WEBVTT

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<v Speaker 1>The crypto back loans today allow people to essentially borrow

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<v Speaker 1>against bitcoin that they have in their coin base account,

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<v Speaker 1>so they can get instant liquidity without selling the bitcoin.

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<v Speaker 1>Staking empowers our users to allow financial freedom by partaking

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<v Speaker 1>in the cryptoeconomy, earning rewards on their stakable crypto assets.

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<v Speaker 2>What are your thoughts on the toganization market. A lot

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<v Speaker 2>of these firms looking to put a lot of different

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<v Speaker 2>things on the blockchain, whether it be stocks, gold, and

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<v Speaker 2>other assets.

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<v Speaker 1>Ultimately, on chain economy is one that people are viewing

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<v Speaker 1>as increasingly powerful.

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<v Speaker 2>This episode is brought to you by Propy, which is

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<v Speaker 2>leading to charge in putting real estate on chain. Propy

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<v Speaker 2>is a game changer. You can buy and sell real

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<v Speaker 2>by a blockchain of course, and they have a native

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<v Speaker 2>token call pro and I've been an investor in the

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<v Speaker 2>Propy token since twenty eighteen. So Propy is a licensed

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<v Speaker 2>Web three pioneer operating since twenty seventeen. They have facilitated

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<v Speaker 2>over four billion dollars in transactions. They're putting titles and

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<v Speaker 2>deeds on chain. They use Coinbase for their crypto escro service,

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<v Speaker 2>so This is a great platform and once again they

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<v Speaker 2>are ahead of the curve when it comes to putting

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<v Speaker 2>real estate on chain, and they just launch a great

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<v Speaker 2>and it's simply by doing tasks such as sharing their

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<v Speaker 2>vision video, signing up and inviting a friend, and much more. So.

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<v Speaker 2>If you'd like to learn more about Propy, visit the

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<v Speaker 2>link in the description. Hey, folks, welcome into the Thinking

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<v Speaker 2>Crypto podcast. I'm your host, Tony Edward, and joining me

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<v Speaker 2>today is Ben Sheen, who is the head of Financial

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<v Speaker 2>Services and Loyalty Products at Coinbase. Ben.

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<v Speaker 1>Great to have you, hey, Tony, great to be here.

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<v Speaker 1>Excited to chat coinbase and all the products that we're

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<v Speaker 1>enrolling up.

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<v Speaker 2>Yeah. Absolutely, man, You and the folks at coinbase been

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<v Speaker 2>doing a lot of work. There's a lot of cool features,

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<v Speaker 2>new things have been launched, and you know, one of

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<v Speaker 2>the big milestones you folks have hit recently Ease, which

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<v Speaker 2>your crypto back loans crossing over a billion dollars, which

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<v Speaker 2>is pretty incredible. Well, before we get to all of that,

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<v Speaker 2>tell us a bit about yourself, where you're from and

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<v Speaker 2>your professional background. Cool.

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<v Speaker 1>So I was born in the United States, my parents

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<v Speaker 1>were doing their graduate studies, but I grew up properly

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<v Speaker 1>in Taiwan, so moved back when I was around two

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<v Speaker 1>years old. Had an international education until my high school graduation,

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<v Speaker 1>and then moved over to backstate side to go to

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<v Speaker 1>Columbia for my undergrad studies. And then in terms of

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<v Speaker 1>sort of like other background, prior to joining coinbase, I

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<v Speaker 1>started my career on traditional financial services. I was a

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<v Speaker 1>equity derivatives or volatility trader on the Goldman SAX trading floor,

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<v Speaker 1>and then I moved into an operating role at some point,

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<v Speaker 1>but between that spent some time as a cross capitol

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<v Speaker 1>structure investor, so investing across high yield distressed equities. I

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<v Speaker 1>held to stress debt as well as equities, capital structure, arbitrage, etc.

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<v Speaker 1>As an analyst looking at different industries, and then back

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<v Speaker 1>in around twenty sixteen, got interested in being an operator,

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<v Speaker 1>so being in the ring and building rather than say

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<v Speaker 1>betting on the fight, so to speak. So around that

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<v Speaker 1>time I had joined what was then Square Cash now

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<v Speaker 1>cash App. It was a fledgling sort of ten person

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<v Speaker 1>strong startup within then Square now Block, competing really with

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<v Speaker 1>Venmo on the P to P space, So wore a

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<v Speaker 1>lot of different hats on that journey, you know, really

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<v Speaker 1>thinking about how we scale this business, expanded beyond period

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<v Speaker 1>a peer into things like you know, users today can

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<v Speaker 1>get a debit card, they can direct deposit their paychecks

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<v Speaker 1>and millions of people do. They can save, they can

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<v Speaker 1>invest in a whole suite of financial services. So was

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<v Speaker 1>there helping build that business from the ground up for

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<v Speaker 1>the better part of about nine years, and then back

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<v Speaker 1>in May came to coinbase and started a new adventure

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<v Speaker 1>building out our financial services and loyalty products.

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<v Speaker 2>Oh that's awesome, and you know your background, it's so funny.

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<v Speaker 2>It touches on some of the key factors that are

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<v Speaker 2>so relevant in crypto. You mentioned being at cash app

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<v Speaker 2>and the peer peer aspect of that and fintech and

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<v Speaker 2>you know, changing the way banking and financial services are

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<v Speaker 2>doing it. And you were also in tradfy and all

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<v Speaker 2>those things are so prominent now at crypto and obviously

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<v Speaker 2>in what coinbase is trying to do. Yeah.

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<v Speaker 1>Absolutely, I feel like all the worlds are in some

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<v Speaker 1>ways converging. Yeah, and there's a lot of let's say,

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<v Speaker 1>pattern recognition from you know, my former lives that I

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<v Speaker 1>definitely bring into the role I'm in today.

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<v Speaker 2>Along the way, when did you first discover bitcoin or

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<v Speaker 2>crypto and what was your aha moment? When did it

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<v Speaker 2>click for you?

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<v Speaker 1>Yeah, it was about twenty sixteen, you know, when I

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<v Speaker 1>joined cash app. So basically at the time, you know,

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<v Speaker 1>the overall ethos was around economic empowerment, you know, innovating

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<v Speaker 1>on the boundaries of money itself as well and offering

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<v Speaker 1>capabilities to users. In twenty seventeen, cash op actually introduced

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<v Speaker 1>bitcoin trating, bitcoin trading, and bitcoin investing.

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<v Speaker 2>To its users.

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<v Speaker 1>So as part of that played a role in thinking

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<v Speaker 1>about the strategy how we would roll it out to

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<v Speaker 1>our user base, and got really interested in just bitcoin,

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<v Speaker 1>read the white paper, got personally invested, and then of

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<v Speaker 1>course from there the rabbit hole goes really deep. So

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<v Speaker 1>started to understand you know, different you know, different parts

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<v Speaker 1>of the crypto ecosystem across ethereum, Salona, et cetera, and

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<v Speaker 1>over the years have just continued learning. Of course, there's

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<v Speaker 1>a lot of ethos around the cryptospace, trying to do

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<v Speaker 1>a lot of the same things around you know, serving users,

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<v Speaker 1>leverishing the superpowers of you know, being permissionless, instant money movement,

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<v Speaker 1>and a lot of the stuff that I'm sure we'll

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<v Speaker 1>talk about today.

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<v Speaker 2>Oh absolutely, let's talk about the crypto backloge loans program

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<v Speaker 2>or product that coinbase has, because you guys recently cross

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<v Speaker 2>a huge milestone with users borrowing more than a billion

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<v Speaker 2>dollars and the locking of over one point three billion

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<v Speaker 2>in bitcoin or collateralized bitcoin. Tell us about the growth

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<v Speaker 2>of this product and obviously maybe a bit of a background,

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<v Speaker 2>what is it and how people can use it?

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<v Speaker 1>Yeah, so, in a nutshell, the crypto back loans today

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<v Speaker 1>allow people to essentially borrow against bitcoin that they have

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<v Speaker 1>in their coin Base account, so they can get instant

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<v Speaker 1>liquidity without selling the bitcoin of say incurring capital gains

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<v Speaker 1>or really just they just want to hold onto their bitcoin,

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<v Speaker 1>but they have everyday needs, whether that be you know,

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<v Speaker 1>purchases in their everyday lives. We've seen some users make

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<v Speaker 1>large discretionary purchases like a car or even a home,

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<v Speaker 1>or potentially paying down other debt which is more expensive

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<v Speaker 1>and really a whole myriad of use cases. So what

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<v Speaker 1>a user can do is they can go into the

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<v Speaker 1>Coinbase app. They can you know, either use the bigcoin

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<v Speaker 1>they have, or of course they can trade and buy

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<v Speaker 1>the bitcoin and then they can instantly look at, you know,

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<v Speaker 1>input how much they want to take in terms of

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<v Speaker 1>a loan against that bitcoin as collateral of specifying certain

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<v Speaker 1>things around loan to value see the borrowing rate. And

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<v Speaker 1>then the bitcoin is then locked up in a smart

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<v Speaker 1>contract via our integration with Morpho, and the user will

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<v Speaker 1>have that USCC immediately which they can use. So it

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<v Speaker 1>is truly a much faster product. The rates are very

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<v Speaker 1>competitive relative and lower than what a lot of a

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<v Speaker 1>lot of other you know, alternate venues to the same

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<v Speaker 1>liquidity provide. And we've seen users really really just use

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<v Speaker 1>the use the feature for all kinds of needs. So

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<v Speaker 1>I guess like we've scaled now to as you mentioned,

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<v Speaker 1>over a billion dollars in all time originations, and of

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<v Speaker 1>course that's you know, less than a year after we've launched.

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<v Speaker 1>And in terms of collateral, I think we're now probably

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<v Speaker 1>at like one point four maybe go on one point five

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<v Speaker 1>billion and bitcoin collateral. So it really is this you know,

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<v Speaker 1>really market improvement over the way a lot of other

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<v Speaker 1>people might otherwise get liquidity through the tract by system.

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<v Speaker 2>Oh for sure. So is it a combination of retail

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<v Speaker 2>investors as well as institutions that are using this product.

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<v Speaker 1>So all the numbers we talked about are the retail

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<v Speaker 1>users using the Coinbase app for their personal accounts and

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<v Speaker 1>so like. Of course, the borrowing customer job, so to speak,

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<v Speaker 1>is one that spans obviously both retail, institutional et cetera.

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<v Speaker 1>And there are other parts of coinbase that are serving

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<v Speaker 1>those needs though like not factored into the numbers that

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<v Speaker 1>I just mentioned.

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<v Speaker 2>So let's say take myself as an example. I have

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<v Speaker 2>maybe a few bitcoin and Coinbase, and I want to

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<v Speaker 2>take out a loan to do some upgrades to my

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<v Speaker 2>house or I don't know, pay for to a certain

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<v Speaker 2>my daughter's college scholarship or whatever or tuition. I should say,

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<v Speaker 2>walk us through that process. I'm what percentage of bitcoin's

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<v Speaker 2>value am I getting a loan off of? And what

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<v Speaker 2>happens with the market volatility? How is that taken into account?

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<v Speaker 1>Yeah, so you can specify a loan to value for

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<v Speaker 1>your the loan that you want to take out. Of course,

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<v Speaker 1>we have guardrails, right, so we really sort of set

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<v Speaker 1>the guardrails to make sure that users are you know,

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<v Speaker 1>taking responsible action. Th Ultimately, it's on the user to decide.

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<v Speaker 1>For example, if I launch you know the defive borrow

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<v Speaker 1>functionality and coinbase, say like I could set a fifty

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<v Speaker 1>percent loan to value. So let's just say I have

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<v Speaker 1>a one hundred thousand dollars in bitcoin in the account,

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<v Speaker 1>I could take a fifty thousand dollars loan, right, get

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<v Speaker 1>fifty thousand and USDC proceeds and in your case, for example,

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<v Speaker 1>use it to pay that tuition. And then in the app,

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<v Speaker 1>we will show you the loan to value based on

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<v Speaker 1>the price of bitcoin and the fluctuations, so you'll see

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<v Speaker 1>the health of the loan, right.

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<v Speaker 2>So for example fair good.

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<v Speaker 1>And then we also have user facing notifications when there

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<v Speaker 1>are market where there's market volatility, where there's the potential

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<v Speaker 1>for the collateral to be liquidated or sold. Right that way,

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<v Speaker 1>a user can come on and they can decide to

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<v Speaker 1>repay the loan, right, they can decide to add more collateral.

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<v Speaker 2>So these are all.

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<v Speaker 1>Sort of like user facing pieces of functionality we give

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<v Speaker 1>you so you can get that liquidity and then also

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<v Speaker 1>of course manage against that bitcoin collateral as you see fit.

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<v Speaker 2>Got it. And as far as terms is, there are

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<v Speaker 2>there terms on being able to borrow. Is it like

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<v Speaker 2>five like how the mortgage terms are or a car

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<v Speaker 2>loan terms are.

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<v Speaker 1>So today it's they are open ended floating rate terms.

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<v Speaker 1>So I think today, if you just open that today,

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<v Speaker 1>you can borrow at seven and a half percent, once again,

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<v Speaker 1>really competitive versus a lot of the alternatives you'll see.

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<v Speaker 1>And you know, the supply and demand essentially in the

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<v Speaker 1>market will determine the rates, right, so a user can

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<v Speaker 1>kind of monitor the rates. As we continue building out

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<v Speaker 1>the feature and functionality, you can expect that we can

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<v Speaker 1>think about additional parameters and things that could sell serve

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<v Speaker 1>different needs for users. So, but today it is open

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<v Speaker 1>ended floating rate terms.

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<v Speaker 2>So open ended, so I could pay us back in

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<v Speaker 2>whatever time frame I want.

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<v Speaker 1>Yes, And and we ultimately believe that there's just this

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<v Speaker 1>really wider range of potential needs.

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<v Speaker 2>Right.

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<v Speaker 1>You might look to pay off your daughter's tuition in

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<v Speaker 1>advance of a paycheck that you might receive in let's

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<v Speaker 1>say two weeks, right, And after two weeks you may

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<v Speaker 1>want to pay it down and sort of like get

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<v Speaker 1>the collateral back and no longer have a loan outstanding.

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<v Speaker 1>As I mentioned, we have seen you know, purchases even

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<v Speaker 1>up to a home, in which case they're actually taking

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<v Speaker 1>that in lieu of let's say a thirty year mortgage, right,

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<v Speaker 1>And so in that case, you know that that user

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<v Speaker 1>may or may not want to pay it down. You know,

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<v Speaker 1>in the immediate term, they might actually want to keep

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<v Speaker 1>it that loan outstanding in the same way that they

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<v Speaker 1>would right if they had gone to let's say like

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<v Speaker 1>a ba A or Wells to get a long term martgage.

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<v Speaker 2>Oh wow, yeah, that's such a great option. I mean

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<v Speaker 2>to be able to do things like I buy a home.

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<v Speaker 2>So I think you may have addressed this, but I

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<v Speaker 2>want to make sure I wrap my head around it,

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<v Speaker 2>and even for the users who are watching listening, because

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<v Speaker 2>this is, you know, brand new to a lot of folks.

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<v Speaker 2>So let's say I have three bitcoin on coinbase, right,

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<v Speaker 2>and the value is like over three hundred thousand based

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<v Speaker 2>on market price. Right now, I take I want to

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<v Speaker 2>take a loan of one hundred and fifty thousand, which

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<v Speaker 2>would be an approximate to fifty percent. And because the

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<v Speaker 2>loan is open ended, I don't have to make monthly payments.

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<v Speaker 2>I just have to repay it at some point. But

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<v Speaker 2>let's say that I wait five years and it's twenty

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<v Speaker 2>thirty and bigcoin shoot shoots up to five hundred thousand dollars.

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<v Speaker 2>What happens in that scenario? Can I liquidate some of

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<v Speaker 2>the bitcoin or repaid the loan? Like, can I do

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<v Speaker 2>things like that? Yes?

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<v Speaker 1>Absolutely, so you can repay the loan at any time.

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<v Speaker 1>Let's say, in the process of bitcoin rallying and increasing

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<v Speaker 1>in value, your loan to value will naturally be decreasing, right,

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<v Speaker 1>So technically, like if you did nothing, the health of

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<v Speaker 1>your loan in terms of just asset coverage, would just

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<v Speaker 1>be getting healthier and healthier, right, And at any point

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<v Speaker 1>in time, Let's just say, let's just say you had

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<v Speaker 1>USDC in your account and you wanted to pay down

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<v Speaker 1>the loan, You could do that. Let's just say you

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<v Speaker 1>wanted to basically use some of the bitcoin collateral to

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<v Speaker 1>pay down. We offer you the capability of withdrawing collateral

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<v Speaker 1>from your loan because let's say now your loan to

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<v Speaker 1>value is so low, right, you're feeling really good about

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<v Speaker 1>the health of your loan. You can withdraw some of

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<v Speaker 1>that bitcoin, and then you could decide to sell some

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<v Speaker 1>of it use those proceeds to pay down the loan.

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<v Speaker 1>So what you mentioned is entirely possible with the product

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<v Speaker 1>suite that we're offering today.

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<v Speaker 2>Wow, and who dumb question? Who are the lenders here

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<v Speaker 2>and how are they able to do? The open ended term?

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<v Speaker 1>Yeah, so the borrowing activity happens through our integration with Morpho,

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<v Speaker 1>So happens entirely on chain where coin Base is allowing

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<v Speaker 1>our users to access these really valuable on chain capabilities,

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<v Speaker 1>and essentially on chain, you know, there are Morpho vaults

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<v Speaker 1>and markets where you know, there is a facilitation of

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<v Speaker 1>borrowing and lending activity, right, So I guess we'll get

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<v Speaker 1>to at some point. But like there are platforms that

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<v Speaker 1>you know allow users to lend USDC, you know, including

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<v Speaker 1>coin Base, right, and those funds go towards facilitating also

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<v Speaker 1>the borrowing needs, right, but not in like a one

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<v Speaker 1>to one direct fashion, but all through the on chain

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<v Speaker 1>capabilities that you know Morpho provide.

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<v Speaker 2>Is it like a application running on base?

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<v Speaker 1>Morpho is on Base, Morpho is also on Ethereum and

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<v Speaker 1>other chains. Though, DeFi borrow and DeFi lend on coinbase

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<v Speaker 1>or on Morpho on base?

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<v Speaker 2>Got it? Okay? Very cool? I love that and the

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<v Speaker 2>open ending endedness of it. Makes it unique because if

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<v Speaker 2>you are planning to be a long term holder of

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<v Speaker 2>bitcoiners another crypto asset, it just gives you the long

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<v Speaker 2>term horizon. And if we have the thesis that all

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<v Speaker 2>of this is going to continue to go up due

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<v Speaker 2>to different factors, this is a better way almost than

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<v Speaker 2>going to sell and you know, incurring capital gains, taxes

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<v Speaker 2>and much more.

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<v Speaker 1>Yeah, I think a lot of users are finding it

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<v Speaker 1>that way. And of course in the end, I feel

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<v Speaker 1>like it's all about the configuration and optionality you provide

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<v Speaker 1>to users, right, some people do like that open endedness.

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<v Speaker 1>There are other users who you know, have a fixed

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<v Speaker 1>borrowing need in mind. So I think as this space

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<v Speaker 1>ultimately expands, there will be different configurations and optionality that

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<v Speaker 1>users increasingly have to serve their everyday borrowing and liquidity

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<v Speaker 1>it needs.

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<v Speaker 2>Oh for sure. And what about expansion to other assets?

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<v Speaker 2>So you know, folks hold bitcoin, Salona, XRP, whatever it else, Right,

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<v Speaker 2>are you planning to add these expand to other assets?

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<v Speaker 1>So from the outset when we announced and launched this product,

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<v Speaker 1>I think we stated that you know, we ultimately want

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<v Speaker 1>to maximally serve the borrowing and liquidity customer. Job so

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<v Speaker 1>you can expect that we're thinking about how to do that,

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<v Speaker 1>and expansion to other assets is of course like part

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<v Speaker 1>of the equation. So won't comment too much on our

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<v Speaker 1>exact plans. But ultimately, I think if you want to

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<v Speaker 1>serve people maximally on liquidity and borrowing, you know, you

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<v Speaker 1>want to serve them across you know, where they're at,

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<v Speaker 1>the different assets that they might hold.

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<v Speaker 2>You may not be able to answer this question, but

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<v Speaker 2>you know, as you were talking about we were talking

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<v Speaker 2>about the home example of someone buying a house, does

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<v Speaker 2>it make sense for a coinbase to explore mortgages given

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<v Speaker 2>that you know you're doing this type of lending, maybe

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<v Speaker 2>you're able to offer or maybe not just the loans itself.

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<v Speaker 2>It's fine, I don't know, but maybe some sort of

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<v Speaker 2>mortgage product. I don't know.

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<v Speaker 1>Yeah, I also won't comment too much though, once again,

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<v Speaker 1>I do think that it's under the same customer job,

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<v Speaker 1>right and for the same reasons. You know, a user

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<v Speaker 1>ultimately has a purchasing need, and you know a mortgage

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<v Speaker 1>is a form of that. So I would say today

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<v Speaker 1>we're really focused on, you know, sort of like the

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<v Speaker 1>goodness we have with the DEEPI borrow product, and there's

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<v Speaker 1>you know, a million different ways we can take this,

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<v Speaker 1>and if I take a step back, we're ultimately thinking

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<v Speaker 1>about our users' financial lives and how we can bring

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<v Speaker 1>financial services on chain serve them extremely well, you know,

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<v Speaker 1>across the very the various facets of that.

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<v Speaker 2>Right.

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<v Speaker 1>So I don't know if you if you kind of

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<v Speaker 1>extend the timeline long enough, there's like little that we

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<v Speaker 1>wouldn't consider doing. But once again, I'll kind of just

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<v Speaker 1>keep it more general as it pertains to our new

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<v Speaker 1>term clients.

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<v Speaker 2>Oh for sure. Yeah, I mean I love the product.

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<v Speaker 2>I think that this is such a great idea, and

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<v Speaker 2>I've spoken to some other folks at Coinbase at the

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<v Speaker 2>coin Base summit. You know, I'm looking to do this.

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<v Speaker 2>I was waiting to see how the price a bitcoin

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<v Speaker 2>would move, but I think it's something I'm well, I

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<v Speaker 2>should say, I discussed with my wife. I haven't pulled

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<v Speaker 2>the trigger yet because you know, we're just trying to

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<v Speaker 2>decide certain plans as far as home home momp grades

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<v Speaker 2>or buying a larger home or things like that. But

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<v Speaker 2>this is a great option because man, I hate taxes

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<v Speaker 2>and I would hate to have to give up my

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<v Speaker 2>bitcoin in current taxes versus I can hold on to

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<v Speaker 2>it and get a long term alone like this to

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<v Speaker 2>do what I need to do.

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<v Speaker 1>Yep, and smart move to get that approval before you

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<v Speaker 1>make the decision. But yes, I agree with you. And

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<v Speaker 1>then once again, like I think a user would be

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<v Speaker 1>thinking about the various alternatives they have, right, Like, you know,

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<v Speaker 1>folks are smart, They'll think about the cost of borrowing.

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<v Speaker 1>And we do believe that, you know, bitcoin back loans

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<v Speaker 1>are a really attractive way to to get that necessary liquidity,

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00:19:01.720 --> 00:19:04.160
<v Speaker 1>particularly if you're already holding bitcoin as you are.

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<v Speaker 2>Talk to us a bit about security and even is

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<v Speaker 2>there insurance you know, well, let's say something. I'm not

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<v Speaker 2>saying something will, but in the event that something may

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<v Speaker 2>have failed or it gets broken just temporarily, what happens

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<v Speaker 2>to the user's collateral?

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<v Speaker 1>Yeah, so there there is no insurance program. And Coinbase

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<v Speaker 1>is ultimately you know, helping facilitate users accessing this really

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<v Speaker 1>valuable capability do the integration with Morpho from the ease

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<v Speaker 1>of the Coinbase app. So yeah, like you know, users

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<v Speaker 1>should of course like make their do their own research

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<v Speaker 1>and make that responsible decision on their end, you know,

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<v Speaker 1>of course, like Morpho on their end. They also have

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<v Speaker 1>their own security practices, et cetera. So there's a lot

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<v Speaker 1>of information you know, both online. I think something we

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<v Speaker 1>also serve up an app that users can of course

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<v Speaker 1>use to educate themselves.

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<v Speaker 2>Got it. I wanted to ask about some other big

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<v Speaker 2>news around Coinbase, and most recently was the announcement of

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<v Speaker 2>the Samsung partner ship, which is huge. Tell us about that,

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<v Speaker 2>and you know, what's the vision here?

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<v Speaker 1>So we ultimately want to you know, allow users to

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<v Speaker 1>as many people in the world really to use crypto

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<v Speaker 1>to further their financial lives. And you know, through that,

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<v Speaker 1>one of the strategies is to partner with platforms to

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<v Speaker 1>distribute Coinbase and the various services that we offer. So

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<v Speaker 1>in the case of Samsung, we're offering seventy five million

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<v Speaker 1>plus Samsung Galaxy users in the US free access to

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<v Speaker 1>our membership program Coinbase one to bring them on board.

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<v Speaker 1>And you know, through that partnership, we'll also bring crypto

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<v Speaker 1>access to a lot of people where they already are

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<v Speaker 1>right through the device that they use every day and

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00:20:44.559 --> 00:20:47.480
<v Speaker 1>Coinbase one. Just because like I'm not sure if everyone

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00:20:47.599 --> 00:20:51.039
<v Speaker 1>knows what that is. It's basically our membership program that

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00:20:51.119 --> 00:20:54.720
<v Speaker 1>provides a suite of benefits, right, zero trading fees, you know,

394
00:20:54.720 --> 00:20:59.240
<v Speaker 1>boosted USDC reward rates, boosted staking rates. We've also rolled

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00:20:59.240 --> 00:21:02.359
<v Speaker 1>out the coin Base one one card recently that allows

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00:21:02.359 --> 00:21:05.039
<v Speaker 1>you to earn up to four percent back in bitcoin

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00:21:05.119 --> 00:21:08.880
<v Speaker 1>on your everyday spend. There's account protection, so there's more

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00:21:08.920 --> 00:21:11.799
<v Speaker 1>features actually at this point than I can really kind

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00:21:11.839 --> 00:21:15.480
<v Speaker 1>of like name in a concise way. But I think

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<v Speaker 1>the whole point is to not only introduce people to crypto,

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00:21:18.680 --> 00:21:22.079
<v Speaker 1>but also introduce them to a membership that maximizes the

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00:21:22.079 --> 00:21:24.079
<v Speaker 1>way that they can use crypto in their everyday lives

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00:21:24.240 --> 00:21:27.559
<v Speaker 1>as well as grow their money right and their their assets.

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00:21:28.440 --> 00:21:30.759
<v Speaker 1>And so you know, with Samsung, they are going to

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00:21:30.799 --> 00:21:35.279
<v Speaker 1>be distributing this membership, providing you know, Samsung users with

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<v Speaker 1>the ability to quickly come on board and then also

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<v Speaker 1>get the best of what coin base offers.

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00:21:40.799 --> 00:21:43.599
<v Speaker 2>That's really great. It's such a such a huge on ramp.

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<v Speaker 2>I am a coin Base one used subscriber, if you

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<v Speaker 2>want to call it that, and I do have a

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<v Speaker 2>Samsung phone. I'm on the Android side, so looking forward

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<v Speaker 2>to testing out that integration. That's really great. And I know, Ben,

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<v Speaker 2>you probably can't answer this but I'm assuming you're going

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<v Speaker 2>to be knocking on Apple's door to do this as

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00:22:03.440 --> 00:22:04.519
<v Speaker 2>well with them.

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<v Speaker 1>No comment on that coin Based one member. Hopefully you've

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<v Speaker 1>gotten the coin based one card. If not, you should

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00:22:14.200 --> 00:22:14.920
<v Speaker 1>also order that.

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<v Speaker 2>Yeah, I need to order that. I've been so busy

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00:22:17.880 --> 00:22:20.559
<v Speaker 2>that I haven't even like got a chance to think.

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00:22:21.039 --> 00:22:22.759
<v Speaker 2>I knew, I know of it, right, and I saw

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00:22:22.799 --> 00:22:25.319
<v Speaker 2>the announcement and everything. But I think I'm gonna try

423
00:22:25.359 --> 00:22:28.160
<v Speaker 2>to do that this quarter as things settle down a bit.

424
00:22:28.200 --> 00:22:30.519
<v Speaker 2>I'm not traveling as much. And then there was also

425
00:22:30.599 --> 00:22:33.240
<v Speaker 2>some really great news about Staking in New York. I

426
00:22:33.279 --> 00:22:34.480
<v Speaker 2>know there's a lot of people in New York who

427
00:22:34.559 --> 00:22:38.319
<v Speaker 2>have been frustrated with not having access to certain services

428
00:22:38.319 --> 00:22:40.599
<v Speaker 2>across the board, right, not just Coinbase, but I tried

429
00:22:40.599 --> 00:22:42.279
<v Speaker 2>to remind people like, there's this thing called the bit

430
00:22:42.359 --> 00:22:46.839
<v Speaker 2>license unfortunately, and much more in a very strict NYDFS

431
00:22:47.519 --> 00:22:50.000
<v Speaker 2>tell us about the launch of staking for different assets there.

432
00:22:50.440 --> 00:22:53.359
<v Speaker 1>Yeah, so obviously, you know, we have a ton of

433
00:22:53.440 --> 00:22:55.519
<v Speaker 1>valued users in New York. And before we even get

434
00:22:55.559 --> 00:22:58.680
<v Speaker 1>the staking, Coinbase one card is also now available in

435
00:22:58.720 --> 00:23:02.839
<v Speaker 1>New York, so we're very much pushing into just like

436
00:23:03.000 --> 00:23:06.359
<v Speaker 1>allowing our users in New York to access all of

437
00:23:06.400 --> 00:23:09.319
<v Speaker 1>the tools that we provide to further their their every

438
00:23:09.400 --> 00:23:13.039
<v Speaker 1>day financial life. So staking is obviously a huge win

439
00:23:13.240 --> 00:23:17.359
<v Speaker 1>for consumers in New York and just economic freedom more generally.

440
00:23:17.519 --> 00:23:22.200
<v Speaker 1>So staking empowers our users to unlock financial freedom by

441
00:23:22.200 --> 00:23:26.400
<v Speaker 1>part partaking in the crypto economy earning rewards on their

442
00:23:26.440 --> 00:23:30.720
<v Speaker 1>stakable crypto assets. Right, so New Yorkers can now essentially

443
00:23:31.200 --> 00:23:33.759
<v Speaker 1>sign up for coinbase if they don't already have it,

444
00:23:33.880 --> 00:23:36.559
<v Speaker 1>or if they do, they can have their assets staked,

445
00:23:36.680 --> 00:23:38.799
<v Speaker 1>you know, within seconds. Right, just go into the coin

446
00:23:38.839 --> 00:23:42.759
<v Speaker 1>based experience. You can steak Eating and steak Solona, a

447
00:23:42.799 --> 00:23:45.440
<v Speaker 1>host of other assets. And we applaud New York for

448
00:23:45.480 --> 00:23:50.400
<v Speaker 1>embracing the future of finance and supporting economic opportunities for citizens.

449
00:23:51.000 --> 00:23:54.000
<v Speaker 1>And I think there's an example, This is an example

450
00:23:54.079 --> 00:23:57.200
<v Speaker 1>that a lot of other states that don't currently allow

451
00:23:57.319 --> 00:24:00.920
<v Speaker 1>steaking can hopefully also follow so that they where users

452
00:24:00.920 --> 00:24:04.799
<v Speaker 1>can also once again maximize their optionality and how they

453
00:24:04.880 --> 00:24:06.960
<v Speaker 1>want to manage and grow their finances.

454
00:24:07.599 --> 00:24:11.079
<v Speaker 2>Yeah, that's such a great thing. And I love the

455
00:24:11.119 --> 00:24:14.240
<v Speaker 2>staking aspects of some of these blockchains proof mistake and

456
00:24:14.359 --> 00:24:16.599
<v Speaker 2>being able to earn these passive rewards right for being

457
00:24:16.599 --> 00:24:19.039
<v Speaker 2>a participant on the network, and like to your point,

458
00:24:19.160 --> 00:24:22.119
<v Speaker 2>hopefully other states follow and then this has opened up

459
00:24:22.160 --> 00:24:27.480
<v Speaker 2>to more people as it should be. Yeah. Absolutely, Now

460
00:24:27.640 --> 00:24:30.079
<v Speaker 2>you guys are doing a lot obviously, what else is

461
00:24:30.119 --> 00:24:33.200
<v Speaker 2>on your roadmap that you can share? So, I mean,

462
00:24:34.240 --> 00:24:36.599
<v Speaker 2>if you've been following coinbase, you will hear that. You

463
00:24:36.960 --> 00:24:40.440
<v Speaker 2>will have heard that we're working on delivering that everything exchange,

464
00:24:40.839 --> 00:24:44.359
<v Speaker 2>so being the place where users can trade and invest

465
00:24:44.440 --> 00:24:48.000
<v Speaker 2>in all assets, right, whether that's you know, across crypto,

466
00:24:48.279 --> 00:24:51.920
<v Speaker 2>across decks assets which we recently rolled out to all

467
00:24:51.920 --> 00:24:54.359
<v Speaker 2>of our users, you know, and as well as the

468
00:24:54.680 --> 00:24:57.960
<v Speaker 2>cross equities, prediction markets and a host of others. So

469
00:24:58.599 --> 00:25:01.279
<v Speaker 2>that is definitely one theme where the company is pushing

470
00:25:01.279 --> 00:25:04.039
<v Speaker 2>forward on, you know, just really giving our users maximum

471
00:25:04.079 --> 00:25:06.279
<v Speaker 2>access to all the ways that they can in their

472
00:25:06.279 --> 00:25:08.880
<v Speaker 2>everyday lives, you know, trade, invest and grow their money.

473
00:25:09.480 --> 00:25:11.960
<v Speaker 1>That's one theme. And then if you take a step back,

474
00:25:12.599 --> 00:25:15.039
<v Speaker 1>one big focus of ours is really to just help

475
00:25:15.200 --> 00:25:18.079
<v Speaker 1>people grow their money, you know, in the best way

476
00:25:18.119 --> 00:25:21.200
<v Speaker 1>that they can. So in addition to trading trading a

477
00:25:21.240 --> 00:25:23.279
<v Speaker 1>host of assets, once we've rolled out a number of

478
00:25:23.279 --> 00:25:25.839
<v Speaker 1>those features, you know, you can stake right you can

479
00:25:25.880 --> 00:25:29.960
<v Speaker 1>hold USDC and earn rewards. And then we obviously rolled

480
00:25:29.960 --> 00:25:33.359
<v Speaker 1>out DeFi lend, where a user can I think currently

481
00:25:33.400 --> 00:25:35.359
<v Speaker 1>at the moment you can earn about eight and a

482
00:25:35.359 --> 00:25:39.039
<v Speaker 1>half percent on your USDC by similar lending it to

483
00:25:39.119 --> 00:25:42.240
<v Speaker 1>on chain, right, and then outside of that, I would say,

484
00:25:42.279 --> 00:25:45.039
<v Speaker 1>you know, the Coinbase one card. It is a mechanism

485
00:25:45.079 --> 00:25:48.599
<v Speaker 1>for us to start serving your everyday relationship, right whether

486
00:25:48.640 --> 00:25:52.680
<v Speaker 1>you're out buying groceries, you're hopping on the subway, or

487
00:25:52.720 --> 00:25:55.440
<v Speaker 1>anything else. So I think there's one big theme around

488
00:25:55.440 --> 00:25:58.720
<v Speaker 1>helping your users grow their money across trading, investing, and

489
00:25:58.759 --> 00:26:01.480
<v Speaker 1>even just deploying their ass sets and even spending right

490
00:26:01.519 --> 00:26:04.319
<v Speaker 1>in their everyday lives. And then outside of that, you know,

491
00:26:04.359 --> 00:26:06.839
<v Speaker 1>we rolled out the pay tab that allows people to

492
00:26:06.920 --> 00:26:10.200
<v Speaker 1>send money instantly and for free, you know, anywhere in

493
00:26:10.240 --> 00:26:12.799
<v Speaker 1>the world, and they can send USDC, they can send

494
00:26:12.839 --> 00:26:16.039
<v Speaker 1>crypto assets, so you can see this this also this

495
00:26:16.160 --> 00:26:18.839
<v Speaker 1>host of sort of like different uses of money in

496
00:26:18.920 --> 00:26:21.680
<v Speaker 1>one's everyday life that are starting to emerge, right, and

497
00:26:21.799 --> 00:26:24.119
<v Speaker 1>DeFi borrow is obviously sort of at the intersection of

498
00:26:24.160 --> 00:26:27.640
<v Speaker 1>that where you may have traded or bought bitcoin or

499
00:26:27.720 --> 00:26:30.480
<v Speaker 1>you know, and then you want to get liquidity from it, right,

500
00:26:30.519 --> 00:26:33.240
<v Speaker 1>that liquidity, that money maybe you know, you use it

501
00:26:33.279 --> 00:26:36.440
<v Speaker 1>directly on Coinbase, right, or maybe some people you know

502
00:26:36.440 --> 00:26:39.480
<v Speaker 1>withdraw that money to you know, another institution and conduct

503
00:26:39.480 --> 00:26:42.039
<v Speaker 1>their needs there. So yeah, I would say those are

504
00:26:42.079 --> 00:26:45.759
<v Speaker 1>some of the themes of things that we are working on.

505
00:26:45.839 --> 00:26:48.880
<v Speaker 1>And and Coinbase one obviously is a super charger across

506
00:26:48.960 --> 00:26:49.319
<v Speaker 1>all of that.

507
00:26:50.000 --> 00:26:54.519
<v Speaker 2>Oh absolutely. And you know, I love Coinbase's mission to

508
00:26:54.599 --> 00:26:57.119
<v Speaker 2>create a super app and you know, kind of all

509
00:26:57.160 --> 00:26:59.599
<v Speaker 2>in one where you have all these features and like

510
00:26:59.640 --> 00:27:02.000
<v Speaker 2>you said, like helping people to grow their wealth and

511
00:27:02.519 --> 00:27:05.400
<v Speaker 2>do their finances and so forth. And from one point

512
00:27:05.400 --> 00:27:07.640
<v Speaker 2>of view, you know, I see it as just a

513
00:27:07.680 --> 00:27:12.559
<v Speaker 2>great disruption of the existing banking setup and being able

514
00:27:12.599 --> 00:27:15.599
<v Speaker 2>to offer people more in a more decentralized way and

515
00:27:16.640 --> 00:27:19.039
<v Speaker 2>not the traditional model where they give you like next

516
00:27:19.079 --> 00:27:22.279
<v Speaker 2>to nothing in your checking and savings account and you

517
00:27:22.319 --> 00:27:25.480
<v Speaker 2>can put your money to work. Right, It's more free,

518
00:27:25.599 --> 00:27:29.200
<v Speaker 2>more accessible. So I love that mission, and it seems

519
00:27:29.200 --> 00:27:32.000
<v Speaker 2>like the puck is heading that direction. Everybody's trying on

520
00:27:32.039 --> 00:27:35.640
<v Speaker 2>that same path, trying to disrupt the traditional finance world.

521
00:27:35.920 --> 00:27:38.039
<v Speaker 1>Yeah, I mean, much more to come on this front,

522
00:27:38.480 --> 00:27:41.559
<v Speaker 1>and ultimately We don't really think about being a quote

523
00:27:41.599 --> 00:27:43.720
<v Speaker 1>unquote super app just for the sake of it. I

524
00:27:43.720 --> 00:27:47.640
<v Speaker 1>think the ultimate goal is really to just serve different

525
00:27:47.720 --> 00:27:51.279
<v Speaker 1>customer jobs in a really great and differentiated way. Right.

526
00:27:51.319 --> 00:27:54.160
<v Speaker 1>If you do that across enough things, then yes, a

527
00:27:54.240 --> 00:27:56.359
<v Speaker 1>user might be using you for multiple things in their

528
00:27:56.400 --> 00:27:59.480
<v Speaker 1>financial life, right, and you know, and thereby you may

529
00:27:59.519 --> 00:28:02.000
<v Speaker 1>be a quote quote super app in their eyes. But

530
00:28:02.119 --> 00:28:04.119
<v Speaker 1>I think that's quite different from you know, a lot

531
00:28:04.119 --> 00:28:07.079
<v Speaker 1>of you know a lot of attempts where you see

532
00:28:07.079 --> 00:28:09.720
<v Speaker 1>people just want to be a super app or a

533
00:28:09.720 --> 00:28:12.039
<v Speaker 1>certain business model, right you call it a neobank or

534
00:28:12.039 --> 00:28:14.079
<v Speaker 1>whatever else, just for the sake of it, and you

535
00:28:14.119 --> 00:28:15.720
<v Speaker 1>kind of just want to roll out the sort of

536
00:28:16.440 --> 00:28:20.839
<v Speaker 1>you know, sort of copy and paste suite of features

537
00:28:21.000 --> 00:28:22.960
<v Speaker 1>in order to accomplish that goal, which is a little

538
00:28:23.039 --> 00:28:24.559
<v Speaker 1>backwards from my perspective.

539
00:28:25.759 --> 00:28:28.200
<v Speaker 2>Yeah, for sure, you know, what are your thoughts on

540
00:28:28.480 --> 00:28:31.079
<v Speaker 2>how and you worked at some of the tradify companies,

541
00:28:31.079 --> 00:28:35.119
<v Speaker 2>but all of them now coming in banks capitulating obviously

542
00:28:35.160 --> 00:28:37.640
<v Speaker 2>you got Blackrock Fidelity, all these folks. Black Rock works

543
00:28:37.640 --> 00:28:40.359
<v Speaker 2>with Coinbase, of course, but just recently, I mean even

544
00:28:40.359 --> 00:28:43.119
<v Speaker 2>Today's City Bank announced they're going to launch crypto custody

545
00:28:43.160 --> 00:28:46.480
<v Speaker 2>next year, and it's just amazing what's happening. They're all

546
00:28:46.720 --> 00:28:49.559
<v Speaker 2>the institutional herd just coming in today's asset class.

547
00:28:49.880 --> 00:28:52.279
<v Speaker 1>I think a lot of people are just recognizing that

548
00:28:52.920 --> 00:28:56.480
<v Speaker 1>crypto and on chain economy is a really you know,

549
00:28:56.559 --> 00:29:00.960
<v Speaker 1>emergent and powerful way to serve their users, right and

550
00:29:01.000 --> 00:29:02.720
<v Speaker 1>by virtue of that, you know, a lot of them

551
00:29:02.799 --> 00:29:05.960
<v Speaker 1>are thinking about how they can use crypto to you know,

552
00:29:06.000 --> 00:29:09.000
<v Speaker 1>further the services they provide and in many cases partnering

553
00:29:09.000 --> 00:29:11.960
<v Speaker 1>with Coinbase as you mentioned, right, Like we partner with

554
00:29:12.039 --> 00:29:14.400
<v Speaker 1>the black rocks of the world with a lot of

555
00:29:14.480 --> 00:29:17.599
<v Speaker 1>different institutions. So yeah, Like I think, as I mentioned

556
00:29:17.599 --> 00:29:19.640
<v Speaker 1>at the start of this call, there's definitely a bit

557
00:29:19.680 --> 00:29:23.720
<v Speaker 1>of a convergence of sort of like financial services or

558
00:29:24.079 --> 00:29:26.680
<v Speaker 1>what used to be sort of deemed as tradify or

559
00:29:26.799 --> 00:29:30.559
<v Speaker 1>like traditional non crypto fintech, as well as as well

560
00:29:30.599 --> 00:29:32.519
<v Speaker 1>as say the crypto space, right, and a lot of

561
00:29:32.519 --> 00:29:36.039
<v Speaker 1>people are recognizing that ultimately cryptos for all the tools

562
00:29:36.039 --> 00:29:39.519
<v Speaker 1>are powerful and within it of course, like you know,

563
00:29:39.559 --> 00:29:41.880
<v Speaker 1>Coinbase wants to build you know, the best and most

564
00:29:41.920 --> 00:29:45.599
<v Speaker 1>cohesive services for our users while also partnering and empowering

565
00:29:45.640 --> 00:29:46.920
<v Speaker 1>other platforms to do the same.

566
00:29:47.519 --> 00:29:49.720
<v Speaker 2>And on that note, we've seen a lot of digital

567
00:29:49.720 --> 00:29:53.240
<v Speaker 2>acid treasury companies on the rise, buying crypto assets putting

568
00:29:53.240 --> 00:29:56.119
<v Speaker 2>on their balance sheet. You know, Michael Sailors Strategy started

569
00:29:56.160 --> 00:29:58.200
<v Speaker 2>his whole trend. What are your thoughts on that and

570
00:29:58.279 --> 00:30:00.440
<v Speaker 2>are some of these folks working with coin bates to

571
00:30:00.519 --> 00:30:03.319
<v Speaker 2>like buy the assets, custody the assets and so forth.

572
00:30:04.079 --> 00:30:09.319
<v Speaker 1>Yeah, So separate from just like dedicated digital asset treasury companies, right,

573
00:30:09.359 --> 00:30:12.680
<v Speaker 1>there are certainly just a lot of corporations that are

574
00:30:12.680 --> 00:30:16.440
<v Speaker 1>increasingly looking for ways to deploy capital more effectively without

575
00:30:16.440 --> 00:30:21.640
<v Speaker 1>sacrificing speed, security or market access. Right. So, you know,

576
00:30:21.839 --> 00:30:25.119
<v Speaker 1>we're seeing also corporate treasuries are under pressure to hedge

577
00:30:25.119 --> 00:30:29.200
<v Speaker 1>against inflation or generate yield on their treasury assets, right.

578
00:30:29.240 --> 00:30:32.480
<v Speaker 1>You know, coinbase is definitely empowering that and partnering with

579
00:30:32.480 --> 00:30:34.799
<v Speaker 1>a lot of platforms that are looking to use crypto

580
00:30:34.880 --> 00:30:38.519
<v Speaker 1>more in their everyday sort of like company functions. And

581
00:30:38.839 --> 00:30:41.200
<v Speaker 1>you know, of course within that there's also let's say,

582
00:30:41.200 --> 00:30:43.880
<v Speaker 1>the strategies of the world and actually more pure played

583
00:30:43.880 --> 00:30:46.240
<v Speaker 1>digital asset treasury companies. But I just want to call

584
00:30:46.279 --> 00:30:48.799
<v Speaker 1>out that it's actually much more broad than that if

585
00:30:48.839 --> 00:30:50.599
<v Speaker 1>you look at, you know, the various companies that are

586
00:30:50.640 --> 00:30:53.440
<v Speaker 1>starting to think about where the role crypto might play

587
00:30:53.839 --> 00:30:57.160
<v Speaker 1>in their overall treasury management and allocation.

588
00:30:58.039 --> 00:31:00.640
<v Speaker 2>Yeah, it's just interesting to see all these folks getting

589
00:31:00.680 --> 00:31:04.319
<v Speaker 2>involved in crypto. It's fascinating. I'm excited for the future,

590
00:31:04.400 --> 00:31:07.079
<v Speaker 2>especially as you know, we get even more clarity in

591
00:31:07.160 --> 00:31:10.480
<v Speaker 2>the market from the government around crypto legislation and much more.

592
00:31:10.920 --> 00:31:14.000
<v Speaker 2>What are your thoughts on the tokenization market. A lot

593
00:31:14.039 --> 00:31:15.680
<v Speaker 2>of these firms looking to put a lot of different

594
00:31:15.680 --> 00:31:18.240
<v Speaker 2>things on the blockchain, whether it be stocks, gold, and

595
00:31:18.279 --> 00:31:19.079
<v Speaker 2>other assets.

596
00:31:19.559 --> 00:31:23.359
<v Speaker 1>I think ultimately, the on chain economy is one that

597
00:31:23.440 --> 00:31:27.119
<v Speaker 1>people are viewing as increasingly powerful, and by tokenizing different

598
00:31:27.160 --> 00:31:30.119
<v Speaker 1>assets you have access to it, right, you can start

599
00:31:30.119 --> 00:31:33.839
<v Speaker 1>to empower different things, you know, borrowing, lending in different

600
00:31:33.960 --> 00:31:38.079
<v Speaker 1>use cases. So, you know, coinbase ultimately will be continuing

601
00:31:38.119 --> 00:31:41.039
<v Speaker 1>to push on this front, you know, whether that's tokenized equities,

602
00:31:41.680 --> 00:31:45.319
<v Speaker 1>real world assets, derivatives, prediction markets, et cetera. We are

603
00:31:45.359 --> 00:31:48.880
<v Speaker 1>working towards a cryptonative launch of tokenized equities as part

604
00:31:48.880 --> 00:31:52.039
<v Speaker 1>of our broader strategy, and we think the total addressable

605
00:31:52.119 --> 00:31:55.319
<v Speaker 1>market for you know, equities as well as obviously just

606
00:31:55.400 --> 00:31:58.079
<v Speaker 1>tokenized assets is huge, right, so we're seeing the tip

607
00:31:58.079 --> 00:32:00.799
<v Speaker 1>of iceberg on it. We aremitted to being on the

608
00:32:00.839 --> 00:32:03.559
<v Speaker 1>frontier of it and doing it the right way with

609
00:32:03.680 --> 00:32:07.359
<v Speaker 1>deep tech, you know, the right regulatory investments, etc. And

610
00:32:07.880 --> 00:32:10.839
<v Speaker 1>you know, on chain borrowing and lending our examples of

611
00:32:10.880 --> 00:32:14.240
<v Speaker 1>that right while you know what you've seen borrowing against

612
00:32:14.240 --> 00:32:17.680
<v Speaker 1>bitcoin is collateral as well as lending out USDC to

613
00:32:17.759 --> 00:32:20.960
<v Speaker 1>earn enhanced rewards. Those are a couple examples where you

614
00:32:21.000 --> 00:32:25.519
<v Speaker 1>know assets have been tokenized and sort of like facilitating

615
00:32:25.599 --> 00:32:29.920
<v Speaker 1>different use cases and debts trading, which we've rolled out

616
00:32:29.920 --> 00:32:32.039
<v Speaker 1>to all our users as of this month. But that's

617
00:32:32.039 --> 00:32:35.200
<v Speaker 1>another example where you know, people are getting access to

618
00:32:35.400 --> 00:32:38.559
<v Speaker 1>a ton more assets for their everyday trading and investing needs.

619
00:32:38.640 --> 00:32:40.799
<v Speaker 1>So we're really excited to see how the DeFi mullet

620
00:32:40.960 --> 00:32:43.559
<v Speaker 1>as we call it, can expand our product suite and

621
00:32:43.640 --> 00:32:46.640
<v Speaker 1>really turn coinbase into the premier financial services platform for

622
00:32:46.680 --> 00:32:49.839
<v Speaker 1>everyday use and I think tokenization plays a meaningful role

623
00:32:49.839 --> 00:32:51.000
<v Speaker 1>in that overall picture.

624
00:32:51.759 --> 00:32:55.119
<v Speaker 2>Yeah, it would just open up so many new opportunities

625
00:32:55.200 --> 00:32:58.880
<v Speaker 2>for these traditional assets. And you know, we started the

626
00:32:58.920 --> 00:33:02.880
<v Speaker 2>conversation talking about crypto back loans that maybe eventually I

627
00:33:02.880 --> 00:33:04.920
<v Speaker 2>think you hinted to it that if I have a

628
00:33:04.920 --> 00:33:08.400
<v Speaker 2>lot of tokenized assets and you, depending on what they are,

629
00:33:08.519 --> 00:33:10.119
<v Speaker 2>they could be put to work where I can borrow

630
00:33:10.160 --> 00:33:15.119
<v Speaker 2>against them and things like that. Right, Yep, absolutely awesome, Ben,

631
00:33:15.519 --> 00:33:18.759
<v Speaker 2>great stuff. I got some wrap up questions here for you. First,

632
00:33:18.839 --> 00:33:20.799
<v Speaker 2>if you could create your own metaverse, what would the

633
00:33:20.799 --> 00:33:21.160
<v Speaker 2>theme be?

634
00:33:21.759 --> 00:33:22.000
<v Speaker 1>Oh?

635
00:33:22.079 --> 00:33:22.599
<v Speaker 2>Interesting?

636
00:33:24.039 --> 00:33:26.440
<v Speaker 1>Yeah, I was part of the cohort that actually played

637
00:33:26.440 --> 00:33:28.839
<v Speaker 1>around Second Life back in the day. Felt like that

638
00:33:29.000 --> 00:33:32.960
<v Speaker 1>was like a metaverse before some of the metaverse hype.

639
00:33:33.759 --> 00:33:35.880
<v Speaker 1>I guess there's a lot of craziness across all kinds

640
00:33:35.880 --> 00:33:38.880
<v Speaker 1>of metaverses. If I think about it, I would love

641
00:33:38.880 --> 00:33:43.160
<v Speaker 1>something that's quite calming and therapeutic, right, maybe the use

642
00:33:43.200 --> 00:33:46.039
<v Speaker 1>of like certain modalities for like whether it's vr AR,

643
00:33:47.079 --> 00:33:49.279
<v Speaker 1>some type of metaverse where you actually go to like

644
00:33:49.880 --> 00:33:54.039
<v Speaker 1>you know, enjoy like just like relaxing sort of like

645
00:33:54.079 --> 00:33:57.039
<v Speaker 1>a sensory like spa like head of environment. I don't know,

646
00:33:57.079 --> 00:33:59.480
<v Speaker 1>I'm kind of just thinking off top, but that's something

647
00:33:59.559 --> 00:34:02.000
<v Speaker 1>that I think could actually quite interesting in addition to

648
00:34:02.200 --> 00:34:05.200
<v Speaker 1>all of the meta verses where you like create, create, create,

649
00:34:05.240 --> 00:34:08.440
<v Speaker 1>and you like, you know, have this like sensory overload.

650
00:34:09.000 --> 00:34:11.480
<v Speaker 2>Yeah, I'm with you because recently I've been on a

651
00:34:11.559 --> 00:34:17.199
<v Speaker 2>meditation journey where trying to meditate more, especially like you know,

652
00:34:17.320 --> 00:34:19.719
<v Speaker 2>having a busy day and interviewing people and talking all

653
00:34:19.800 --> 00:34:23.159
<v Speaker 2>day and just like being able to get quiet time meditate,

654
00:34:23.280 --> 00:34:25.719
<v Speaker 2>but like having a metaverse where I can immerse myself

655
00:34:26.000 --> 00:34:27.840
<v Speaker 2>in that that would be great. So I'm with you.

656
00:34:28.599 --> 00:34:31.119
<v Speaker 1>Yeah, a calm or one of those platforms should probably

657
00:34:31.199 --> 00:34:31.559
<v Speaker 1>build that.

658
00:34:32.280 --> 00:34:37.280
<v Speaker 2>Yeah, for sure. Rapid fire questions. Favorite food I see

659
00:34:37.719 --> 00:34:42.480
<v Speaker 2>sushi is probably up there in Japanese food generally. Favorite

660
00:34:42.519 --> 00:34:47.800
<v Speaker 2>musician or band Red Hot Schilip Peppers. Favorite movie Memento

661
00:34:48.079 --> 00:34:50.760
<v Speaker 2>by Chris Nolan. I remember that. That's That's one of

662
00:34:50.800 --> 00:34:52.159
<v Speaker 2>those movies you can't really forget.

663
00:34:53.280 --> 00:34:59.000
<v Speaker 1>Favorite book nineteen eighty four Georgia orwell maybe Animal Farm

664
00:34:59.079 --> 00:35:01.960
<v Speaker 1>quite I like the George or Well books.

665
00:35:02.519 --> 00:35:04.119
<v Speaker 2>And when you're not working at coinbase, what are you

666
00:35:04.159 --> 00:35:04.719
<v Speaker 2>doing for fun?

667
00:35:05.079 --> 00:35:08.239
<v Speaker 1>I love to just find like water out in nature,

668
00:35:08.480 --> 00:35:10.840
<v Speaker 1>So it could be a water hole, could be the beach.

669
00:35:10.920 --> 00:35:16.320
<v Speaker 1>Obviously here in Norcall, we'll just drive up to Bodega Bay,

670
00:35:16.519 --> 00:35:19.239
<v Speaker 1>or let's just Sonoma Coast with the family and just

671
00:35:19.639 --> 00:35:21.880
<v Speaker 1>enjoy a day out in the sun and kind of

672
00:35:21.960 --> 00:35:25.280
<v Speaker 1>like the kind of wild coast of that, or maybe

673
00:35:25.360 --> 00:35:29.199
<v Speaker 1>drive even further up to let's say, see Ranch or Mendocino.

674
00:35:29.360 --> 00:35:31.760
<v Speaker 1>So yeah, that's sort of been the theme of my

675
00:35:31.840 --> 00:35:35.719
<v Speaker 1>summer and whether that's there or you know, Tahoe or

676
00:35:35.719 --> 00:35:36.400
<v Speaker 1>wherever else.

677
00:35:37.159 --> 00:35:40.239
<v Speaker 2>Very cool, Ben, Thank you so much for your time.

678
00:35:40.480 --> 00:35:43.159
<v Speaker 2>I love what coinbase is doing, love the products, and

679
00:35:43.880 --> 00:35:45.280
<v Speaker 2>you know, maybe we'll have to have you back on

680
00:35:45.400 --> 00:35:48.000
<v Speaker 2>as you guys launched some cool new things and we'll

681
00:35:48.039 --> 00:35:49.840
<v Speaker 2>talk about it. But thank you so much for joining me.

682
00:35:50.599 --> 00:35:51.280
<v Speaker 2>Great to be here.

683
00:35:51.280 --> 00:35:58.760
<v Speaker 1>Thanks Teddy,