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And then, yeah, I mean, Uber and Airbnb, a lot of these things, like they, all the money was made by private investors or credit investors, like, you know, yourself. And then when they finally went public, it kind of went sideways. Oh, yeah.
We've talked about integration with JP Morgan, PNC Bank. You know, there's a couple of those that are not public yet. But five of the top 20 GSIBs are now using Coinbase for that.
So one of the big pushes we made in the last year was, um, we got our own internal hosted AI model that was connected to all of our data sources. Right? So it's like every Slack message, every Google doc, every Salesforce data confluence, you know? So now, um, this is all linked up and you can ask these agents. So every team is legally, sorry, every team is using it. Um, legal finance, everything. ... I've started to ask it really, it's not just like prompting it, Hey, can you write this kind of
We've integrated one into Coinbase app. It can kind of teach people about dollar cost averaging and, you know, tax loss harvesting. So there's a, the financial literacy is a part of it, but then yeah, let's make high quality investments available to them and democracy. It's just like lifting people out of poverty. It's great.
we actually just published this, this report recently and people have heard about the unbanked, but there's actually 4 billion adults who are unbrokered as well, which means they don't have any ability to invest in these high quality assets.
this is what we're chatting with the SEC about and others is like, you know, can you go register a security?
I think on-chain capital formation is going to be massive for private companies. I think eventually like you'll actually just be able to go public totally on chain too.
Coinbase launched a product actually called Coinbase Tokenize. So we're helping any fund or real estate project or anybody who wants to tokenize their products and it just democratizes access. It increases demand. It gets rid of a lot of the back office fees, gets rid of the settlement risk because it can be settled instantly on chain.
We also launched something called Coinbase developer platform, which provide, it's kind of like AWS if you want it. So that's like, you can white label anything like with the banks, but lots of other businesses are using that for wallets, trading payments, staking, financing, all kinds of things.
the biggest growth area over the last year has been B2B cross border payments... we launched a product called Coinbase business, which is serving lots of small and medium sized companies who want to do cross border payments and invoicing and tax and accounting and all that. ... Currently they're beating a path to our door. We have, we actually have a huge backlog. We need to evolve for people waiting to onboard. So we need to staff up that team.
we're long, I think that, yeah, the biggest trends are all assets are coming on chain for trading. Prediction markets are growing like crazy and stable coin payments are growing like crazy.
We're working with CalShe currently. ... It's not exclusive. So we're looking at others as well.
I think of it a little bit like the app stores, right? I mean, you, or the, or, let's say Amazon. I mean, you want to have the everything exchange. You want to have the everything store, you know, everything that's legal should be in the store, but maybe there's customer reviews.
So what we try to do is have minimum listing standards. So if we believe that there's a cybersecurity risk to it, the developer could, you know, rug everyone, or if it's illegal from a compliance point of view, you know, there's a few different areas we look at. So if it meets the minimum bar, we will list it. And then we let customers decide. I don't feel like it's our job to be recommending investments.
I met with one of the top 10 global banks in the world yesterday and the CEO told me crypto is is my number one priority. We view that this is existential. We're all in.
we also, by the way, have the Genius Act, the stablecoin bill is now passed into law.
He's leaned in and tried to get clear rules and regulations passed so that American companies can thrive.
we're also powering integrations with like BlackRock. And, you know, they've said they want to tokenize every single one of their funds.
five of the top 20 global banks are now using Coinbase to build their crypto infrastructure into their products.
brian armstrong told cnbc that there are likely more shoes to drop in crypto and that the company is trying to get ahead of this kind of ongoing crypto winter
there is this concept of like an exchange token and there's a couple other firms out there that have them and that's something we haven't done... if you're trying to raise money for your company and a token through a token that's fine that should be a security and there should be a regulated way to do that in the us like go register it with the sec that's what we've been wanting to do for a long time
luckily since then we have had a lot of productive dialogue with both the sec and the cftc and treasury and all kinds of people in congress
coinbase has a big business there
i again just for the sake of clarity i should say that coinbase did not have any material exposure to um alameda ftx or ftt token
so that's the case with coinbase you don't have to take our word for it by the way you can look at our audited public financial statements as a public company with a independent you know big four accounting firm who went to go verify all of that and that's what various custodians and exchanges that's what they all should be doing if by the way if you're regulated as a bank you can actually uh go invest some of those but there's very strict regulation around that and capital requirements and what
companies like coinbase are already regulated but we don't have clarity about the crypto specific regulations like what's a commodity what's a security and that lack of regulatory clarity i believe has pushed a lot of this business offshore to these less regulated exchanges that's part of what caused the blow up today
we've been pursuing a different strategy for the last 10 years we're a public company we're we're regulated our our financial statements are audited they can show that you know customer funds are segregated they're backed one to one we're not investing customer assets without their explicit direction
Google and Facebook, they were just kind of one upping each other on like higher and higher salaries.
I feel for some of these organizations, you know, Sundar probably has an incredibly difficult job right now. We saw that video from Microsoft, I think, last year with Satya and kind of was with people talking about their hair color and stuff. And they don't feel like that they can really lean in and move the company in the direction they want. And they're fearful of kind of all these internal dynamics.
crypto is going to be many different things. It's not just going to be one regulator doing it. So, you know, think about cryptocurrencies, like Bitcoin, that's pretty clearly a commodity or Ethereum, right? Like, many of these are a theory, commodities that probably should be regulated by the commodities regulators, the CFTC.
what we always did in the early days of Coinbase is we said, we want to go do what we think is going to be required in the future, go get licenses, go do KYC, go, go, go do AML anti-money laundering. And so we tried to basically do the right thing, go and talk to these regulators proactively.
Coinbase is now a very regulated financial service business. You know, I can go through the whole list. We have a license from the CFTC, a federal regulator. We acquired some broker dealer licenses, which the SEC regulates. We have money transmission licenses. We're a bit licensed in New York, et cetera.
It just said that while we're in the office together on Coinbase time, we're going to engage in Coinbase's mission and avoid fractious debates that divide us.
we're not going to allow people to do grandstanding open mic stuff. There's just a little bit of a risk for that, you know, 99% of people don't do it. But if one person does it, and it kind of creates this snowball effect. So we got rid of the open mics, people can still submit questions, but they're, they're nobody else can see them, we read them ahead of the Q&A.
Once we got to like 500 700 people, it started to feel like there was a little bit of an us versus them. And then, you know, the questions got very off track. And I realized at a certain point, this is not a democracy. I want everyone's input, I'm not going to rule like with an iron fist. But ultimately, you know, I'm the CEO, I need, I need to help guide this company in one direction and force the hard decisions, not everyone's going to like them.
during the pandemic, we removed, we moved to remote first as a culture, the talent, like the talent, we could get opened up by 100x people all over the world who were really hungry, and like, frankly, thankful for these jobs.
I think Coinbase has been very productive since then. And we've been able to attract a lot of the best and brightest people from some of these other companies that are like, I don't want to be in those companies anymore. I want to work at a company where we just focus on the work and the mission
frankly, you know, about 5% of the company opted into the exit package. So there was some teams that were shorthanded. A lot of people had to work extra time to fill in the gaps. But long term, I think it turned out to be an incredibly positive decision for the company.
Toby's experience as a founder and CEO scaling his business from a small niche online marketplace into what has become a critical backbone of global e-commerce will help guide Coinbase as we seek to bring crypto to more people and businesses around the world.
our diversity numbers have remained the same or even improved on some metrics
since my post we've grown our headcount about 110 percent
Bitcoin you know ended up not scaling to be that right now it's it's ending up being a little bit more like digital gold... the transactions are too expensive on Bitcoin right now
we have a pretty we have a maturing market on our hands
I think in a few years most digital currency could be proof of stake and move away from mining
Bitcoin mining is a little bit too centralized right now I would say that that is a risk
exchanges like coinbase where you can convert you know fiat currency or local currency into and out of digital currency those are going to be regulated
coinbase is a very regulated business some of the things that Tim was mentioning I mean we are regulated as a money transmitter in all the states of the United States we also have a bit license in New York we have an e money license in Europe we're registered as a money service business at the federal level so in any two or three month period we have some auditor on site from regulator coming to check us out so one of the requirements of that is that we do know our customer and so people are not
I have all my digital currency stored in coinbase
yeah something about around there how much what's the total value of the holdings you hold the asset correct yeah we do store digital currency on behalf of our customers that turns out to be a difficult thing for people to do securely so we try to provide that as a service