的問題。你已經看到很多大型加密貨幣交易所的競爭對手在品牌廣告、體育場館等方面進行了大量投資，今年每個人都參加了超級碗。而且我想，當您查看競爭環境以及競爭對手在可能是我們從外部看到的不太明顯的東西上花費的金額時，您今年進行了多少投資，您會說是回應？或者你想跟上市場的步伐？或者你覺得你在生態系統上花費的金額領先於市場？

I'll try to tackle this and Alesia, Brian, please add on. So I think that we are going to probably just take a different approach to the way that we do marketing. And for us we want to do things in an authentic way that we feel are representative of Coinbase and Web 3. Historically, we had a lot of organic growth. And then we started experimenting with high ROI paid acquisition and saw great success with that. And we continue to build on top of that with great product marketing and then you saw our Super Bowl ad.

我會盡力解決這個問題，Alesia，Brian，請補充。所以我認為我們可能會採取不同的方法來進行營銷。對我們來說，我們希望以一種我們認為代表 Coinbase 和 Web 3 的真實方式做事。從歷史上看，我們有很多有機增長。然後我們開始嘗試高投資回報率的付費收購，並取得了巨大的成功。我們繼續在此基礎上進行出色的產品營銷，然後您就看到了我們的超級碗廣告。

In general, we like to be a very ROI-driven company. And so to that end, the marketing efforts that we embark upon are going to be very kind of quantitative measured, as with the Super Bowl ad. I think that's one of the first Super Bowl ads that ever was kind of in that direct response mold. So we're going to do things that are natural to Coinbase. We're going to do things that are -- that we think are differentiated to Coinbase. And we feel like that's the only way for us to operate.

總的來說，我們希望成為一家非常注重投資回報率的公司。因此，為此，我們開展的營銷工作將是非常量化的，就像超級碗廣告一樣。我認為這是第一個在那種直接反應模式中出現的超級碗廣告。所以我們要做一些對 Coinbase 來說很自然的事情。我們將做一些我們認為與 Coinbase 不同的事情。我們覺得這是我們運營的唯一方式。

Brian, Alesia, anything else to add on that?

Brian，Alesia，還有什麼要補充的嗎？

Not too much to add. I think you nailed it. I mean, we -- I think the #1 thing we're focused on is building great products. And then we're at a scale now with the number of users and brand awareness where I do think it makes sense to invest in marketing. But you're probably going to see us do it a little differently than other crypto companies. We want to do something that's more authentic to us. We want to be rigorous about it, as Emilie mentioned. And I think we have an opportunity to kind of go tell the world more about the vision for the company, the mission of the company, what we're all about, why are we doing this? Why do we think this is good for the world with this kind of brand campaigns? We have an option to do, just talk about the products with great product marketing. And the performance marketing and we might just create kind of fun stuff too that's creative. But you're not going to see us probably do, really, I don't know what you'd call the rest of it, but it's going to look a little different.

沒有太多要補充的。我想你搞定了。我的意思是，我們 - 我認為我們關注的第一件事是打造出色的產品。然後我們現在的用戶數量和品牌知名度達到了一定規模，我認為投資營銷是有意義的。但你可能會看到我們的做法與其他加密公司略有不同。我們想做一些對我們來說更真實的事情。正如 Emilie 所說，我們希望對此保持嚴格。而且我認為我們有機會向世界更多地講述公司的願景、公司的使命、我們的宗旨、我們為什麼要這樣做？為什麼我們認為這種品牌活動對世界有益？我們有一個選擇，只談論具有出色產品營銷的產品。績效營銷，我們也可能創造出一些有趣的東西，也很有創意。但是你不會看到我們可能會這樣做，真的，我不知道你會怎麼稱呼它的其餘部分，但它看起來會有點不同。

So Alesia, anything else you want to add?

那麼 Alesia，您還有什麼要補充的嗎？

I think you guys have nailed the marketing side. The only other comment, Will, I thought I heard a little in your question about how much of our spend is doing things to catch up to what others are doing versus staying true to our own roadmap. And I think most of us are kind of spending true to our own roadmap and that's beyond marketing, but that's also in, we want to offer products for our customers that we see customer demand for. So we're not always going to be the first to market with a product. But once we see customer demand, we're going to fast follow and make sure that we can leverage the strength of our platform, which is distribution, which is the security and trusted nature of the products we build to tack on more and more product experiences to create a better experience for customers.

我認為你們已經掌握了營銷方面。唯一的其他評論，威爾，我想我在你的問題中聽到了一點關於我們有多少花費是在做一些事情以趕上其他人正在做的事情，而不是忠於我們自己的路線圖。而且我認為我們中的大多數人都在按照自己的路線圖進行支出，這超出了營銷範圍，但這也是我們希望為客戶提供我們看到客戶需求的產品的原因。因此，我們並不總是第一個將產品推向市場。但是，一旦我們看到客戶需求，我們就會快速跟進並確保我們可以利用我們平台的優勢，即分銷，這是我們構建的產品的安全性和可信性，以應對越來越多的產品為客戶創造更好的體驗。

And then just maybe as a follow-up, if I could just ask a little bit more about the institutional business, guys. From a revenue contribution, it's relatively small today, but obviously, like I think that kind of understates the scale of the business. When you think about new product initiatives for the institutional side, do you guys envision a scenario where the institutional business can contribute to a much larger share of the revenues over time? And I'm thinking specifically about product initiatives around derivatives and client financing. I think you made a couple of moves recently in terms of acquisitions and licensing around derivatives. How significant do you think that could be? And could we be looking at a step function in institutional revenues at some point when those things come online?

然後也許作為後續行動，如果我能問更多關於機構業務的信息，伙計們。從收入貢獻來看，今天它相對較小，但顯然，我認為這低估了業務規模。當您考慮機構方面的新產品計劃時，你們是否設想過這樣一種情況，即機構業務可以隨著時間的推移貢獻更大的收入份額？我正在專門考慮圍繞衍生品和客戶融資的產品計劃。我認為您最近在衍生品的收購和許可方面採取了一些舉措。你認為這可能有多重要？當這些東西上線時，我們是否可以考慮機構收入的階躍函數？

We're very excited about institutional as well. I think it's got a ton of potential. And there are some synergies there with retail and institutional. So I expect it to grow quite a bit over time. But yes, Emilie, go ahead, then Alesia. We've got lots of thoughts.

我們也對機構感到非常興奮。我認為它有很大的潛力。那裡與零售和機構有一些協同作用。所以我預計它會隨著時間的推移而增長很多。但是，是的，Emilie，繼續，然後是 Alesia。我們有很多想法。

Sure. I think the plan is for our entire business to grow and institutional will grow as a part of that, and we think it's going to be a large part of it. I think what the contribution is going to be over time is still TBD, but remember that we only kind of began building this about 2 years ago, and it's already showing such promise and legs. I think the cool thing about the institutional business is that, there's a bit of a roadmap in terms of what you've seen in the traditional institutional world. And so our team who's building this, can kind of look to that and see the products that existed in the traditional world and say, how can we envision that in a crypto-oriented world? And to your point, Will, things like financing and other products that are just loved by institutions, including derivatives, are areas that are just no-brainers and that's why we're making big investments.

當然。我認為該計劃是讓我們的整個業務增長，機構將作為其中的一部分增長，我們認為這將是其中的很大一部分。我認為隨著時間的推移，貢獻仍將是 TBD，但請記住，我們大約在 2 年前才開始構建它，它已經顯示出這樣的承諾和腿。我認為機構業務的酷之處在於，就您在傳統機構世界中看到的情況而言，有一些路線圖。所以我們正在構建這個的團隊，可以看看那個並看到傳統世界中存在的產品，然後說，我們如何在一個面向加密的世界中設想它？就你的觀點而言，Will，像金融和其他受機構喜愛的產品，包括衍生品，都是不費吹灰之力的領域，這就是我們進行大筆投資的原因。

Alesia, anything to add on that?

Alesia，有什麼要補充的嗎？

I think in the interest of time we can go to the next question.

我認為為了時間的利益，我們可以進入下一個問題。

And next question comes from the line of Richard Repetto of Piper Sandler.

下一個問題來自 Piper Sandler 的 Richard Repetto。

And this sort of goes back to an earlier question when you talked, Alesia, about near-term investments in moderate-term and long-term. But it does seem like you have a lot of opportunities that Brian has laid out in the strategy section of the pillars. So I guess, could you help us at least identify some of the shorter-term things that we can see that could actually contribute to revenues on the shorter-term basis?

當你談到中長期的近期投資時，這種類型可以追溯到之前的問題，Alesia。但是，Brian 在支柱的戰略部分中似乎確實有很多機會。所以我想，你能幫助我們至少確定一些我們可以看到的短期因素，這些因素實際上可以在短期內為收入做出貢獻嗎？

Sure. So as Brian also shared earlier, one of the things that we look at is the 70-20-10 model, where 70% of the investment goes to our core, 20% to adjacencies and 10% to ventures. That maps somewhat closely also to the way that we think about our pillars of our strategy, where the bulk of our investment is still going into the investment platform, adding assets, adding payment rails, going global, adding marketing, and a lot of innovation there. And then the ventures is more of the 10% side, which is the newer, newer products. So when we think of that, I think you'll see a lot of growth from the near-term as we expect a lot of growth from existing subscription and services. Staking is going to see a lot of growth. We're adding institutional access to ETH2 this year. We're adding new staking protocols and we see a lot of user interest in the yields generated by staking by proof-of-stake assets. So I expect that as more near-term-type revenue. And I think that we're excited about the potential of NFTs and derivatives. These are going to take a while to get right and to add meaningfully to our revenue. There could be some surprises, quite candidly, but I want to be more cautious when we see that coming into our revenue this year.

當然。因此，正如 Brian 之前分享的那樣，我們關注的一件事是 70-20-10 模型，其中 70% 的投資用於我們的核心，20% 用於鄰接，10% 用於風險投資。這在某種程度上也與我們對戰略支柱的思考方式密切相關，我們的大部分投資仍在投資平台、增加資產、增加支付渠道、走向全球、增加營銷和大量創新那裡。然後風險投資更多的是10％，即更新，更新的產品。因此，當我們考慮到這一點時，我認為您會在短期內看到很多增長，因為我們預計現有訂閱和服務會帶來很多增長。 Staking 將會有很大的增長。今年我們將增加對 ETH2 的機構訪問權限。我們正在添加新的質押協議，我們看到很多用戶對權益證明資產質押所產生的收益感興趣。所以我預計這是更多的短期收入。我認為我們對 NFT 和衍生品的潛力感到興奮。這些將需要一段時間才能正確並有意義地增加我們的收入。坦率地說，可能會有一些驚喜，但當我們看到今年的收入進入我們的收入時，我想更加謹慎。

And Brian, just one follow-up question. Emilie mentioned that you do have a I think she mentioned you had an investment in OpenSea. And I'm just trying to understand the strategy and philosophy in the venture investments, like the purpose. And I think they just raised money at a pretty good valuation. Would you look at -- is there an exit strategy for those types of investments like OpenSea?

布賴恩，只是一個後續問題。 Emilie 提到你確實有一個我想她提到你對 OpenSea 進行了投資。我只是想了解風險投資的策略和理念，比如目的。而且我認為他們只是以相當不錯的估值籌集資金。你會看看——像 OpenSea 這樣的投資類型有退出策略嗎？

You cut out for the first part of the question, but I think the question was about ventures and what's the exit strategy? I mean, our plan is to hold those. I mean, again, we feel it's very early days. And so I expect Coinbase ventures will turn out to be incredibly valuable over time. We're not planning to trying to liquidate anything there in short-term.

你刪掉了問題的第一部分，但我認為問題是關於風險投資以及退出策略是什麼？我的意思是，我們的計劃是保留這些。我的意思是，我們覺得現在還為時尚早。因此，我預計隨著時間的推移，Coinbase 的風險投資將變得非常有價值。我們不打算在短期內清算那裡的任何東西。

Emilie, anything you want to add?

埃米莉，你想補充什麼嗎？

Well, Rich, we were actually in that seed round of OpenSea. So one of the things -- like the way that we think about the goals there is, it's an incredible way for us to stay close to the ecosystem, see what's popping, get great differentiated insights, build relationships in the crypto ecosystem that potentially lead to M&A as we did with Bison Trails. And then ROI is -- and IRR is more of a third criteria and yet, at the same time, the returns have been quite impressive. And so it's a really nice side benefit. So again, we're holders of all these assets, we think they're going to be quite valuable.

好吧，Rich，我們實際上是在 OpenSea 的種子輪中。因此，其中一件事——就像我們思考目標的方式一樣，這是一種令人難以置信的方式，讓我們能夠與生態系統保持密切聯繫，了解正在發生的事情，獲得差異化的洞察力，在加密生態系統中建立可能引領的關係就像我們對 Bison Trails 所做的那樣進行併購。然後投資回報率是 - 而內部收益率更像是第三個標準，但與此同時，回報也相當可觀。所以這是一個非常好的附帶好處。再說一次，我們是所有這些資產的持有者，我們認為它們將非常有價值。

Mel, I think we have time for one last question, please.

梅爾，我想我們有時間回答最後一個問題。

And our final question comes from the line of Lisa Ellis of MoffettNathanson.

我們的最後一個問題來自 MoffettNathanson 的 Lisa Ellis。

I had a question about the competitive environment in the U.S. market where some of the global players have been investing more heavily in their U.S. subsidiaries. Can you just help crystallize for us how Coinbase shines or differentiates itself relative to the handful or so of other crypto-native brokerage and exchanges operating in the U.S.?

我有一個關於美國市場競爭環境的問題，一些全球參與者一直在加大對美國子公司的投資。您能否幫助我們具體說明 Coinbase 相對於在美國運營的少數其他加密原生經紀公司和交易所如何閃耀或與眾不同？

Yes, I can take that quickly. So far, we haven't seen meaningful volume from, I guess, foreign exchanges that are now trying to enter the U.S. But I think we have to be mindful of it. If you can think of it as Coinbase really has the opposite challenge, which is we started in the U.S. We're very -- we're doing really well there, but we've increasingly turned our attention to international. So I think, look, the way we've differentiated over time is, we've leaned into regulation, we've sought to be the most trusted player in the space, whether that comes to cybersecurity or legal efforts and that kind of thing. And then we've tried to make crypto easier to use as well. So we're not trying to make a product for super technical people or super professional, super pro traders or whatever. We're trying to make a product for everybody. And actually I think even to technical people, and pro traders prefer interfaces that are easy-to-use. And so being the most trusted, being easiest to use, that's the way we've differentiated over time.

是的，我可以很快接受。到目前為止，我猜，我們還沒有看到現在正試圖進入美國的外匯交易量有意義。但我認為我們必須注意這一點。如果您可以將其視為 Coinbase 確實面臨相反的挑戰，那就是我們從美國開始。我們非常 - 我們在那裡做得非常好，但我們越來越多地將注意力轉向國際。所以我認為，看，隨著時間的推移，我們與眾不同的方式是，我們傾向於監管，我們尋求成為該領域最值得信賴的參與者，無論是網絡安全還是法律努力等等.然後我們也嘗試讓加密更容易使用。因此，我們並不是要為超級技術人員或超級專業人士、超級專業交易員或其他任何人製作產品。我們正在努力為每個人製造產品。實際上，我認為即使是技術人員，專業交易者也更喜歡易於使用的界面。因此，作為最受信任、最容易使用的產品，這就是我們隨著時間的推移而與眾不同的方式。

Emilie, Alesia, anything you want to add?

Emilie，Alesia，你想補充什麼嗎？

Agree.

同意。

Same.

相同的。

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

好的。好吧，今天就這樣。謝謝大家今天加入我們的電話會議，我們期待在下一次電話會議上與您交談。

Thank you, ladies and gentlemen. That concludes today's conference call. Thank you all for participating. You may now disconnect.

謝謝你們，女士們，先生們。今天的電話會議到此結束。謝謝大家的參與。您現在可以斷開連接。