Coinbase Global (COIN) 1 Aug 242024 Q2 Earnings call transcript

[Audio Gap] [Operator Instructions] Anil Gupta, Vice President, Investor Relations, you may begin your conference.

Good afternoon, and welcome to the Coinbase Second Quarter 2024 Earnings Call.

Joining me on today's call are Brian Armstrong, Co-Founder and CEO; Emilie Choi, President and COO; Alesia Haas, CFO; and Paul Grewal, Chief Legal Officer. I hope you've all had the opportunity to read our shareholder letter, which was published on our Investor Relations website earlier today.

Before we get started, I'd like to remind you that during today's call, we may make forward-looking statements. materially statements. vary may results from today's Actual Information cause included these uncertainties and in that could other factors results SEC concerning filings. risks, our to differ is

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

say live Technologies it ask And the to our We enable addition, comments. to are using I'll over once analysts. shareholders platform questions. opening for we our again turn research Brian that, with will questions in to And take some from

Thanks, update I'm Anil. to priorities. share excited an XXXX on our

the given significant clarity, regulatory progress in driving with start QX. here Let's

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that wins for The Coinbase the argued as it Chevron significant both should saw and ambiguous a executive newest to judicial court Board precedent statutes. branches. defer interpretation our by of Beyond we precedent in legislation, This Clement. Supreme is case major the overturned an case Court in deference a member, agency's long-standing Paul removes

In ETFs, SEC formally industry investigations positive overage trading also overall approved the a the Supreme week. industry. agency skepticism began as of Court and the a sign we We case our the against which Ethereum last dropped branch, executive as which see this multiple to for view

whether Republican, has are or also be the crypto. on rhetoric optimistic Democrat will shifted. constructive The next administration, increasingly that We

to help on We $XX candidates. to elect momentum. QX advance contributed crypto capitalize pro and to million continue Fairshake an additional progress crypto in We policy on this

went clear public, in and have that the are we the industry our unlock the need environment. matter? clarity. going here would given is enforcement on reiterated many this would While for a companies sidelines rules in build we space overseas major crypto built regulatory America, it system this innovation the that Since be financial ensure entrepreneurs regulation Why in does sitting until to or want is there and clarity, by for

confidence XX% of investors in clarity crypto. institutional would their more say regulatory in boost investing

and to Coinbase reasons, November the for clear elections. push in courts, rules these will in For continue Congress in the

driving majority in and clarity is resources, the in the focused and invested heavily building as abroad, we're products. vast company time U.S. great While attention on of a our

So fast we're to needs people driving easy let's billion it to now people talk blocks that don't crypto even consumers chain, use be payments frontier how need like and crypto. both are know X transactions utility so building on To the crypto for using cheap on utility. and and make to be seamless Most they're of We're developers. here. the investing for to about bring

stablecoins, X offer wallets enable and enabled Base onboarding. here like it's and transfer seamless global X transactions second, settlement today smart dollar today like Layer X terms in global cent and USDC,

like crypto In no report more and short, are X for Base. and week we're to to start-ups excited transaction And more So XX-word global longer remember users per seeing almost $XX major X. together rails. us now see also passphrases. Spotify, need onchain versions on to the Web on coming transaction apps of billion in YouTube I'm Instagram, seeing volume components that flow build USDC We're

the monetize gives is onchain of own Web Internet while the vision the ways data. new applications and creators content to for these This their future of remix fully commonly versions new called Building controlling CDP, offering short, believe or best-in-class apps AWS will Platform, created product Developer more help pools. did by which Internet, our Onchain X. we be to developers is developer for Coinbase similar the what for

our we're industry board. I'm but and versus streams QX company and with building streams In creating and positive strong revenue Whether another more forward, to revenue across our up the not predictable great an quarter and adjusted shareholder now the it increasingly consecutive of closing, down, Coinbase QX expenses. was revenue market least, a we're how was all-weather diversified EBITDA. sixth high transaction services quarter driving of quarter, Last proud the driving discipline let's revenue. another all-time with is move Subscription was reached QX. is revenue declining long-term an value. managing or

pass it QX Alesia a detailed more I'll over our for financials. to of Now view

Brian. Thanks,

continued in diversification reflect generate market ranges quarter, resources. revenue USD billion, goal execution all EBITDA EBITDA adjusted adjusted QX revenue Our QX was million. the into were positive let's Total and last to to provided $X.X with revenue. expenses sheet we conditions. balance transaction we details. that, our on our and results With within was strengthened $XXX outlook Further, our the Starting billion in dive $X.X our

declined quarter-over-quarter, volatility. by Total volume primarily trading driven XX% spot asset lower crypto

court our associated were wallet volume QX, on coin-based revenue fees Our down in happy we with to in wallet do revenue to on I wallet XX% coin-based trading motion note total $XXX quarter-over-quarter. want these favorable the revenue our following from We in that in to dismiss. trading million, growth transaction to ruling derivatives not fees benefited transaction streams. you X was and report turn where [indiscernible]

quarter-over-quarter. revenue transaction down other Our was X%

quarter-over-quarter the We to significantly Brian transactions of drive in in reduce Base. on as which, base were able the fees number XXX% helped quarter, mentioned, growth

revenue. subscription services to and Turning

onetime to a from $X our blockchain in but and the million. services in stablecoin opening, diversify were grew revenue. revenue by our $XXX revenue XX% I saw further my in blockchain We million QX pleased mentioned growth our quarter-over-quarter revenue and letter it to rewards driven across revenue We primarily rewards we subscription reward. and validator note was that As board, benefited

to pleased are We with one. Coinbase also see growth continued

expenses. Moving to

up were expenses were Three which operating $XXX growth. contributed total drivers million quarter-over-quarter. billion, $X.X this to Our

First, an lower as and expense and our gain gain a in prices QX as the in were quarter-over-quarter $XXX million QX quarter compared second crypto. on operational in We first. a change loss the to recorded crypto

saw by we by payouts $XX higher million USDC on-platform reward marketing conditions. balances our and attractive higher driven driven sales expenses, increase a performance marketing spend in variable quarter-over-quarter and Second, higher marketing

Beginning in to have marketing more that growth. our opportunities approach a late with disciplined criteria. We QX, marketing we take investments seen investment balancing meet

guardrails ensure majority within spend clear to place our non-brand have back the of We year. pays vast marketing in one

regulatory recorded administrative in was spend policy and accordingly. spend have we we expenses All view now general policy increase The quarter-over-quarter them a updated million third in is as expense of and driver in $XX increase of the periods driving support ongoing, prior clarity.

profitability asset in with The the investment our million was Net expense. pretax $XXX losses of was and These Despite after our our decline sequential in a $XX second was portfolio. impacted million vast by associated income unrealized. million in crypto solid quarter. were represented these a revenue, tax majority $XXX losses

EBITDA and as quarter with our was remains we quarter-over-quarter. strong resources, million, in $XXX $XXX Our balance $X.X million ended up USD sheet adjusted billion the second

on the outlook call-outs few for a third quarter. Finally, our

This as declining as the is and price X% subscription into third First, the about Ethereum primarily headwinds to compared go some modest average. to QX we services quarter. our reflects the July outlook due

compliant in related $X adoption global Our I work most we expenses to to of USDC expectations drive as as of and blockchain mentioned reward a some cut, the the September USDC benefit earlier. million increases stablecoin, interest rate onetime

going to to We try native grow are headwinds. these work to hard units and offset

to been However, this our has environment. capture updated market range

factors meet acquisition our cost grow targets. marketing further depending variable of on that marketing Variable to available plan conditions fluctuate balance, customer the we overall can market Second, USDC in spend of the the opportunities marketing and like on-platform expenses our widely quarter-to-quarter number QX.

and will support managing revenue support focused product evolving Our expect range quality. reflects to it increase count closely and prudently that, market product We Last, With and foundations variable possibilities we and continued expenses the we questions. expenses year, and fixed and expanding of than of believe to is diversification expansion wider outlook conditions, while go product also strengthen we rest head primarily our efforts to to investments the range are these let's remain the our to we throughout historically, see. on provided our quality. meet international

Thanks, Alesia.

take the and upon take voted most the we'll Say X analysts. from the first the then platform, were we'll from questions that some So live questions

Brian? Coinbase how impact well as the view adoption. partnerships of such as On the crypto potential The wallet Smart does companies is, Shopify and first Base's newly of launched with the question increasing as Stripe impact

Yes.

to people update if can whole going goal we a for going be But to it just of to more trade, in world. hoping here power be time. business system big chain and and more buy that or need we're an more our who economic on asset financial to X try will the value, long get more for shift us achieve crypto this from class potential the up to people a that's utility freedom bring is to go not and billion to to So this, ultimately although to benefit

world. So building transaction second in need all to to with do that, one now to transactions ideally and send We cent Base. the fast one And make there's and foundational anywhere some blocks. crypto that achieved we've cheap under

of have the crypto. or easier should world get to technical to lot in also knows Not billion people. need to We make the nor everyone more technical use know X a they details crypto to the details

And a of to lot making it easier. make we're so direction that in efforts

I the mentioned our -- launch. Smart question, this Wallet mean in of one example was is

doesn't of for save required people like in wallet So Wallets, had nothing mobile get would pass this It's is somewhere, in -- it or this they're and a solves seconds. it to points device. using, to thumbprint it have remember. -- not passphrase. biggest crypto securely. a to typically, few secure. a or write pain a have With store sometimes a It's lose are onboard called, they there's the keys And onboarded to it's self-custodial down onboarded -- biometric you Smart now this to XX-word fast, just previously, on they can it People what a one

onboarding a So solved. it's great of example getting

of stablecoin which Smart compliance a crypto drive Now some if companies the that Europe see piece start with where in of the Wallets, you really out of is some is And building to is can coming course, take as a utility. partnering with to that and of well. Base, integrate start MECA we huge together you meets blocks there that trusted, to rails the biggest USDC,

them try the crypto and even to we'll fintech, partner global every going to We're do So integrate to system. to question. were neobank, traditional we're going to the to every every update into with companies more part of system, every partnerships. bank, and X financial That's how financial try really continue in of mentioned the more more

All right.

like things What for says, all, the of we, industry you done better being in support as question, Second shareholders, is first support Stand to which help? With regulation can for Crypto. thank Brian? how all community the and else

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you how is So come their have different representatives, on your position, record voting that on and can what specifically, bills call -- e-mail standwithcrypto.org crypto up. and their see

donate You candidates. procrypto can

educated most make on importantly, probably get and also registered sure to candidates. just can You those different you're vote

but great, is Crypto the going one the efforts really different industry. with Stand in just of it's on pillar Now

lots in a the we pursuing will may Of to hope we light going rules we're pieces have courts. create good have getting Administrative Act. case on other circuit the in doing to And press [indiscernible] we SEC rule-making there. on forward There's arguments that the activity going happening clarity shining of court on of the case some there, the Procedures in its have been the that following on oral third of terms course, answered Even law. on which our requests

create help going So variety courts, of law. case good we think which a in things the there's will on

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to there. optimistic progress Yes. see So we're more

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Bitcoin? All the funds what Can for are the right. crypto revenue are break Eth and Say, types And our final down Alesia? what of level chain? in between question revenue base you that projecting ETFs? of you for from custody of you projecting Additionally,

Thanks for that.

been We So our for benefiting generated the of It's ecosystem. They product in have great deeper new and ETFs a platform ways. industry. really unlocked flywheel X activity have across We're capital. financing with prime we our engagement and product across ETFs. custody total get impact the out clients we financing We're trading, additional get institutional business our our in not at this time. get from ETF financial breaking

products client that subproducts is don't activity our on have, and Our this existing speak view revenue we streams or adding and is platform. that we specific just to about

the to But ETFs we're have crypto brought and product. to industry interest really overall pleased our the to see that the

that projecting the of part second for the for revenue of types question Base. Additional we're

in driving by mentioned that's that is We turn believe that growth fees, down We're this doing these commented and increasing see fees, down will add to and volume will enabling drive volumes driving will then Base. apps a my as will remarks, creating anybody we And develop platform transaction efforts. and a powerful in of products. then sequencer products, as I activity, we users Our those opening driving result developers this build drive scalability the we're those we'll revenue to developer add and developer on. focus, on transaction that onchain

Thank you.

Crysa, that, question, please. for up with our so open And first line the let's

. Devin Certainly. the [Operator of JMP. first Citizens Your from with question Instructions] comes line Ryan

about question a contributor breaking out Great. was it of I revenues a a the tracking volumes separately it quarter. but know continuation in second ask it I platform And derivatives we're and there. to quarter-to-date, the just want you're just positive sounded yet, building like not in

average So with are I taking on how perspective either some take with spread revenues What or market? I'd And you to of up other coming love share in then seeing there a opportunities trading trade you're are platform? the this. that incremental base. customers you that it's over time, drive are to per think coming off the just around low customers know towards get

think kind going may to positively. this bigger since trying of it's the about of be trending where picture You're

Yes.

to off you, questions. start maybe I'll So and the then some on over margin I'll Alesia of hand

So just XX% is volume. all trading zooming of derivatives crypto out, about activity by

majority the of so trading And volume. it is

on lower market the the key it's take Now but of really are a rates it, part overall.

that with we international Coinbase now And U.S. both and then so with markets the in I'm really market, glad exchange financial internationally are in our as well.

been been able as like assets, We a ] really building oil, So for was all expand cool. same platform primary for had the adding also adding there. assets Coinbase commodities market, the operate [ liquidity, more a futures were to well, We to were under different license. able wins instance. gold first futures, growing to crypto good the S. include we've actually which goal users, financial some margin of Advanced, at We've were some We contracts QX. U real-world this and to offer we point, that handful in In to share. pretty for Coinbase adding

in For a Coinbase coverage we added today, International contracts. really has additional We actually, also asset Exchange, volume International quite on QX. perpetual Coinbase our Exchange. expanded futures been XX The lot good

So can international.coin check base.com. you out at

there's a when markets. customers more in momentum, us pretty to building MiFID allow then and And unlock big in That's we this need. acquired we're on we're this that XXXX. just a the derivatives or our that features year want So to That earlier that building EU XX will close license expecting deal.

of the kind way. first right we're we way. secure, this can the just We trusted it to the always not way, compliant following it but path you see do do so market, And of coin-based

that's we're so of off trusted the . to long-term the have think market. add? going good And many counterparty And that to you Alesia, enter folks waiting for pay a really as these anything to been strategy. want I

because it associated that that we derivatives of is can QX, future an as is but Brian time, wanted driver a not in add, is would you the important I What point do and report between the on results. And we which report, I our is this see volume. that financial a not beginning What volume though growth while driver spot. at is revenue to derivatives, thing disconnect only said, comment revenue The in early. with material

our you quarter. the And X so That the need I for communicate wanted rates may average to growth fees those of in change, to disconnect there are denominator and the you blended understand when message important that the a numerator was between platform. is calculate that

countries as and would As we our more that where and gaps we which financial market, we in we're results expand these more on a transparency as out our product you this bigger optimistic close really of details give to filings. becomes component these grow, in said, the revenue we Brian break can future

Your Worthington next Ken of line question comes from with the JPMorgan.

being USDC time? for from the USDC To to expect extent And Tether building biggest USDC, not if but then credibility Coinbase where inside digital extent a a we adoption, So see what changer framework? USDC? Europe, to see for game the about the of, gets trading, And dollarization DeFi DC really Coinbase both Europe asset you use of out potential continues in say, term this into to is and cases now migration sort [ near would globally just promote maybe to ] threefold, drive and what ] the [ think MiCA over given USDC.

pass start Yes. it and I'll off Well, then here. I'll to Alesia

the is in deal Europe. big really yes, the a legislation So MiCA

we MiCA-compliant USDC the coin. stable as first far As is know,

Europe, the one, in important compliant but stablecoins exact step. very the regulators view don't it's that and the and that's so implications first a we of other will And how know,

on bullish this. we're So

a crypto of transactions, use just a that DeFi actually medium paying it's -- not stablecoin and allowing powerful. for actually these food, deal, of really in to for having it's is exchange a is people I rails living, housing, is something applications, trusted kinds having just but engaging X earning a and think huge store Web a value, new ordinary transportation, that

it's think to big anything a I So deal. want Alesia, you add?

back I is and putting we're building would foundation just place future setting for that strong like to adoption. the a growth in blocks come

will Brian globally. as have the now licenses transparent we're us getting So We scale that to regulatory a very said, stablecoin. enable

which transactions. We offering is have Base, cheap fast,

Wallet. We have Smart

stage blocks building a these of very where can a all foundation. so grow of together important really set And off we

financials where faster has major fastest-growing USDC And other the impact we're our market on where already, this XX% is become competitors year-to-date. seeing stablecoin, than up cap

average recent onplatform the in quarter-over-quarter. Base. Our increased opening And XX% balances see, mentioned USDC weeks, of starting transaction his we're as $XX billion to on over volume comments, on Brian

foundation really where we because compliance this we think from. build that been unlock we're but a has USDC have to critical now able the about MiCA strong is growing excited be So set, a a we're as to foundation go, global can stablecoin,

question Barclays. from line next Benjamin comes Your of . the with Budish

need was on the with build balance not And I much ramped be you a it your from grow. update ago, if the generating a like We strategy. an cash and years sheet down business it. could seems to really of may continues there really few the spending us as noticed wondering kind for of give cash

start just update if from interest of strategy there? your lot profit thoughts any kind there? should gross kind What's And of around And of there's come to down. generating your the then along a curious, same the lines, you've income. So been rates philosophy now any hedging

pleased Thanks balance Yes, really strength. the we're for sheet those questions. with

large and to QX financing mentioned using our ETF with as cash used of in Bitcoin cash, the we've the A QX was are prime We support amount business. that in launches did of of hopefully can lot We or be prime quarter. a you loan ETF where now within week-to-week day-to-day see volatility those a the and Ethereum fees grow ETF financing balances.

versus see you And down growth can balances. We QX. of the end those intra-quarter end balance while at so the quarter the of for saw was

a for case support use cash products our to using our primary is us. So

raise We also, QX the convert. in the convert off paying when we that would be as we did shared XXXX we

the for a down balance that at So already the XXXX sheet, that will of is time. cash future cash the of which pegged payment convert some bring on balance

growth both We strong when also do core can inorganic maintain our to other be across as organic present world, that has a opportunities, is the themselves we tuck-in look acquisitions and us. those for strategy sheet, so been to and balance that opportunities something to acquisitions investment opportunistic we or

think and opportunistic for obviously we past so did themselves. interest the interest building capital present ready we USDC of it year. on opportunities just enable that And the benefit us with that be And from around we over rates secondly, can the markets as comment to all income, for

We my remarks, are prepared, as declines. I mentioned rate in for

offset units is various to we've native continue also cases to hedging. use Our to around USDC goal and grow and that, explored

the in on USDC We the that are not managing balance. issuer of reserves

speak And that specifically. so I can't to strategy

question comes line Lau the Your next Oppenheimer. Owen of with from

Could to the have earlier this see you creditors them compare Do the how last of it please [ about space. this ] retail these repayment reenter XXXX, does one started engagement. recent has back and much July. of talk you come how back. And MangoX in also, coming in and And back some the year

Owen, I'll with that. start

customers. because different to Today, for had available retail So run we trading engagement we really product our only customers. our bull bull staking last offer retail the last from the run, platform a is

We Rewards. have USDC

We we breadth and engage DeFi of Wallet launched that applications well. have more just our products within Smart users to as Wallet a and

with are different engagement platform volatility. we ways prior . What saw is in prior different on who on And have in we cycles. retail we retail are the crypto behaving many is expand behave traders that where so coming in very buy consistent our now than customers specifically, or platform we to seeing line sell ways different the see in

compared that have. we the portfolio patterns cycle of cycles. with prior And deeper so is But engagement breadth near now the this to volatility the

of question Your with line Colonnese Wainright. H.C. comes next Mike the from

really and can out types thinking elections? to how political upcoming timing the really an Can your strategy guys influence management both that environment and how about potential decide in context of and you the improving update the in roll here? asset products you map an And you on product of provide road that are Coinbase for

free. can and I that, start wants feel on jump Yes. in, to if anybody

currently, Coinbase different -- the into has products. Management easy-to-use a . who customers different institutional want those Asset really strategies So offering up to markets really really and have ways for to to good crypto access been our package

space. think of your But path happen question where environment. ultimately the what a going participate of kind S&P some year that. will crypto see some that like to the to get know that index see market we'd in. index next to where that Coinbase cap-weighted I'd to we approved. the require funds, we alluded environment But I policy could don't to do a XXX, And policy was get products a things retail XXX, similar over I love think like -- the a to in over exactly different on can we could start those retail personally,

I beneficial. things think be could these really

term. do to moment. too in path the any it's see near don't I early at this it But

with And so . our time keep we're efforts. pushing policy to going one that on over

Your comes with Vafi next of Joseph question Canaccord Genuity. from the line

be crypto or this players you position? those partners get guys space is you be in it that might interesting Brian. enter here, early relative do see [indiscernible] do maybe we see as X would light legislation, coopetition, it just big bigger to to but Would -- competitors to or for a it's Coinbase's way, views. for you clearly and the might little some positive If a one big X a Maybe a get for the be green how industry

the Well, regulatory is more more biggest you're lack Yes. institutions into for blocker I probably that clarity think and put the funds to right of crypto.

I got X% often in And their we've crypto." it portfolio, as product. XX, would of Prime, them, they X% institutional clarity. asked or X% have what Coinbase in all We XX, them take And number a I be "Oh, and of they'll holding to with clients . say meet XX, it for funds regulatory them, our when say, huge or in some

from that step get the The certainly ETFs ETFs a getting Ethereum be even crypto open the clarity a that. unlocked, that entrepreneur. is like in a approved. have the goes beyond regulatory today, ETFs think pools I part new and capital But saw perhaps already, pretty Bitcoin it more exciting of be unlock of huge But capital that's would capital great. of in, right? resilient by the new you did pools We direction. proportion these just to new And up So coming have the of pools that to of way, it be been way

I mean these folks, crypto a laptop XXs of to want a and in got out and most folks dream you're a early right your build with company, of they and if a college of couple you pretty have have and Wells to be tell and into the them might in weeks, first you're get a parents sued. you your intense to notice to go this and market that few call you being

first So that's company start. to of not want the entrepreneurs idea most they

of applications doing being or new rules we the of thing. of they the can some By kinds all we overseas. dollar that where talk really when could hard companies the biggest still the see are Now going they're environment way, tech partners on biggest this, figure integrating many say them welcoming often -- in the to to innovation world, have put huge anyway -- same just actually we will are them, clear crypto, a the a But with everybody built. it of them to, the a about we if surge talk some follow it's just and but

say, try clarity. to let's for regulatory They'll wait well,

Europe that well. conversations a did U.S. actually legislation and regulation comprehensive in up crypto the as MiCA the in happens the open with instance, in for passed bunch Europe, they're of that that So it all hoping

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if we or will get rules be where well everyone. we X So . in the U.S. something years as in clear passed for good X and are

of comes next question from with Pete Citigroup. Christiansen the Your line

Fortune just initiatives, trends comment And you their like here. really or intrigued initiatives. interesting. call players in of I Super the interesting. question seeing what's know was some finally, then experimenting by these about And experimenting Spotify, are XXX increase simply, of I BXC? I'm the development some Coinbase's with role, or What BXB is can core kind very Brian, many-to-many the at for you if on-chain here. the That's application out on discernible the Or process market. wondering, development, Thanks level? it with of Web so you forth. in on-chain early X adopters mentioned the at level? these

help that just I us really helpful. could crystallize you think be If would

sure. Yes,

lot of are folks core as Layer solutions wallet for these easy now to the cetera. wallet can platform et we A I about, coin-based wallets, these an with with custodial interface think, USDC, So self talked like pieces, smart and a be X there

So one, I Ethereum another the name core now are the think, there. a E&S lot by pieces, system. way, the of is having

kind So having core of these accumulate of that identities online These building sort all reputation. are can blocks.

So of in layer. I lot the think coming are a application the at innovators now

of just we hosting what like Spotify, social apps, happening like are It's this kinds Camp and music California, WebX a now. the to you Wikipedia a lot or launching morning. in Uber These Web and of have cool some these like build or onchain, X in more Airbnb a builders there about world? Instagram of in can about what earlier really or things apps like a today event we're that frequently And Think applications of learning right, would the And hundreds think called big in or was how dialed more look or actually Base X. would about applications. hackathon new

an their what kind their base, and remix people in content, can of. the getting or you're There's fan direct that's biggest average of from own chain have attribution content, it, the people directly this, creating person prove derivatives or were text, things I There's these an to formed relationship think a it's content. remix monetize audio video. world into the whether onchain can their you're own whether where came the they actually people of attribution And artist provenance fans as an the with

really of these then Uber all an rewards And an people the Airbnb early onchain. of through also, monetization in right, kind The like who can that. come it to networks, flow or build

of a were great. developer can I the building ways right, developer main own bunch our way of to using platform. version of to AWS. Coinbase is apps. we our contribute We internally, called it's lot platform, And CDP, So of It's a come like kind tools these innovators a one in. seeing this, build of We're mean the had we're Coinbase

allow hey, might them build them. well parties top said, we third to of on third And expose we parties, to as

on-chain. to Some are X be of those Web start-ups building going

be products. might financial that banks or crypto them of into companies or to their want integrate companies fintech service Some

cards of might pay e-commerce credit for shopping have Some to to that high be them like fees globally rates. solutions has an points basis easy way of want XXX lower decline checkout charge-back high or crypto as having than kind that paying rates,

seeing we're merchants regards. So interest from in those

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to results. pricing. wanted really I something So good about know

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peers you last positively down spoke Nashville or A at lot and my very crypto. were Bitcoin week on of so

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more queue. in X the have we think I question

final . line from Sandler. comes of Your Moley question Patrick the with Piper

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And I'll take to maybe on. this Brian, X add you could start.

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being costs. prudent these we managing fixed So are in

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it forward All all questions, for and Thank quarter. again to today. next your to right. look for Well, talking you does you we that

Thank concludes for your call. today's may conference now and you participation, This disconnect. you