Coinbase Global Inc (COIN) 2022 Q1 法說會逐字稿

Good afternoon. My name is Gino, and I will be your conference operator today. At this time, I would like to welcome everyone to the Coinbase First Quarter 2022 Earnings Call. (Operator Instructions) I would now like to hand the conference over to your speaker today, Anil Gupta, Vice President of Investor Relations. You may begin.

下午好。我的名字是 Gino，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 2022 年第一季度財報電話會議。 （操作員說明）我現在想將會議交給您今天的演講者，投資者關係副總裁 Anil Gupta。你可以開始了。

Good afternoon, and welcome to the Coinbase First Quarter 2022 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 is published on our IR site earlier today.

下午好，歡迎參加 Coinbase 2022 年第一季度財報電話會議。和我一起參加今天電話會議的還有聯合創始人兼首席執行官 Brian Armstrong； 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。

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. Our discussion today will also include references to certain non-GAAP financial measures. Reconciliations to the most directly comparable GAAP financial measures are provided in the shareholder letter on our Investor Relations website. Non-GAAP financial measures should be considered in addition to, but not as a substitute for, GAAP measures.

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中。我們今天的討論還將包括對某些非公認會計原則財務指標的引用。我們投資者關係網站上的股東信中提供了與最直接可比的 GAAP 財務指標的對賬。非 GAAP 財務措施應作為 GAAP 措施的補充而非替代考慮。

We are once again using the Say Technologies platform to enable our shareholders to post questions. In addition, we'll take some live questions from our research analysts. With that, I'll turn it over to Brian and Alesia for some opening comments.

我們再次使用 Say Technologies 平台讓我們的股東能夠發布問題。此外，我們將從我們的研究分析師那裡得到一些實時問題。有了這個，我將把它交給 Brian 和 Alesia 以徵求一些開場白。

All right. Thanks, Anil. So before we dive into our results this quarter, I think it's worth just addressing the elephant in the room, which is that, of course, the broader markets are down. We're seeing a down market for growth tech stocks and risk assets. And of course, Coinbase and crypto is no exception to that. So the good news is that as a crypto company, we've lived through many different cycles in crypto, including major drawdowns, which I think make us well suited to operate through these environments.

好的。謝謝，阿尼爾。因此，在我們深入探討本季度的業績之前，我認為值得一提的是房間裡的大象，當然，更廣泛的市場正在下跌。我們看到成長型科技股和風險資產的市場低迷。當然，Coinbase 和加密也不例外。所以好消息是，作為一家加密公司，我們在加密領域經歷了許多不同的周期，包括重大回撤，我認為這使我們非常適合在這些環境中運營。

And I have to tell you, kind of going back over the last 10 years in crypto, the up periods, we tend to focus mostly on scaling. There's so many customers beating a path to our door that we have to have all hands on deck just to keep everything running. And so the down periods are often sometimes kind of a welcome change from that, in the sense that we get to focus on building the next layer of innovation that will benefit us in the next cycle. We also tend to see the down period as a big opportunity because we're greedy when others are fearful. We tend to be able to acquire great talent during those periods and others pivot, they get distracted, they get discouraged. And so we tend to do our best work in a down period.

我必須告訴你，有點像過去 10 年的加密貨幣，上升時期，我們傾向於主要關注擴展。有如此多的客戶在通往我們家門口的路上，我們必須全力以赴才能保持一切正常運轉。因此，低迷時期通常是一種可喜的變化，從某種意義上說，我們可以專注於構建下一個創新層，這將在下一個週期使我們受益。我們也傾向於將低迷期視為一個巨大的機會，因為當別人害怕時，我們會變得貪婪。在這些時期，我們往往能夠獲得優秀的人才，而其他人則在轉折點，他們會分心，他們會灰心。所以我們傾向於在低迷時期做最好的工作。

So ironically, I'm actually -- I've never been more bullish on where we are as a company. And I think it's really important to separate our performance, how are we executing towards our goals versus how is the broader market doing. And I think in terms of how we're executing towards our goals, I really -- there's a lot of bright spots. I couldn't be happier.

具有諷刺意味的是，我實際上——我從來沒有像現在這樣看好我們作為一家公司的位置。而且我認為區分我們的表現非常重要，我們如何實現我們的目標與更廣泛的市場表現如何。而且我認為就我們如何實現目標而言，我真的 - 有很多亮點。我再高興不過了。

For instance, this quarter, we had positive EBITDA despite the market being down, which I think speaks really highly of the resilience of our business. We're incredibly well-capitalized during this period. So we have over $7 billion on the balance sheet of cash in crypto, which gives us lots of opportunities. As I said, to bring in -- continue to bring in the top talent, acquire companies. 54% of our active users now are doing something other than just trading crypto, they're actually using crypto in a variety of ways. And so our thesis about moving away from just being a trading platform to enabling the entire crypto economy and being that primary financial account people, it's really starting to work. The majority of our active users are now doing something other than trading.

例如，本季度，儘管市場低迷，我們的 EBITDA 仍為正，我認為這確實高度評價了我們業務的彈性。在此期間，我們資本充足。因此，我們的資產負債表上有超過 70 億美元的加密貨幣現金，這給了我們很多機會。正如我所說，要引進——繼續引進頂尖人才，收購公司。我們 54% 的活躍用戶現在正在做的不僅僅是交易加密貨幣，他們實際上以各種方式使用加密貨幣。因此，我們關於從僅僅作為交易平台轉變為支持整個加密經濟並成為主要金融賬戶人員的論點，它真的開始起作用了。我們的大多數活躍用戶現在都在做交易以外的事情。

And even the trading business itself is doing really well. Despite preferred trading volumes in the macroenvironment being down 44%, and yet we were down about 44% as well, but in the assets that we support, including the core ones like Bitcoin and Etherium, we actually gained share. There's been a lot of talk in the past about fee compression, but we've seen in the last few quarters that, that hasn't been the case. In fact, our take rate is slightly up over the last few quarters. And there's a lot of new emerging revenue streams like risk taking and our subscription and services, which grew 169% year-over-year.

甚至貿易業務本身也做得很好。儘管宏觀環境中的首選交易量下降了 44%，但我們也下降了約 44%，但在我們支持的資產中，包括比特幣和以太坊等核心資產，我們實際上獲得了份額。過去有很多關於費用壓縮的討論，但我們在過去幾個季度看到，情況並非如此。事實上，在過去幾個季度中，我們的接受率略有上升。還有很多新興的收入來源，比如冒險以及我們的訂閱和服務，同比增長 169%。

So things -- I think we're executing really well towards our goal. And I just want to read a quote from our S-1 when we went public about a year ago that kind of laid some of this out and we actually talked about it in our earnings call last year, sort of anticipating this downturn. So the quote is that "You can expect volatility in our financials, given the price cycles of the cryptocurrency industry. This doesn't faze us because we're always taking a long-term perspective on crypto adoption. We may earn a profit when revenues are high, we may lose money when revenues are low. But our goal is to roughly operate the company as breakeven, smoothed out over time for the time being. We are looking for long-term investors who believe in our mission and will hold through price cycles."

所以事情 - 我認為我們在實現目標方面做得非常好。我只是想讀一下我們大約一年前上市時 S-1 的一段引述，其中闡述了其中的一些內容，我們實際上在去年的財報電話會議上談到了這一點，有點預料到這種低迷。所以引用是“鑑於加密貨幣行業的價格週期，你可以預期我們的財務狀況會出現波動。這並不讓我們擔心，因為我們總是從長遠角度看待加密貨幣的採用。我們可能會在以下情況下獲利收入高，收入低我們可能會賠錢。但我們的目標是大致將公司運營為盈虧平衡點，隨著時間的推移暫時平穩。我們正在尋找相信我們的使命並將持有的長期投資者通過價格週期。”

So of course, this is the early days of this industry, and we are going to continue to invest. As the industry matures over time, we're going to be a very profitable company and more consistently profitable. But for now, regardless of whether the market is up or down, we're going to keep building. And I think the real key is to mentally flip from seeing down markets as being scary to actually being opportunities to pull ahead and that's exactly what we're going to be doing in this environment. Alesia, anything you want to add?

所以當然，這是這個行業的早期階段，我們將繼續投資。隨著行業隨著時間的推移而成熟，我們將成為一家非常有利可圖的公司，並且更加穩定地盈利。但就目前而言，無論市場是上漲還是下跌，我們都將繼續建設。我認為真正的關鍵是在精神上從認為市場低迷可怕轉變為實際上是推動前進的機會，而這正是我們在這種環境下要做的事情。 Alesia，你有什麼要補充的嗎？

Thanks, Brian. I just want to reiterate that Brian said that the good news is that we have a decade of experience in managing to this type of volatility and we expected Q1 to be down from Q4 of last year. And our approach to planning is very deliberate and it considers how we would manage through all types of market conditions. And this is definitely within the range of market positions that we considered in our 2022 plan.

謝謝，布賴恩。我只想重申，布賴恩說，好消息是我們在應對這種波動方面有十年的經驗，我們預計第一季度將低於去年第四季度。我們的規劃方法非常慎重，它考慮了我們將如何應對所有類型的市場條件。這絕對在我們在 2022 年計劃中考慮的市場定位範圍內。

So I want to switch over and talk about our Q2 outlook. So we note in our letter that the softness that we saw towards the tail end of Q1 has continued into April, with crypto market cap and volatility both down compared to Q1. Volatility in particular, was at its lowest level we've observed since mid-2020. Our April MTU averages around 8.9 million users. Our trading volume is approximately $74 billion, and as a result, we expect Q2 to have both lower transaction volumes and lower MTU than the Q1 levels.

所以我想換個角度談談我們的第二季度展望。因此，我們在信中指出，我們在第一季度末看到的疲軟一直持續到 4 月，與第一季度相比，加密貨幣市值和波動率均有所下降。尤其是波動性，處於我們自 2020 年年中以來觀察到的最低水平。我們 4 月份的 MTU 平均約有 890 萬用戶。我們的交易量約為 740 億美元，因此，我們預計第二季度的交易量和 MTU 均低於第一季度的水平。

In terms of our subscription and services, we anticipate this being similar to modestly lower as the Q1 levels.

就我們的訂閱和服務而言，我們預計這與第一季度的水平相似，略低。

On the expense side, we anticipate transaction expenses to be in the low 20s, driven primarily by the growth of our blockchain rewards revenue; sales and marketing to be in the mid- to high teens as a percent of net revenue; and tech and dev and G&A will range between $1.1 billion and $1.3 billion. We really recognize that we are navigating through uncertain and volatile markets, and we plan to continue to invest prudently to drive long-term growth. As such, our outlook for 2022 is largely unchanged. And I want to reiterate that we are aiming to manage to a maximum of $500 million adjusted EBITDA loss, even if we are in a prolonged market downturn.

在費用方面，我們預計交易費用將在 20 多歲，主要受我們區塊鏈獎勵收入增長的推動；銷售和營銷占淨收入的百分比處於中高水平；技術、開發和 G&A 將在 11 億美元至 13 億美元之間。我們確實認識到我們正在經歷不確定和動蕩的市場，我們計劃繼續審慎投資以推動長期增長。因此，我們對 2022 年的展望基本沒有變化。我想重申，即使我們處於長期的市場低迷期，我們的目標是控制最多 5 億美元的調整後 EBITDA 虧損。

We historically planned our spending under a conservative assumption of a multiyear period of low volatility. And we believe with our balance sheet and resources, we are well capitalized to assist in our operations and its brands that continue to make our focus on building great product experiences, building up our user base and getting ready for the return of the market.

我們歷來是在多年低波動期的保守假設下計劃支出的。我們相信，憑藉我們的資產負債表和資源，我們有充足的資本來協助我們的運營及其品牌，這些品牌將繼續專注於打造出色的產品體驗、建立我們的用戶群並為市場的回歸做好準備。

So with that, Anil, let's go to questions.

所以，阿尼爾，讓我們來回答問題。

Great. Thank you both. So before we get into Q&A, I wanted to reiterate our Q&A principles. First, we'll answer the most uploaded questions determined by the number of shares and we might group some questions together that touch on the same themes. Second, we don't plan to answer questions related to the potential listing of new assets. And third, we'll avoid questions we've answered in the past, if there are no updates. For example, we still don't plan to issue a dividend.

偉大的。謝謝你倆。所以在我們進入問答環節之前，我想重申一下我們的問答原則。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，我們將避免過去回答過的問題。例如，我們仍然不打算派發股息。

So the first question here, we're combining two questions. The top one is about M&A. [George R.] asked if we see a strategic advantage in acquiring or merging with Robinhood. [Noah P.] asked about ventures and how we think about exiting or monetizing the investments made there.

所以這裡的第一個問題，我們將兩個問題結合起來。第一個是關於併購。 [George R.] 問我們是否看到了收購或合併 Robinhood 的戰略優勢。 [Noah P.] 詢問了風險投資以及我們如何考慮退出或將在那裡進行的投資貨幣化。

This is Emilie. Thanks for the question. So we don't comment on rumors or speculation on any specific M&A transactions. But I think that the question actually was more about the strategic advantage of owning a traditional securities platform. And we are a crypto company, crypto is in our DNA. Everything we do is in service of building the crypto economy and increasing economic freedom. So we don't plan to offer traditional securities, unless this somehow would help us massively accelerate crypto adoption.

這是艾米莉。謝謝你的問題。因此，我們不對任何特定併購交易的傳言或猜測發表評論。但我認為問題實際上更多是關於擁有傳統證券平台的戰略優勢。我們是一家加密公司，加密在我們的 DNA 中。我們所做的一切都是為了建立加密經濟和增加經濟自由。因此，我們不打算提供傳統證券，除非這能以某種方式幫助我們大規模加速加密貨幣的採用。

I also think this is a great opportunity to talk about our invest and acquire strategy more broadly.

我還認為這是一個更廣泛地討論我們的投資和收購戰略的好機會。

On the venture side, we are one of the most active corporate investors in the world, and we've made more than 300 investments to date. We take minority positions in tons of companies that we think will have great potential, including OpenSea, Alchemy, Dapper Labs, TaxBit, Uniswap and Compound, and we're very proud to be in these companies and support their growth.

在風險投資方面，我們是世界上最活躍的企業投資者之一，迄今為止我們已經進行了 300 多項投資。我們在許多我們認為具有巨大潛力的公司中擔任少數職位，包括 OpenSea、Alchemy、Dapper Labs、TaxBit、Uniswap 和 Compound，我們很自豪能加入這些公司並支持他們的發展。

The goal of ventures is to grow the overall crypto economy and to support the ecosystem and get differentiated insights. We look for the best teams and products to invest in, and we spend a lot of time working with protocols, Web3 infrastructure, DeFi, CeFi, NFTs and the metaverse. We also care about ROI, and we're happy with the returns that we've generated since 2018.

風險投資的目標是發展整體加密經濟並支持生態系統並獲得差異化的見解。我們尋找最好的團隊和產品進行投資，我們花費大量時間與協議、Web3 基礎設施、DeFi、CeFi、NFT 和元界合作。我們也關心投資回報率，我們對自 2018 年以來產生的回報感到滿意。

For the most part, we don't have any intention of selling or monetizing those stakes because we're just long in the whole crypto sector. To me, it would be like Facebook or Google having bet on a large portfolio of the most promising tech companies back in the day and then just having held them through long periods.

在大多數情況下，我們無意出售這些股份或將這些股份貨幣化，因為我們只是在整個加密貨幣領域做多。對我來說，這就像 Facebook 或谷歌在當時押注了大量最有前途的科技公司，然後只是長期持有它們。

That takes me to the second pillar, which is Corp Dev, and we are very focused on acquiring great companies that can supplement or accelerate our plans. Another secondary goal of ventures is M&A pipeline and/or partnership. So an example of this is Bison Trails. We invested early through Coinbase Ventures. They turned out to be a great company, and so we then acquired them as the foundation of Coinbase Cloud. We've also acquired companies like Xapo and Tagomi, which helped us become the #1 crypto custodian in the space as well as the foundation for our prime offering.

這將我帶到了第二個支柱，即 Corp Dev，我們非常專注於收購可以補充或加速我們計劃的偉大公司。風險投資的另一個次要目標是併購渠道和/或合作夥伴關係。因此，Bison Trails 就是一個例子。我們早期通過 Coinbase Ventures 進行了投資。事實證明，他們是一家偉大的公司，因此我們收購了他們作為 Coinbase Cloud 的基礎。我們還收購了 Xapo 和 Tagomi 等公司，這幫助我們成為該領域排名第一的加密貨幣託管人，並為我們提供優質產品奠定了基礎。

The final benefit of all of this is that we have incredible entrepreneurial teams in place who are running important parts of the business.

所有這一切的最後一個好處是，我們擁有令人難以置信的創業團隊，他們正在運營業務的重要部分。

Sorry, I was on mute. The second question is about our NFT marketplace. Have we been pleased with the activity thus far on the platform? Any metrics we can share for investors to get a sense of the progress?

對不起，我靜音了。第二個問題是關於我們的 NFT 市場。到目前為止，我們對平台上的活動感到滿意嗎？我們可以分享任何指標讓投資者了解進展情況嗎？

Yes. Happy to share an update. So in general, I've been really pleased with the results so far. We've gotten really positive reaction from customers. There -- a lot of inventory being listed on the site for sale and customers are really engaging with our social-first approach to NFTs, that I think opens up some really interesting strategic opportunities in the future.

是的。很高興分享更新。所以總的來說，到目前為止，我對結果感到非常滿意。我們從客戶那裡得到了非常積極的反應。那裡 - 網站上列出了許多待售庫存，客戶真正參與了我們對 NFT 的社交優先方法，我認為這在未來開闢了一些非常有趣的戰略機會。

So in terms of adoption, we've really been slowly rolling out invites from our waitlist for a while. And then we just recently opened up to the public beta. We haven't actually really connected the NFT product into our main distribution channel yet though, which is through our main retail app, and of course, Coinbase Wallet. So we'll be looking to do that in the near future. And then we're not -- we don't really share metrics about any of our venture bets internally any of our new initiatives.

因此，在採用率方面，一段時間以來，我們一直在慢慢地從候補名單中推出邀請。然後我們最近才向公共測試版開放。我們實際上還沒有真正將 NFT 產品連接到我們的主要分銷渠道，這是通過我們的主要零售應用程序，當然還有 Coinbase 錢包。因此，我們將尋求在不久的將來做到這一點。然後我們不是 - 我們並沒有真正在內部分享關於我們任何風險投資的任何新舉措的指標。

But I can just say that there's a lot to build and the opportunity in the NFT space is enormous. So there's a lot of features we're planning to add, the ability for people to do NFT drops, mint their own NFT tokens, there's token-gated communities we want to support, and even the option to buy a piece just directly with your credit card or any funds that you currently have in your main Coinbase account, which isn't possible today in the app.

但我只能說，有很多事情要做，NFT 領域的機會是巨大的。因此，我們計劃添加許多功能，讓人們能夠進行 NFT 投放、鑄造自己的 NFT 代幣、我們想要支持的代幣門控社區，甚至可以選擇直接與您的信用卡或您目前在 Coinbase 主賬戶中擁有的任何資金，這在今天的應用程序中是不可能的。

We also want to support more change over time. People are minting NFTs across more and more chains and we want to continue to decentralize the NFT experience and really embrace the on-chain native protocols and make sure NFTs don't become a centralized experience. So overall, I've been really happy with how it's gone and this is the beginning of a long journey. We've only built a small fraction of what we're going to do in the NFT space.

隨著時間的推移，我們還希望支持更多的變化。人們在越來越多的鏈上鑄造 NFT，我們希望繼續分散 NFT 體驗，真正擁抱鏈上原生協議，並確保 NFT 不會成為中心化體驗。所以總的來說，我對它的消失感到非常滿意，這是漫長旅程的開始。我們只構建了我們將在 NFT 領域做的一小部分。

And I think it's probably worth mentioning also that just reminding everyone, I think NFTs it's not just artwork or collectibles, digital collectibles. I think NFTs are going to play a big role in gaming, in music, in the metaverse, decentralized identity. And even in real world, items like tickets to events, proof of attendance and maybe even digitizing real estate in the real world. So a lot to do in the NFT space. Coinbase NFT is really exciting. We're going to keep investing in it.

而且我認為可能值得一提的是，提醒大家，我認為 NFT 不僅僅是藝術品或收藏品，數字收藏品。我認為 NFT 將在遊戲、音樂、虛擬世界和去中心化身份中發揮重要作用。即使在現實世界中，諸如活動門票、出席證明甚至數字化現實世界中的房地產之類的項目也是如此。所以在 NFT 領域有很多事情要做。 Coinbase NFT 真的很令人興奮。我們將繼續投資它。

Our next question comes from [Tom W.], who asks, how can we do a better job clarifying Coinbase's vision to investors and the general public? He observes the major narratives as a, competition is growing; b, trading fees are therefore shrinking; and c, Coinbase has no other meaningful revenue. How would you respond to that? And then related, [Patrick N.] also asked what's our biggest competitive moat versus competitors.

我們的下一個問題來自 [Tom W.]，他問，我們如何才能更好地向投資者和公眾闡明 Coinbase 的願景？他將主要敘述視為競爭正在加劇； b, 交易費用因此減少； c，Coinbase 沒有其他有意義的收入。你會如何回應？然後相關，[Patrick N.] 還詢問我們與競爭對手相比最大的競爭護城河是什麼。

Yes. So this is a big question. Let me start off and then I'll turn it over to Alesia. So just zooming out, what is the vision for Coinbase, well, we use a different word, we use mission, but our mission is to increase economic freedom in the world. And I really believe that cryptocurrency is this unique technology that's been invented. And along with the cellphone, it can be used to create good financial infrastructure for people all over the world and to enable this new more Internet-native, global fair and free economy of the world. So that's the vision for what we want to accomplish.

是的。所以這是一個很大的問題。讓我開始吧，然後我會把它交給 Alesia。所以只是縮小，Coinbase 的願景是什麼，好吧，我們使用不同的詞，我們使用使命，但我們的使命是增加世界的經濟自由。我真的相信加密貨幣是這種被發明出來的獨特技術。與手機一起，它可以用來為全世界的人們創造良好的金融基礎設施，並使這個新的更加互聯網原生、全球公平和自由的世界經濟成為可能。這就是我們想要完成的願景。

And of course, in that world, Coinbase is going to be the primary financial account, the primary way that people access the crypto economy. It's going to help them not just buy and sell crypto as a brokerage, but also to store crypto and then use it in all of these novel ways. And as I mentioned earlier, we're already seeing that trend play out. 54% of our active users are now doing something other than trading with crypto. And if you're wondering what are they doing, it's all the things you use money for and more. They're earning money with crypto, they're spending it with merchants using Coinbase card. They're earning yield on their assets, there's borrowing and lending opportunities.

當然，在那個世界裡，Coinbase 將成為主要的金融賬戶，是人們訪問加密經濟的主要方式。它不僅可以幫助他們作為經紀買賣加密貨幣，還可以幫助他們存儲加密貨幣，然後以所有這些新穎的方式使用它。正如我之前提到的，我們已經看到了這種趨勢。我們 54% 的活躍用戶現在正在做加密交易以外的事情。如果你想知道他們在做什麼，那就是你用錢做的所有事情等等。他們用加密貨幣賺錢，他們用 Coinbase 卡與商家消費。他們正在通過資產賺取收益，有借貸機會。

And increasingly, there's this huge ecosystem of third-party applications or DApps, decentralized apps, probably over 1,000 of them now that people are creating all kinds of new stuff with games and social and art, music and all kinds of things.

越來越多的第三方應用程序或 DApps、去中心化應用程序構成了龐大的生態系統，現在可能有超過 1,000 個，因為人們正在通過遊戲、社交和藝術、音樂和各種事物創造各種新事物。

So in my mind, this is a little bit like the early days of the Internet, where you saw the birth of e-commerce in the late '90s or early 2000s, and now fast forward 20 years, e-commerce, I think, is something like 15% of global GDP. And I think if you fast forward 20 years from here, the crypto economy is going to represent probably a large portion like that, 15% of global GDP. And so Coinbase can help create that vision and make it a reality in the world.

所以在我看來，這有點像互聯網的早期，你在 90 年代末或 2000 年代初看到電子商務的誕生，現在快進 20 年，我認為，電子商務，相當於全球 GDP 的 15%。而且我認為，如果你從這裡快進 20 年，加密經濟可能會佔全球 GDP 的 15%。因此，Coinbase 可以幫助創造這一願景並使其在世界上成為現實。

So in terms of our competitive moat, which the question also asked about, there's a couple of main things that I think about. So trust and ease of use are really big moats for us. Trust is -- it comes down to our compliance, our concerted effort to go work with policymakers around the world. It comes down to cybersecurity. We're storing more crypto securely for our customers. And so whenever people are coming into a new industry, they generally want to go with the one that has been around the longest. It's trusted by the most people and has the most number of users.

所以就我們的競爭護城河而言，這個問題也問到了，我考慮了幾件主要的事情。所以信任和易用性對我們來說真的是很大的護城河。信任是——它歸結為我們的合規性，我們與世界各地的政策制定者合作的共同努力。它歸結為網絡安全。我們正在為我們的客戶安全地存儲更多的加密貨幣。因此，每當人們進入一個新行業時，他們通常都希望選擇歷史最長的行業。它受到大多數人的信任，並且擁有最多的用戶。

Coinbase is really the only crypto company that's public in this environment. And we're storing such a large amount of crypto that I think that's a defensible moat. Because basically, when people trust us, they store crypto with us, and then when they store a crypto with us, they then use Coinbase to go use their crypto in a variety of ways. And so it has a nice kind of defensible position there.

Coinbase 確實是唯一一家在這種環境下公開的加密貨幣公司。而且我們存儲了大量的加密貨幣，我認為這是一條可防禦的護城河。因為基本上，當人們信任我們時，他們會與我們一起存儲加密貨幣，然後當他們與我們存儲加密貨幣時，他們會使用 Coinbase 以各種方式使用他們的加密貨幣。所以它在那裡有一個很好的防守位置。

The other piece is ease of use. So crypto is still very complicated and what we really want to do is help bring it to 1 billion people and then eventually, the majority of people in the world. And so most people don't understand exactly how private keys work or -- they don't understand how electricity works either, but there -- or the Internet underneath, but they're able to benefit from it because people have built applications that make it accessible to anyone. And so that's the other big piece that we're doing, trust and ease of use.

另一部分是易用性。所以加密仍然非常複雜，我們真正想做的是幫助將它帶給 10 億人，然後最終成為世界上的大多數人。所以大多數人並不確切地了解私鑰是如何工作的，或者——他們也不了解電力是如何工作的，但是那裡——或者下面的互聯網，但他們能夠從中受益，因為人們已經構建了應用程序讓任何人都可以訪問它。這就是我們正在做的另一件大事，即信任和易用性。

I guess the last thing I'll say is that Coinbase is really a multiproduct company. And it's a platform in a way. So many of our products are well-integrated. They'll be even better integrated over time. If you have crypto that you buy with us and you start it with us and then it's easy to use things like Coinbase NFT and -- so our suite of products, I think, makes us a little bit unique out there in the sense that you'll see some of those will be in later stages, maturing revenue-wise, other ones will just be starting. And so it makes us a pretty unique company from that point of view as well.

我想我要說的最後一件事是 Coinbase 確實是一家多產品公司。它在某種程度上是一個平台。我們的許多產品都集成得很好。隨著時間的推移，它們將得到更好的整合。如果您有從我們這裡購買的加密貨幣，並且您從我們這裡開始，那麼使用 Coinbase NFT 之類的東西就很容易，而且我認為，我們的產品套件讓我們在某種意義上有點獨特，因為您'會看到其中一些將處於後期階段，在收入方面成熟，其他的才剛剛開始。因此，從這個角度來看，它也使我們成為一家非常獨特的公司。

Alesia, let me turn it over to you, maybe talk about some of these narratives that were mentioned around competition and trading fees and other types of revenue.

Alesia，讓我把它交給你，也許談談關於競爭和交易費用和其他類型收入的一些敘述。

Thanks, Brian. I just want to underscore what you just said, which is that we are a platform and that we're building suites of products and services around each of our user bases, our retail users, our institutions and developers. And so while we do have increasing competition, which we welcome, we want crypto to be adopted by every business out there, every human out there.

謝謝，布賴恩。我只想強調你剛才所說的，即我們是一個平台，我們正在圍繞我們的每個用戶群、我們的零售用戶、我們的機構和開發人員構建產品和服務套件。因此，儘管我們確實面臨著越來越激烈的競爭，這是我們歡迎的，但我們希望那裡的每個企業、每個人都能採用加密貨幣。

But the competition we see is largely for point solutions and no one is competing against the breadth of our platform offering. So for example, if I look at our institutions, our Coinbase Prime offering provides an integrated suite of products that include custody, trading, and we have the ability to route orders through our broker through our Prime Broker to more than 10 different liquidity venues. That means that you're always guaranteed to find the best price when you're trading on the Coinbase platform.

但我們看到的競爭主要是針對單點解決方案，沒有人與我們平台產品的廣度競爭。因此，例如，如果我查看我們的機構，我們的 Coinbase Prime 產品提供了一套集成的產品，包括託管、交易，並且我們能夠通過我們的經紀商通過我們的 Prime Broker 將訂單發送到 10 多個不同的流動性場所。這意味著當您在 Coinbase 平台上進行交易時，您總能保證找到最優惠的價格。

This is different because we compete with others from just a custody panel and solution. There's other exchanges where you can go and trade directly on that exchange. But if you want the ability to see price across all 11 exchanges, it's best to come from our smart order routers and route your trade to Coinbase and be integrated then settlement back to our cold storage solution. So this is an example of how we compete and we use the breadth of our product offerings to really serve our customers in differentiated ways.

這是不同的，因為我們僅通過監管小組和解決方案與其他人競爭。還有其他交易所，您可以直接在該交易所進行交易。但是，如果您希望能夠查看所有 11 個交易所的價格，最好來自我們的智能訂單路由器並將您的交易路由到 Coinbase，然後進行集成，然後結算回我們的冷藏解決方案。因此，這是我們如何競爭的一個例子，我們利用我們提供的產品的廣度以差異化的方式真正為我們的客戶服務。

Similarly on retail, we started our retail app with a very simple experience both to buy and sell crypto. Not many people offer that. You can get crypto exposure on a number of different platforms. However, once you buy what we've seen is our users want to be able to use their crypto who really benefit by that utility that Brian was talking about. So on Coinbase, we're looking to provide all of those transaction experiences on a single platform in an easy-to-use way. And now we have 54% of our users earning yields, so they can stake their assets, they can spend their assets on a credit card, they can receive a loan against those assets. And increasingly, what we're seeing is they're then transferring assets into their wallets and using those with DeFi. We're bringing that all over time into one easy-to-use platform, and we believe that will really differentiate us against these point-to-point competitors.

同樣在零售方面，我們以非常簡單的體驗開始我們的零售應用程序來買賣加密貨幣。沒有多少人提供這個。您可以在許多不同的平台上獲得加密貨幣曝光。然而，一旦你購買了我們所看到的，我們的用戶希望能夠使用他們真正受益於 Brian 所說的實用程序的加密貨幣。因此，在 Coinbase 上，我們希望以易於使用的方式在單一平台上提供所有這些交易體驗。現在我們有 54% 的用戶獲得了收益，所以他們可以抵押他們的資產，他們可以將他們的資產花在信用卡上，他們可以獲得針對這些資產的貸款。而且，我們越來越多地看到，他們將資產轉移到他們的錢包中，並通過 DeFi 使用這些資產。隨著時間的推移，我們將把它整合到一個易於使用的平台中，我們相信這將真正使我們與這些點對點競爭對手區分開來。

Now, that speaks to our brand promise to be easy to use and it speaks to us growing and why we're so focused on diversification. I want to then bring that back to trading fees. Just actually, our fees actually have not declined. In fact, our blended fee rate is up over the last 2 quarters. Our transaction revenues are down on an absolute basis in Q1, and that reflects the broader weakness in the market, which is not surprising given crypto volatility and price cycles, which we previously talked about. But we're not seeing competition on fees. We are seeing that we want to experiment with different price structures. We've announced a subscription product, Coinbase One, and we're excited about the opportunity to continue to best serve our users and find the price models that work as they use more and more products on our platform.

現在，這體現了我們易於使用的品牌承諾，也體現了我們的成長以及為什麼我們如此專注於多元化。然後我想把它帶回交易費。實際上，我們的費用實際上並沒有下降。事實上，我們的混合費率在過去兩個季度中有所上升。我們的交易收入在第一季度絕對下降，這反映了市場更廣泛的疲軟，鑑於我們之前談到的加密貨幣波動性和價格週期，這並不奇怪。但我們沒有看到收費方面的競爭。我們看到我們想要嘗試不同的價格結構。我們宣布推出訂閱產品 Coinbase One，我們很高興有機會繼續為我們的用戶提供最佳服務，並找到適合他們在我們平台上使用越來越多產品的價格模式。

And lastly, that speaks to why we're focused on revenue diversification. We are diversifying our revenues. We're continuing to invest in new products and services to drive differentiated revenue streams. Our subscription and services revenues accounted for $150-plus million of revenues in Q1 or roughly 13% of our total net revenue, which increased 169% year-over-year. As I mentioned, 54% of those users are engaged with additional products beyond investing. The largest driver of this is staking, where we'll continue to add new assets, and we just added Cardano in April.

最後，這說明了為什麼我們專注於收入多元化。我們正在使我們的收入多樣化。我們將繼續投資於新產品和服務，以推動差異化收入流。我們的訂閱和服務收入在第一季度佔 1.5 億美元以上的收入，約占我們總淨收入的 13%，同比增長 169%。正如我所提到的，這些用戶中有 54% 參與了投資之外的其他產品。最大的推動力是質押，我們將繼續添加新資產，我們剛剛在 4 月份添加了 Cardano。

Lastly, we touched on it, but we're excited by the launch of the NFT beta, which opened to general release, and we think this will be a driver of future growth. So to conclude, we are a platform. We're adding more assets and products to enable new ways for users to engage and we will compete by being trusted in using this platform, as Brian said.

最後，我們談到了它，但我們對 NFT 測試版的發布感到興奮，該測試版已開放全面發布，我們認為這將成為未來增長的驅動力。總而言之，我們是一個平台。正如布賴恩所說，我們正在增加更多的資產和產品，為用戶提供新的參與方式，我們將通過使用這個平台的信任來競爭。

Our next question is from several shareholders, who would like to know what we see as the biggest opportunities to drive shareholder value over the next years. Emilie?

我們的下一個問題來自幾位股東，他們想知道我們認為未來幾年推動股東價值的最大機會是什麼。艾米莉?

Sure. So we often get the question from investors, how do we think about resource allocation and our expense base and how we're going to drive revenue growth over the long term from that. So let me take a moment to talk about our investment pillars. We invest in the 4 pillars mentioned before, crypto as an investment, crypto as a new financial system and crypto as a new type of platform. And we map roughly 70% of our budget at any given time to core activities around those first 2 pillars, such as trading, custody and international expansion. This would also include things like listing more assets and expanding payment rails.

當然。因此，我們經常從投資者那裡得到問題，我們如何看待資源分配和我們的費用基礎，以及我們將如何從長遠來看推動收入增長。因此，讓我花點時間談談我們的投資支柱。我們投資於前面提到的 4 個支柱，加密作為一種投資，加密作為一種新的金融系統，加密作為一種新型平台。我們在任何時候都將大約 70% 的預算用於圍繞前兩個支柱的核心活動，例如交易、託管和國際擴張。這還包括上市更多資產和擴大支付渠道等。

Then we allocate another 20% to strategic products such as wallet and staking. So for example, we made Cardano staking available for retail users in Q1, and we would expect to see a revenue impact in coming quarters from that. Wallet, which we also map to strategic is the gateway to entering Web3, and that should drive long-term growth of users, engagement and eventually monetization. And then finally, we allocate roughly 10% of our budget to longer-term bets such as the NFT marketplace.

然後我們將另外 20% 分配給錢包和 Staking 等戰略產品。例如，我們在第一季度為零售用戶提供了 Cardano 質押，我們預計未來幾個季度的收入會受到影響。我們也將其映射到戰略性的錢包是進入 Web3 的門戶，它將推動用戶、參與度和最終貨幣化的長期增長。最後，我們將大約 10% 的預算分配給長期投資，例如 NFT 市場。

We listen to our customers in the market to understand which products and features are the most important and then we make best on those products. So a good example of this is Custody, which we knew was going to be an important institutional product. We began building this several years ago, and then we made a bet on acquiring Xapo during the last crypto winter. This now has helped us become the largest regulated crypto custodian. And I think this is what leads to an important point, which is that Coinbase has only been public for a little over a year. So for many of you following the story, this might be the first real crypto market slowdown that you've seen.

我們傾聽市場上的客戶，以了解哪些產品和功能是最重要的，然後我們在這些產品上做到最好。因此，Custody 就是一個很好的例子，我們知道這將是一個重要的機構產品。幾年前我們開始構建它，然後我們在上一個加密貨幣冬天下注收購 Xapo。現在，這已幫助我們成為最大的受監管加密貨幣託管人。我認為這導致了一個重要的觀點，那就是 Coinbase 隻公開了一年多一點。因此，對於許多關注這個故事的人來說，這可能是你見過的第一次真正的加密市場放緩。

I personally signed my offer letter for Coinbase in December 2017, which was kind of peak of the last cycle. And promptly, the market started falling. It was an incredible lesson for me in terms of thinking about long-term crypto cycles. And Brian and others helped me to think through how you power through and not overreact. It's a rare attribute in being able to weather the storm. And I think that's why this company has been around for more than a decade at this point.

2017 年 12 月，我親自簽署了 Coinbase 的錄取通知書，那是上一個週期的高峰期。很快，市場開始下跌。就長期加密週期的思考而言，這對我來說是一個令人難以置信的教訓。布賴恩和其他人幫助我思考了你如何通過力量而不是過度反應。這是能夠經受住風暴的罕見屬性。我認為這就是為什麼這家公司在這一點上已經存在了十多年的原因。

What we do is we focus on the things we can control, which is strategy and execution. So we build great products. We onboard more users, and we grow our business. That's what our executive team is focused on. We don't make short-term decisions that jeopardize future growth vectors like Wallet. We're making those big investments. and we don't under-invest in the business generally. We need to maintain foresight and conviction on the product strategy.

我們所做的是專注於我們可以控制的事情，即戰略和執行。所以我們創造了偉大的產品。我們加入了更多用戶，並發展了我們的業務。這就是我們的執行團隊所關注的。我們不會做出危及錢包等未來增長載體的短期決策。我們正在進行這些大投資。我們一般不會在業務上投資不足。我們需要對產品戰略保持遠見和信念。

Now that said, we recognize that it's imperative to be prudent on the opportunities we pursue. And so we're always going to build in flexibility around headcount or other fixed resources. And if we do all of that, the rest is going to take care of itself. Alesia, anything you want to add on that?

話雖如此，我們認識到必須謹慎對待我們所追求的機會。因此，我們總是會圍繞員工人數或其他固定資源建立靈活性。如果我們做到了所有這些，剩下的就會自己解決。 Alesia，你想補充什麼嗎？

Thanks, Emilie. I agree with everything you said. But I also think it's important that we share a little about profitability and unit economics. We've proven that our core products have strong unit economics, and we've demonstrated that Coinbase can be profitable.

謝謝，艾米莉。我同意你所說的一切。但我也認為重要的是我們分享一些關於盈利能力和單位經濟學的信息。我們已經證明我們的核心產品具有強大的單位經濟性，並且我們已經證明 Coinbase 可以盈利。

For example, we delivered over $4 billion of adjusted EBITDA in 2021. We are highly confident that we could choose profitability over reinvesting in the business. However, we chose investment. As we shared with you last quarter, we are choosing to make 2022 an investment year. And that's because we believe that investing now is key to our future of becoming a multiproduct platform, serving a diverse customer base. And so this is the year we chose to make large bets on NFTs on derivatives, going deep and process international growth and expanding Coinbase Wallet functionality as some key examples.

例如，我們在 2021 年實現了超過 40 億美元的調整後 EBITDA。我們非常有信心，我們可以選擇盈利而不是對業務進行再投資。但是，我們選擇了投資。正如我們上個季度與您分享的那樣，我們選擇將 2022 年作為投資年。那是因為我們相信，現在投資是我們未來成為多產品平台、服務於多元化客戶群的關鍵。因此，今年我們選擇在 NFT 衍生品上大舉押注，深入並處理國際增長並擴展 Coinbase 錢包功能作為一些關鍵示例。

We could have done more of these sequentially, we could have moved more slowly and focused on profitability, but we have the resources. We have a disciplined approach to managing our business through peaks and valleys, and we are confident at investing now, go through the yield diversification in the future and will expand the engagement and revenue opportunities on our platform when market conditions change. And so I do think it's really important that investors understand that we do have the ability to have the profitability, but we've consciously made the chance to focus on growth and diversification.

我們本可以按順序做更多這樣的事情，我們可以更慢地行動並專注於盈利能力，但我們有資源。我們有嚴格的方法來管理我們的業務，通過高峰和低谷，我們有信心現在進行投資，在未來實現收益多元化，並將在市場條件發生變化時擴大我們平台上的參與度和收入機會。因此，我確實認為投資者了解我們確實有能力實現盈利非常重要，但我們有意識地抓住機會專注於增長和多元化。

Our next question is about India. So some shareholders are curious about the recent developments in India. Can you explain the halting of UPI transfers there? And what impact will that have on your expansion plans in the market? Brian?

我們的下一個問題是關於印度的。所以一些股東對印度最近的事態發展感到好奇。你能解釋那裡暫停 UPI 轉賬嗎？這將對您在市場上的擴張計劃產生什麼影響？布賴恩？

Yes, sure. I can give an update on that. So for those of you who may have missed the news, so we launched in -- Coinbase in India on April 7, and this includes ramps into the crypto economy. There's a lot of interest in crypto amongst the people there in India. So we had an integration with what's called UPI. And this was a great example of just our international strategy.

是的，當然。我可以對此進行更新。因此，對於那些可能錯過新聞的人，我們於 4 月 7 日在印度推出了 Coinbase，其中包括進入加密經濟。印度人對加密貨幣非常感興趣。因此，我們與所謂的 UPI 進行了集成。這是我們國際戰略的一個很好的例子。

So a few days after launching, we ended up disabling UPI because of some informal pressure from the Reserve Bank of India, which is kind of the Treasury equivalent there. And India is a unique market, in the sense that the Supreme Court has ruled that they can't ban crypto, but there are elements in the government there, including at Reserve Bank of India, who don't seem to be as positive on it. And so they -- in the press, it's been called a "shadow ban." Basically, they're applying soft pressure behind the scenes to try to disable some of these payments, which might be going through UPI.

因此，在發布幾天后，由於印度儲備銀行的一些非正式壓力，我們最終禁用了 UPI，印度儲備銀行相當於那裡的財政部。印度是一個獨特的市場，因為最高法院已經裁定他們不能禁止加密貨幣，但那裡的政府中有一些人，包括印度儲備銀行，他們似乎並不那麼積極它。所以他們——在媒體上，它被稱為“影子禁令”。基本上，他們在幕後施加軟壓力，試圖禁用其中一些可能通過 UPI 進行的支付。

I guess we have a concern that they may be actually in violation of the Supreme Court ruling, which would be interesting to find out if it were to go there. But I think our preference is really just to work with them and focus on relaunching. I think there's a number of path that we have to relaunch with other payment methods there. And that's the default path going forward. So my hope is that we will be live back in India in relatively short order, along with a number of other countries, where we're pursuing international expansion similarly.

我想我們擔心他們實際上可能違反了最高法院的裁決，如果它去那裡會很有趣。但我認為我們的偏好實際上只是與他們合作並專注於重新啟動。我認為我們必須通過其他支付方式重新啟動許多路徑。這是前進的默認路徑。所以我希望我們能在相對較短的時間內回到印度，與其他一些國家一起，我們正在以類似的方式尋求國際擴張。

I guess just to zoom out for a minute, one of our theories here and my theory is that action produces information. So it's not always clear as we go to these countries all over the world, everybody is in varying states of kind of education or lack thereof about crypto. And there's a lot of work to go meet with policymakers around the world and kind of teach them about what the AML capabilities are and what are the positive benefits. The people of these countries generally really want crypto. And so to me, that says that most places in the free world and democracies, crypto is going to eventually be regulated and legal, but it's going to take time for them to get comfortable with this.

我想只是縮小一分鐘，我們這裡的一個理論和我的理論是行動產生信息。因此，當我們去世界各地的這些國家時，並不總是很清楚，每個人都處於不同的教育狀態，或者缺乏關於加密的教育。還有很多工作要與世界各地的政策制定者會面，並教他們什麼是反洗錢能力以及什麼是積極的好處。這些國家的人民通常真的很想要加密貨幣。所以對我來說，這意味著在自由世界和民主國家的大多數地方，加密貨幣最終將受到監管和合法化，但他們需要時間來適應這一點。

And the way that we push the conversation forward is by taking action. That's why we're going to go launch, even if we're not exactly sure how it's going to -- the reaction is going to be received, we're going to launch because it forces the discussion to be had. Now the press is talking about it in India. Now there's meetings happening that are going to talk about how we get to the next step. So that's generally our approach with international expansion.

我們推動對話的方式是採取行動。這就是我們要發布的原因，即使我們不確定它會如何——將收到反應，我們要發布，因為它迫使進行討論。現在媒體正在印度談論它。現在正在召開會議，討論我們如何進入下一步。所以這通常是我們進行國際擴張的方法。

Our next question is about Coinbase Cloud. What update can we provide for shareholders there? Are there other principal hurdles? What are the principal hurdles to growth, education, functionality or anything else? Brian?

我們的下一個問題是關於 Coinbase Cloud。我們可以為那裡的股東提供什麼更新？還有其他主要障礙嗎？成長、教育、功能或其他方面的主要障礙是什麼？布賴恩？

Yes. So Coinbase Cloud, I'm really excited about. I mean if you just again zoom out, crypto is such a new market. That means there's a lot of startups being funded that are coming in to build applications in this space. And it's not just startups. There's actually existing fintech companies, neobanks, traditional financial service companies, they're all thinking about how they integrate crypto. Their customers are asking for it. And even nonfinancial service companies, by the way, want to accept crypto payments or they're integrating crypto into their Web2 companies.

是的。所以 Coinbase Cloud，我真的很興奮。我的意思是，如果你再次縮小，加密貨幣就是一個如此新的市場。這意味著有很多初創公司正在獲得資助，在這個領域構建應用程序。這不僅僅是初創公司。實際上有現有的金融科技公司、新銀行、傳統金融服務公司，他們都在考慮如何整合加密。他們的客戶要求它。順便說一句，即使是非金融服務公司也希望接受加密支付，或者他們正在將加密集成到他們的 Web2 公司中。

So I actually think, like, in the same way that most companies use the Internet now, I think most companies are going to end up using crypto in some way, shape or form in the future. And they don't need to reinvent the wheel. Coinbase has spent a lot of time and energy over the last 10 years building a lot of these core technologies like how to store crypto securely and how to connect into all the blockchain to make sure they're staying in sync, how to do blockchain analytics to make sure it's done in a compliant way and how to trade crypto and stake and mint NFTs and index all of the metadata that's out there. It's almost like another segment of the Internet that needs to be -- needs -- companies need help accessing it.

所以我實際上認為，就像大多數公司現在使用互聯網的方式一樣，我認為大多數公司最終會以某種方式、形狀或形式使用加密貨幣。他們不需要重新發明輪子。在過去的 10 年裡，Coinbase 花費了大量的時間和精力來構建這些核心技術，例如如何安全地存儲加密貨幣以及如何連接到所有區塊鏈以確保它們保持同步，如何進行區塊鏈分析以確保它以合規的方式完成，以及如何交易加密貨幣、股權和鑄造 NFT，並索引所有存在的元數據。它幾乎就像互聯網的另一部分需要——需要——公司需要幫助才能訪問它。

And so I think for many of these companies, they're not going to want to -- in the same way, they don't want to run their own data center, unless that's their core competency, they're going to use a cloud product. Well, for many of them, crypto is not their core competency, but they do want to integrate crypto into products, so they can use the vendor. And my hope is that -- basically, Coinbase is going through a transition where many of these services that we've had to use internally for our products over the years, we're now in the process of externalizing them through our Coinbase Cloud product and building that in a way that's robust. It actually makes our internal services better to have them cleanly decoupled and architected in a way that any third party can also use them.

所以我認為對於這些公司中的許多公司來說，他們不會想要——同樣，他們不想運行自己的數據中心，除非這是他們的核心競爭力，他們會使用雲產品。好吧，對他們中的許多人來說，加密並不是他們的核心競爭力，但他們確實希望將加密集成到產品中，這樣他們就可以使用供應商。我的希望是——基本上，Coinbase 正在經歷一個轉型，多年來我們不得不在內部為我們的產品使用的許多服務，我們現在正通過我們的 Coinbase Cloud 產品將它們外部化並以一種健壯的方式構建它。它實際上使我們的內部服務更好地以任何第三方也可以使用它們的方式乾淨地解耦和構建它們。

The question also asked about growth in education and things like that. So of course, first, we just need to get the product functionality to everyone. I mean that's a good first step. But we started sponsoring hackathons, engaging with the developer community in various countries around the world, there's -- it's pretty exciting to see the amount of interest from developers. By some indications, the most common elective in computer science programs today is like AI and crypto are the 2 biggest ones. So I think as more and more crypto companies keep being built and the existing companies integrate it, we're just going to sell picks and shovels during this gold rush.

這個問題還詢問了教育的增長和類似的事情。所以當然，首先，我們只需要將產品功能提供給每個人。我的意思是這是一個很好的第一步。但是我們開始贊助黑客馬拉松，與世界各國的開發者社區合作，看到開發者的興趣非常令人興奮。根據某些跡象，當今計算機科學課程中最常見的選修課就像 AI 和加密是兩個最大的選修課。因此，我認為隨著越來越多的加密公司不斷建立，現有公司將其整合，我們將在這次淘金熱期間出售鎬和鏟子。

Great. Okay. Well, let's switch gears and take some live questions from our analysts. Operator, can you start up, please?

偉大的。好的。好吧，讓我們換個角度，從我們的分析師那裡得到一些實時的問題。接線員，可以開機了嗎？

Your first question comes from the line of Pete Christiansen from Citi.

您的第一個問題來自花旗銀行的 Pete Christiansen。

I was just hoping if you could qualitatively give some color on how funded account retention is looking in cost of acquisition there. Just generally, what trends are you seeing now year-to-date and perhaps how they differed from last year? And then finally, I look at your balance sheet and looks like cash is more than 1/3 of your market cap right now. And I know there's a lot of reserved firepower there. But is there a point where Coinbase would consider repurchasing its stock?

我只是希望你能在定性上給出一些關於資金賬戶保留如何看待那裡的收購成本的顏色。總的來說，您今年迄今看到的趨勢是什麼，也許它們與去年有何不同？最後，我查看了你的資產負債表，看起來現金現在超過了你市值的 1/3。而且我知道那裡有很多保留的火力。但是，Coinbase 是否會考慮回購其股票？

Thanks for the questions, Pete. So let me just start with color on funded accounts. We don't give a specific metric on funded accounts, but I think the best way you could look at that in our shareholder letter is to look at our assets on platform. So we ended Q2 with $256 billion of assets on our platform, of which $123 billion were retail and $134 billion were institutional. Now that is down off of Q4 of $278 million, but it's roughly flat to Q3. And so what you'll see there is we had growth in retail funded accounts between Q3 of 2021 and Q1 of 2022, as well as materially higher from earlier in 2021 and beyond. So we continue to see growth in total retail funded accounts.

謝謝你的問題，皮特。所以讓我從資金賬戶的顏色開始。我們沒有給出資金賬戶的具體指標，但我認為您可以在我們的股東信中查看這一點的最佳方式是查看我們在平台上的資產。因此，我們在第二季度結束時在我們的平台上擁有 2560 億美元的資產，其中 1230 億美元是零售資產，1340 億美元是機構資產。現在這比第四季度的 2.78 億美元有所下降，但與第三季度大致持平。因此，您會看到，在 2021 年第三季度至 2022 年第一季度期間，我們的零售資金賬戶有所增長，並且比 2021 年初及以後的大幅增長。因此，我們繼續看到零售資金賬戶總額的增長。

With regards to then your second question about cash on the balance sheet, we use our cash for 4 buckets. We think about our cash for funding our operating needs. We use it for self-insurance, the potential risks on our platform. We're using a portion of it for lending off of our balance sheet to facilitate bootstrapping, essentially, the borrow lens market for crypto and allowing institutions to trade on margin, eventually providing loans to our retail users backed by crypto. And so that is a growth vector for us of that cash. We have not made any commitments to return capital to shareholders that I'm prepared to share today, either in the form of dividends or a share buyback.

關於您關於資產負債表上現金的第二個問題，我們將現金用於 4 個桶。我們考慮我們的現金來滿足我們的運營需求。我們將其用於自我保險，即我們平台上的潛在風險。我們將其中的一部分用於從我們的資產負債表中藉出，以促進啟動，本質上是加密貨幣的借貸市場，並允許機構進行保證金交易，最終向我們由加密貨幣支持的零售用戶提供貸款。因此，這對我們來說是現金的增長載體。我們沒有承諾以股息或股票回購的形式向我今天準備分享的股東返還資本。

All right. Next one on the queue is Ken Worthington from JPMorgan.

好的。隊列中的下一位是摩根大通的 Ken Worthington。

I would love to follow up on the earlier question on the NFT platform and maybe extending it to the network effect here. My opinion is success, at least, can be measured by building users and getting inventory. So maybe fleshing each of those out, how are you marketing the platform to get more users? We can see the e-mails to existing customers and the commission-free trades. I was hoping you could flesh out the social strategy and other things you're doing to build up the users.

我很想跟進之前關於 NFT 平台的問題，並可能將其擴展到這裡的網絡效應。我的觀點是，至少可以通過建立用戶和獲取庫存來衡量成功。因此，也許將其中的每一個都充實起來，您如何營銷該平台以吸引更多用戶？我們可以看到給現有客戶的電子郵件和免佣金交易。我希望你能充實社交策略和你為建立用戶所做的其他事情。

And then on the inventory side, you mentioned minting, that seems to be a part of it. But are there steps you're taking to attract either big projects to list on your platform, maybe getting projects to sole list on the Coinbase platform? So what are going to be the drivers also to build the inventory?

然後在庫存方面，您提到鑄幣，這似乎是其中的一部分。但是您是否正在採取措施來吸引大型項目在您的平台上上市，或者讓項目在 Coinbase 平台上單獨上市？那麼，建立庫存的驅動因素是什麼？

And then cleaning up here, can we talk about the network effects of developing the crypto trading, together with the Wallet now together with the crypto NFT platform on a common platform with lots of users engaging globally? It would seem to be something powerful here, but I'm hoping you could flesh that out.

然後在這裡清理一下，我們能否談談開發加密交易的網絡效應，連同現在的錢包和加密 NFT 平台一起在一個有很多全球用戶參與的通用平台上？它在這裡似乎很強大，但我希望你能充實它。

Yes. Thanks for the question. I'll start off and then Alesia, feel free add anything. So I think you're correct. There is a network effect here, both in the traditional sense and that we've added social features to NFTs. And so people are coming in and discussing and liking and there's basically a ranking algorithm that we put in there, which is permitted one today, but it will get better and better over time, recommending NFT content that customers may want to see based on their prior activity on site and also on chain data that's publicly available out there.

是的。謝謝你的問題。我將開始，然後是 Alesia，請隨意添加任何內容。所以我認為你是對的。這裡存在網絡效應，無論是傳統意義上的還是我們在 NFT 中添加的社交功能。所以人們進來討論和喜歡，基本上我們放了一個排名算法，今天是允許的，但隨著時間的推移，它會變得越來越好，推薦客戶可能希望看到的基於他們的 NFT 內容之前在網站上的活動以及那裡公開可用的鏈數據。

But there's certainly a network effect there. And then as you pointed out, there's also -- I'm not sure if it would be a network effect, but you could call it that, which is basically -- I would call it vertical integration, really, which is that Coinbase already has many, many customers where that's where they store their crypto and that's where they bought it. And so if they store their crypto there, then it's just much easier if it was one more click to just buy an NFT that would be much easier than having to, say, move their crypto to another wallet and then connect it to a third-party application, using a Chrome extension or something like that.

但那里肯定存在網絡效應。然後正如你所指出的，還有——我不確定這是否會是一種網絡效應，但你可以稱之為，基本上——我稱之為垂直整合，真的，這就是 Coinbase有很多很多的客戶，他們在那裡存儲他們的加密貨幣，也就是他們購買加密貨幣的地方。因此，如果他們將加密貨幣存儲在那裡，那麼只需單擊一下即可購買 NFT，這將比不得不將加密貨幣轉移到另一個錢包然後將其連接到第三個錢包要容易得多-派對應用程序，使用 Chrome 擴展程序或類似的東西。

And so this piece, you're absolutely correct. We actually -- this is the part where we haven't actually fully leveraged our distribution, and it's on our road map. If we can just natively integrate the NFT app into our existing products and your crypto is already on Coinbase, then it's just one more click to buy it, I think that will be really powerful.

所以這篇文章，你是絕對正確的。我們實際上 - 這是我們實際上沒有充分利用我們的分佈的部分，它在我們的路線圖上。如果我們可以將 NFT 應用程序本地集成到我們現有的產品中，並且您的加密貨幣已經在 Coinbase 上，那麼只需單擊一下即可購買它，我認為這將非常強大。

You touched on marketing and there's certainly a number of efforts there. I mean we ran some really cool product ads during the Olympics, for instance. I think some of our marketing around the launch was really cool. I certainly liked it. I think there's a lot more we can do with marketing, especially as the product matures. But I also feel like we haven't even built the majority of the functionality that we really want. And so I think we'll dial up marketing as the product matures a little bit. And the best marketing we can do is kind of what you alluded to earlier, which is just let's leverage our existing user base. That's going to be really powerful. Emilie, Alesia, anything you want to add?

你談到了市場營銷，肯定有很多努力。我的意思是，例如，我們在奧運會期間投放了一些非常酷的產品廣告。我認為我們圍繞發布的一些營銷非常酷。我當然喜歡它。我認為我們可以在營銷方面做更多的事情，尤其是隨著產品的成熟。但我也覺得我們甚至還沒有構建我們真正想要的大部分功能。所以我認為隨著產品的成熟，我們會加大營銷力度。我們能做的最好的營銷就是你之前提到的那種，那就是讓我們利用我們現有的用戶群。這將是非常強大的。 Emilie，Alesia，你想補充什麼嗎？

No, I think that's all said.

不，我想這就是全部。

Yes.

是的。

Next question comes from the line of Lisa Ellis from MoffettNathanson.

下一個問題來自 MoffettNathanson 的 Lisa Ellis。

As painful as this downturn is, I mean, Coinbase seems like they're sitting in a very unique competitive position, meaning in a much stronger one than a lot of other players in the market, given the cash on the balance sheet, talent, et cetera. Can you just discuss or elaborate a bit further, like how as you look out, having lived through these downturns before, how, say, a year from now, you anticipate that you'll emerge actually in a much stronger competitive position coming out of it?

儘管這次低迷很痛苦，但我的意思是，考慮到資產負債表上的現金、人才、等等。您能否進一步討論或詳細說明，例如您如何看待，以前經歷過這些低迷時期，例如，從現在起一年後，您如何預計自己會在真正的競爭中脫穎而出它？

Yes. I can start off and then feel free to jump in. So I mean, look, we've been through enough of these where I think in the young markets, people are irrationally exuberant. And then in the down markets, people are irrationally pessimistic, right? And remember, this is just like we had 1 quarter where the market kind of pulled back. I think there's still going to be real kind of blood running in the street or something like that if it continues for 4 quarters or something like that. And I will say that we -- our cash balance does give us a big advantage here, in the sense that we can actually continue to invest.

是的。我可以開始，然後隨意加入。所以我的意思是，看，我們已經經歷了足夠多的這些，我認為在年輕市場中，人們非理性地興旺發達。然後在低迷的市場中，人們非理性地悲觀，對吧？請記住，這就像我們有 1 個季度市場有所回落。我認為如果持續 4 個季度或類似的情況，街道上仍然會有真正的血液流淌或類似的東西。我要說的是，我們的現金餘額確實給我們帶來了很大的優勢，因為我們實際上可以繼續投資。

In the past, we've seen people get distracted. We've seen people get discouraged. We've seen companies pivot to try to do something unrelated. And it's generally been a mistake. So I -- honestly, I feel like we're better operating in this environment. It's somehow like the long-term focus and the rigor in how we just allocate capital and how we plan different scenarios, it's allowed us to really pull ahead in down periods.

過去，我們看到人們分心。我們已經看到人們感到氣餒。我們已經看到公司轉向嘗試做一些不相關的事情。這通常是一個錯誤。所以我 - 老實說，我覺得我們在這種環境下運作得更好。這有點像長期關注和我們如何分配資本以及我們如何計劃不同方案的嚴謹性，它讓我們能夠在低迷時期真正取得領先。

And so I think coaching the team on that mindset is really important, too, because a lot of our team has joined since -- they've only joined when crypto was in an upmarket. And so people oftentimes have to see their first cycle, then they kind of get it at a deeper level and the future ones are less and less scary.

因此，我認為以這種心態指導團隊也非常重要，因為我們的很多團隊從那時起就加入了——他們只是在加密貨幣處於高端市場時才加入的。所以人們經常必須看到他們的第一個週期，然後他們會在更深的層次上得到它，未來的周期會越來越不可怕。

I just want to expand on that, I think that what Brian said is important that this was in the range of scenarios that we already planned for. And so we are committed to our product road map. We're committed to build great products regardless of what the market is. And we put on a little bit of a blinder because at the end of the day, we think they're building great products, serving our users will then be the right long-term outcome for Coinbase. And that gives us dry powder than when the market is down to do strategic acquisitions that Emilie alluded to earlier. We bought Xapo in the last crypto winter. When other companies are needing exits, we hope that we'll be sitting strong and be prepared to then expand as well, both organically and inorganically.

我只是想對此進行擴展，我認為布賴恩所說的很重要，因為這在我們已經計劃好的場景範圍內。因此，我們致力於我們的產品路線圖。無論市場如何，我們都致力於打造出色的產品。而且我們有點盲目，因為歸根結底，我們認為他們正在構建偉大的產品，為我們的用戶服務將是 Coinbase 的正確長期結果。與市場低迷時進行 Emilie 早些時候提到的戰略收購相比，這給了我們乾貨。我們在上一個加密貨幣冬天購買了 Xapo。當其他公司需要退出時，我們希望我們能夠保持強大，並準備好在有機和無機方面進行擴張。

Yes. I guess last thing I'll just mention is that there's a pretty big gap between revenue multiples for us as a public company and what we're seeing in private market crypto investments currently. And so I think reality is probably somewhere in the middle that, that gap probably needs to close. And so we anticipate probably over the next year or so that we'd see corrections in private markets for that or in both directions, frankly. So as that will take some time to kind of move through the private markets, and I think that could change the outlook on the M&A front as well.

是的。我想我要提到的最後一件事是，我們作為一家上市公司的收入倍數與我們目前在私人市場加密投資中看到的收入倍數之間存在相當大的差距。所以我認為現實可能介於兩者之間，這個差距可能需要縮小。因此，坦率地說，我們預計可能在明年左右我們會看到私人市場為此或雙向調整。因此，這需要一些時間才能通過私人市場，我認為這也可能改變併購方面的前景。

Next question comes from the line of Will Nance from Goldman Sachs.

下一個問題來自高盛的 Will Nance。

I appreciate all the color on the -- your thoughts on managing the business in this macroenvironment. I wanted to ask a question on just the hiring that you guys have done. One of the stats that stood out to me in the report this quarter was the 1,200 people added. And I know I think Emilie talked earlier about the investment strategy around 70-20-10, which is obviously very helpful. But I guess I'm wondering if you could just provide a little bit more color on what exactly the 1,200 people are doing, how you're kind of allocating?

我很欣賞你在這個宏觀環境中管理業務的想法。我想問一個關於你們所做的招聘的問題。本季度報告中讓我印象深刻的統計數據之一是新增的 1,200 人。而且我知道我認為 Emilie 早些時候談到了 70-20-10 左右的投資策略，這顯然很有幫助。但我想我想知道你是否可以提供更多關於 1,200 人到底在做什麼的顏色，你是如何分配的？

It just strikes -- it's a large number relative to where you guys started off. And I think we know this is all kind of part of the plan at the beginning of the year, but we get the question a lot around what are these investments and where are they actually being diverted to. So any additional color you could have?

它只是罷工 - 相對於你們開始的地方，這是一個很大的數字。我認為我們知道這是年初計劃的一部分，但我們經常會問這些投資是什麼以及它們實際上被轉移到了哪裡。那麼你可以有任何額外的顏色嗎？

And then related, you guys have this guidance for the negative -- the no more than $500 million in EBITDA losses for the year. Could you just talk, I mean, it looked like the exit run rate for the quarter on ARPU was something like $25 million, if I'm not mistaken. So just any color on how close we are to having to take actions to mitigate the loss? And where would those kind of come from for the remainder of the year?

然後相關的是，你們有負面的指導——今年的 EBITDA 損失不超過 5 億美元。你能談談嗎，我的意思是，如果我沒記錯的話，本季度 ARPU 的退出運行率大約是 2500 萬美元。那麼，我們離必須採取行動減輕損失還有多遠？在今年剩下的時間裡，這些來自哪裡？

Why don't I start and then Alesia, you can -- and Brian, you can put in. Thanks for the question, Will. So we -- at the highest level, when we think about adding headcount, we think about how -- what the product goals are and then how do we amplify them through the addition of headcount. And when we think about the composition of headcount, roughly speaking, we're aiming for 50% at any given time of our headcount being in product engineering and design.

我為什麼不開始，然後是 Alesia，你可以——還有 Brian，你可以加入。謝謝你的問題，Will。所以我們 - 在最高級別，當我們考慮增加員工人數時，我們會考慮如何 - 產品目標是什麼，然後我們如何通過增加員工人數來擴大它們。當我們考慮員工人數的構成時，粗略地說，我們的目標是在任何給定時間將 50% 的員工人數用於產品工程和設計。

And the reason that matters is because we're a technology company, and we want things to be done in as automated a way as possible, thinking nimbly about the suite of products we offer. For example, if we build trading services, we want to be able to use one trading services layer to then power retail and institutional trading and to be as efficient as possible. And then as you mentioned, we think about the 70-20-10 split such that of those 1,200 product engineering design folks and the rest of them, how do we kind of map them against those things.

重要的原因是因為我們是一家技術公司，我們希望以盡可能自動化的方式完成工作，靈活地考慮我們提供的產品套件。例如，如果我們構建交易服務，我們希望能夠使用一個交易服務層來支持零售和機構交易，並儘可能提高效率。然後正如你所提到的，我們考慮了 70-20-10 的拆分，在這 1,200 名產品工程設計人員和其他人中，我們如何將他們與這些東西進行映射。

The other thing I'll mention, and then Alesia, pipe in, is I think that one of the things that we've grown is just making sure that we're building the right infrastructure as we scale up and have ever new increasing requirements on reliability and scalability. And the other thing is, as a regulated company, we invest pretty heavily in compliance. And we know that, that is important to us because it helps us solidify our relationship with our customers and regulators. And so that's another piece of headcount that matters. Alesia, anything to add?

我要提到的另一件事，然後是 Alesia，我認為我們已經成長的一件事就是確保我們正在構建正確的基礎設施，因為我們正在擴大規模並擁有不斷增長的新需求關於可靠性和可擴展性。另一件事是，作為一家受監管的公司，我們在合規方面投入了大量資金。我們知道，這對我們很重要，因為它有助於我們鞏固與客戶和監管機構的關係。所以這是另一個重要的員工人數。 Alesia，有什麼要補充的嗎？

I'll just address the ARPU part of the question, Will. So you're correct. As we look at recent times, we're heading into the high 20s and we shared a chart in our shareholder letter on Page 15 that everyone can take a look at, that gives you a sense of, 2017 to date, what ARPU has kind of fluctuated at. And you can see on a month-to-month basis, there's a lot of volatility, but it kind of been on an annual average, kind of has hit between the 30s and 40s, with the exception of 2021, which was at all-time high levels.

我將只解決問題的 ARPU 部分，Will。所以你是對的。正如我們最近所看到的那樣，我們正步入 20 多歲，我們在第 15 頁的股東信中分享了一張圖表，每個人都可以查看，這讓您了解 2017 年迄今為止，ARPU 有什麼好處的上下波動。你可以看到，每個月都有很大的波動，但它有點像年平均水平，已經達到了 30 到 40 歲之間，除了 2021 年，那是根本——時間高水平。

So it has trended down, but it hasn't changed materially from the 2019 kind of other crypto winter time period. The levers that we have at our disposal is we can slow the hiring ramp. We obviously spent a fair amount of our expenses in our CX and BPO costs, which were at very high levels in Q4, given the volumes that we've seen. And so those costs will come down as volumes temper. We also have other levers around other variable cost spend that we will then adjust to ensure that we can try and hit that $500 million EBITDA cap if that's what we need to do.

因此它呈下降趨勢，但與 2019 年其他加密貨幣冬季時期相比並沒有發生實質性變化。我們可以使用的槓桿是我們可以減緩招聘速度。鑑於我們所看到的數量，我們顯然在 CX 和 BPO 成本上花費了相當多的費用，這些費用在第四季度處於非常高的水平。因此，隨著銷量的緩和，這些成本將會下降。我們還有其他可變成本支出的其他槓桿，然後我們將進行調整，以確保我們可以嘗試達到 5 億美元的 EBITDA 上限，如果這是我們需要做的。

Operator, we have time for one more question.

接線員，我們有時間再問一個問題。

Our final question will be Owen Lau from Oppenheimer.

我們的最後一個問題是來自奧本海默的 Owen Lau。

I have two quick questions. The first one is, how will Coinbase potentially participate in the adoption of Lightning Network and the progress of Coinbase integrating the exchange into Lightning Network?

我有兩個快速的問題。第一個是，Coinbase 將如何潛在地參與閃電網絡的採用以及 Coinbase 將交易所整合到閃電網絡的進展？

And then the second one is on Coinbase Wallet. Can you talk about the penetration? How do you measure success and the potential next step for Wallet? So Lightning Network and Wallet.

然後第二個在 Coinbase 錢包上。能談談滲透嗎？您如何衡量 Wallet 的成功和潛在的下一步？所以閃電網絡和錢包。

Yes. I can start off on that. So for Lightning Network, for those who don't know, Lightning Network is a layer 2 solution for Bitcoin, which -- with lower fees, improved payment capabilities. And we think it's a really important innovation that we would like to support. There's, of course, layer 2 solutions across a variety of blockchains. And so Etherium has some layer 2 solutions as well.

是的。我可以從那開始。所以對於閃電網絡，對於那些不知道的人來說，閃電網絡是比特幣的第 2 層解決方案，它具有更低的費用，提高了支付能力。我們認為這是一項非常重要的創新，我們願意支持。當然，還有跨各種區塊鏈的第 2 層解決方案。因此以太坊也有一些第 2 層解決方案。

And just broadly, I'd say we're seeing a lot of interest from customers in layer 2 solutions. You could think of it as -- I think it could be as important as the Internet moving from dial-up to broadband in terms of the new applications and utility that it will unlock. So we're working really hard to integrate every layer 2 solution out there that our customers want. We don't have a specific date to share with you about Lightning Network specifically, but it's certainly one of the ones on our road map.

從廣義上講，我想說我們看到客戶對第 2 層解決方案很感興趣。你可以把它想像成——我認為它可能與互聯網從撥號到寬帶的轉變一樣重要，它會解鎖新的應用程序和實用程序。因此，我們正在努力集成客戶想要的每一個第 2 層解決方案。我們沒有具體的日期與您分享有關閃電網絡的具體日期，但它肯定是我們路線圖上的日期之一。

Let's see, you'd asked about Coinbase Wallet and how we measure success. So we look at similar metrics to give the rest of our business. And we look at MTUs, monthly transacting users, we look at the amount of crypto that's custodied in Coinbase Wallet, we look at revenues, things like that. There's a lot that we're doing on Coinbase Wallet. We have a Chrome extension that's out now, so that can link directly to your mobile wallet. You can connect your ledger to it. We're supporting new blockchains through Coinbase Wallet. We are doing -- making it easier for people to connect to third-party applications both on mobile and through the web browser on desktop and sort of they want to access like the whole wide world out there.

讓我們看看，你問過 Coinbase 錢包以及我們如何衡量成功。因此，我們會查看類似的指標來為我們的其他業務提供支持。我們查看 MTU，每月交易用戶，我們查看 Coinbase 錢包中託管的加密貨幣數量，我們查看收入，諸如此類。我們在 Coinbase 錢包上做了很多工作。我們有一個 Chrome 擴展程序現已推出，因此可以直接鏈接到您的移動錢包。您可以將您的分類帳連接到它。我們正在通過 Coinbase 錢包支持新的區塊鏈。我們正在做——讓人們更容易在移動設備上和通過桌面上的網絡瀏覽器連接到第三方應用程序，並且他們希望像訪問整個廣闊的世界一樣訪問那裡。

And then similarly, making it seamless to go through the process of buying new crypto or topping up your Wallet to connecting it to an app, using that app without needing to have a computer science degree and then making sure that it's secure. And so people don't accidentally lose their funds or forget their password or anything like that. I personally think Coinbase Wallet is one of the most important things we're working on because it's going to allow us to offer the same functionality and services that we do with our retail app in a lot of emerging markets, where the regulatory environment is less clear.

然後類似地，可以無縫地完成購買新加密貨幣或充值錢包以將其連接到應用程序，使用該應用程序而無需擁有計算機科學學位，然後確保它是安全的。因此，人們不會意外丟失資金或忘記密碼或類似情況。我個人認為 Coinbase 錢包是我們正在努力的最重要的事情之一，因為它將使我們能夠在監管環境較少的許多新興市場中提供與零售應用程序相同的功能和服務清除。

It's going to allow people to use the very latest stuff happening in crypto in a more decentralized way, things like decentralized exchanges and DeFi and Dows and NFTs, like a lot of the stuff is coming first to Coinbase Wallet, self-custodial wallets out there. And even Coinbase NFT, we launched first with support only for self-custodial wallets, including Coinbase Wallet.

它將允許人們以更加去中心化的方式使用加密貨幣中發生的最新事物，例如去中心化交易所、DeFi 和 Dows 和 NFT，就像很多東西首先出現在 Coinbase 錢包、自託管錢包中一樣.甚至 Coinbase NFT，我們首先推出僅支持自託管錢包，包括 Coinbase 錢包。

So we're making a big investment in that. I think trust and ease of use are the core things that we focus on, just like all of our products and anticipate that to be a bigger share of our MTUs over time. Emilie, Alesia, anything you want to add?

所以我們在這方面進行了大量投資。我認為信任和易用性是我們關注的核心問題，就像我們所有的產品一樣，並預計隨著時間的推移，這將在我們的 MTU 中佔據更大的份額。 Emilie，Alesia，你想補充什麼嗎？

I think that the only thing I'd end with is just that we really do think Wallet is the gateway to Web3. And that's why we have such a strong belief that making the investment is the right thing to do for the long term.

我認為我唯一想說的就是我們確實認為 Wallet 是通向 Web3 的門戶。這就是為什麼我們堅信進行長期投資是正確的做法。

Great. Well, thank you all for joining us today, and we look forward to speaking to you again on our next call.

偉大的。好吧，感謝大家今天加入我們，我們期待在下一次電話會議上再次與您交談。

This concludes today's conference call. You may now disconnect.

今天的電話會議到此結束。您現在可以斷開連接。