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<v Speaker 1>Hey, folks, I've got Brian Armstrong's CEO of Coinbase with me. Brian,

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<v Speaker 1>great to see you.

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<v Speaker 3>Yeah, thanks for having me.

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<v Speaker 1>Yeah, Brian, congrats on old success. I've been a user

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<v Speaker 1>of coinbase since twenty sixteen ish. Watch you grow from

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<v Speaker 1>a small exchange to doing an IPO to major acquisitions.

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<v Speaker 1>How has your or has your vision for the company change,

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<v Speaker 1>and what's your vision look like for the next five years.

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<v Speaker 3>Yeah.

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<v Speaker 2>Well, you know, coinba started out as just a trading

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<v Speaker 2>platform and people came in to buy one of the

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<v Speaker 2>twenty one million bitcoin that'll ever be created or a

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<v Speaker 2>fraction of one. And over time, we you know, we

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<v Speaker 2>added more crypto assets, but we realized that crypto was

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<v Speaker 2>going to go way beyond just being a trading platform. Sure,

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<v Speaker 2>and so what's really exciting is we're now seeing the

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<v Speaker 2>mass adoption of stable coin payments.

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<v Speaker 3>You know, that grew fifty percent year over year.

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<v Speaker 2>The stable cooin aum totally uncorrelated to crypto trading volumes,

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<v Speaker 2>by the way. Yeah, and now we're seeing people to

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<v Speaker 2>do loans using DeFi and so crypto is really updating

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<v Speaker 2>all financial services. It's not just about trading anymore. And

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<v Speaker 2>you know, the stable coin moment is really here, like

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<v Speaker 2>Coinbase is getting into payments in a big way.

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<v Speaker 1>Yeah, So it was announced today Coinbase for Business as

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<v Speaker 1>well as an integration with Shopify. So do you see

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<v Speaker 1>that being the untapped market the business sector bringing those

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<v Speaker 1>folks on chain.

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<v Speaker 2>Yeah, Well, businesses are one of the early adopters of

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<v Speaker 2>on chain payments because they have a really high pain point.

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<v Speaker 2>You know, businesses they have to pay contractors, employees, vendors

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<v Speaker 2>around the world, different countries.

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<v Speaker 3>There's FX fees, there's delays.

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<v Speaker 2>And of course they have to receive money from customers

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<v Speaker 2>as well, and so that's a challenge. And you know,

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<v Speaker 2>as you pointed out, we we've actually served large businesses

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<v Speaker 2>financial institutions for a long time. We serve over two

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<v Speaker 2>hundred financial institutions like black Rock and PayPal and Stripe.

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<v Speaker 2>But today we're announcing a new product for startups and

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<v Speaker 2>medium sized businesses called coinbas Business, and that has a

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<v Speaker 2>powerful suite of stable coin payment APIs baked into it

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<v Speaker 2>as well. So that's how we're hoping to power this

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<v Speaker 2>for businesses. And you know you mentioned we also announced

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<v Speaker 2>the partnership with Shopify, so consumers can now pay using

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<v Speaker 2>SDC on base with Shopify merchants, So we're really trying

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<v Speaker 2>to tackle all these different pieces of payments and update

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<v Speaker 2>the system.

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<v Speaker 1>And there's also a credit card that you're going to launch,

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<v Speaker 1>the coinbase one.

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<v Speaker 2>Yeah, well so, yeah, we launched a bitcoin credit card

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<v Speaker 2>today in partnership with AMES and it gives you up

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<v Speaker 2>to four percent cash back in bitcoin for every purchase

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<v Speaker 2>that you make. So a lot of times, you know,

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<v Speaker 2>you get you can get rewards on cards, but they

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<v Speaker 2>don't have as much value or they lose value. I

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<v Speaker 2>think for our core audience, they want to they want

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<v Speaker 2>to get bitcoin back something that will go up in

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<v Speaker 2>value over time. So that was a really cool partnership

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<v Speaker 2>with MS and it's just helping people be able to

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<v Speaker 2>spend crypto anywhere around the world.

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<v Speaker 3>That's exciting and I love that.

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<v Speaker 1>I personally have used other apps to spend and earn

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<v Speaker 1>bitcoin back. I'm gonna use that card. So, Brian, what

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<v Speaker 1>is your outlook on the crypto market as far as legislation.

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<v Speaker 1>Do you expect the stable coin Bill and the Market

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<v Speaker 1>Structure Bill to get pass this year?

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<v Speaker 3>Yeah.

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<v Speaker 2>I mean we're incredibly excited about the progress on legislation.

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<v Speaker 2>I got to give a lot of credit to this

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<v Speaker 2>administration and the Senate and the House that are driving

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<v Speaker 2>this forward. So there's a bill called the Genius Act

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<v Speaker 2>for Stable Coins going through the Senate right now, which

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<v Speaker 2>has a lot of bipartisan support and momentum. And then

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<v Speaker 2>we saw something called Declarity Act, which is for market

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<v Speaker 2>structural legislation and crypto coming out of the House. So

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<v Speaker 2>my hope is that by some combination or you know,

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<v Speaker 2>one after the other, these will become law. And you know,

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<v Speaker 2>President Trump has said that he wants these to be

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<v Speaker 2>brought into law by the August recess. And so yeah,

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<v Speaker 2>we're just incredibly thankful and happy for everything that Congress

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<v Speaker 2>and this administration is doing.

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<v Speaker 1>Brian, when you first got into crypto, we were nowhere

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<v Speaker 1>where we're at now. Do you sometimes pinch yourself and like,

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<v Speaker 1>this is kind of surreal where we've come and now

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<v Speaker 1>we're at.

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<v Speaker 3>Yeah.

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<v Speaker 2>I mean that's the nature of entrepreneurship is you have

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<v Speaker 2>some kind of contrarian idea and early on a lot

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<v Speaker 2>of people thought we were crazy. You know, I had

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<v Speaker 2>venture capitalists like you know, a lot got a lot

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<v Speaker 2>of no's. I had bank banks like hang up on

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<v Speaker 2>us or deep Bank US and so, you know, it

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<v Speaker 2>took a long time to get here, and I in

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<v Speaker 2>my wildest dreams, I thought maybe someday, maybe the President

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<v Speaker 2>of the United States would say the word bitcoin. And

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<v Speaker 2>now we have, you know, kind of the most pro

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<v Speaker 2>crypto president and it's a bipartisan issue, and it's like

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<v Speaker 2>probably the most bipartisan issue in the United States government.

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<v Speaker 2>So it's great if we can get legislation passed. It'll

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<v Speaker 2>ensure that this industry can get built here in America

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<v Speaker 2>and ultimately we want it to be everywhere around the world.

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<v Speaker 1>Absolutely. Final question, what are you most excited about for

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<v Speaker 1>crypto moving forward? Is it a certain sector? Is this

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<v Speaker 1>just the macro in general as far as adoption and

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<v Speaker 1>things like that.

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<v Speaker 2>Yeah, well, right now, our core focus is on trading

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<v Speaker 2>and payments. Those are our core businesses. But there's a

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<v Speaker 2>lot of things on the horizon that I'm also excited about.

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<v Speaker 2>You know, the way that capital formation happens could be

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<v Speaker 2>much more efficient on chain, everything from how people incorporate

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<v Speaker 2>issue shares, raise money, you know, token is securities. I

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<v Speaker 2>think these will all be big areas. I think that

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<v Speaker 2>AI agents are going to use stable coin payments and

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<v Speaker 2>so there's a whole concept of agentic commerce that we're

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<v Speaker 2>trying to help enable through products like coinba Commerce, And

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<v Speaker 2>you know, we have a lot of cool venture bets.

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<v Speaker 3>Base is our layer two solution.

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<v Speaker 2>A lot of people are now building new applications on chain,

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<v Speaker 2>and we have a cool announcement later this year about

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<v Speaker 2>how we're updating ourself custodial wallet. So there's a lot

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<v Speaker 2>of cool things on the horizon, but our core is

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<v Speaker 2>really trading in payments for this year, and.

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<v Speaker 1>I feel like that's the key to getting adoption, having

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<v Speaker 1>folks be able to move money faster, transact with merchants

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<v Speaker 1>that they love, businesses that they love. So great stuff. Yeah,

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<v Speaker 1>drives utility awesome, Brian, thank you so much.

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<v Speaker 3>Yeah, thank you.