Latest / CRYPTO 101 / Ep. 690 Coinbase's Vision for the Future of Crypto with Mergers and Acquisition

Transcript

Ep. 690 Coinbase's Vision for the Future of Crypto with Mergers and Acquisition · CRYPTO 101

• 0:00
  [SPEAKER_03]: Welcome to the Crypto101 podcast, presented by Gemini.
• 0:04
  [SPEAKER_03]: Your bridge to the future of money.
• 0:14
  [SPEAKER_03]: all right everybody welcome back to another action packed high caliber episode here the crypto 101 podcast I am fired the heck up we have an incredible guest today Brendan are you as fired up as I am dude I'm always fired up but especially so for this one we got a really exciting episode in store and I think something that uh everyone all the listeners are going to find pretty interesting
• 0:39
  [SPEAKER_03]: Yeah, everybody who's listening is probably heard of Coinbase.
• 0:42
  [SPEAKER_03]: And we've had folks from different divisions of Coinbase on the show.
• 0:46
  [SPEAKER_03]: But this is our first time speaking with a Cleo Ibsa.
• 0:49
  [SPEAKER_03]: Welcome to the show.
• 0:51
  [SPEAKER_03]: He is the head of corporate development and mergers and acquisitions at Coinbase.
• 0:56
  [SPEAKER_03]: A Cleo, thank you so much for joining.
• 0:58
  [SPEAKER_00]: Thanks for having me, guys.
• 0:59
  [SPEAKER_00]: I'm excited to be here.
• 1:01
  [SPEAKER_03]: Yeah, this is going to be a really fun one.
• 1:03
  [SPEAKER_03]: I mean, you guys just, you know, you guys, I think have done eight or so acquisitions or mergers in 25 alone.
• 1:09
  [SPEAKER_03]: Is that correct?
• 1:11
  [SPEAKER_00]: We have done eight this year and we have done more than 40 over the life of the company.
• 1:17
  [SPEAKER_00]: Wow.
• 1:17
  [SPEAKER_00]: Wow.
• 1:17
  [SPEAKER_03]: Okay, so I think I wish we could do a lightning round and go into each in each and every 40, but maybe later on in the show we'll do a we'll do a lightning round at the eight in 2025.
• 1:26
  [SPEAKER_02]: Yeah, I got a question of a kill.
• 1:29
  [SPEAKER_02]: Do you get vacation?
• 1:30
  [SPEAKER_02]: Did you get vacation hours over there?
• 1:35
  [SPEAKER_00]: Yes, it's been a banner year for us, you know, Quemies is not for the faint of heart.
• 1:40
  [SPEAKER_00]: I try to take vacation where I can, but you know, things that are busy.
• 1:43
  [SPEAKER_03]: Yeah, no, there was a huge, huge announcement that just, you know, completely blew up crypto Twitter recently with Echo, and so and so and so and and we could kind of go into that and you know, in much more depth, but let's just zoom out into a little bit about a vignette of your life, you know, who are you, what was your background and why did Coinbase, you know, realize that you're the perfect guy for the gig.
• 2:06
  [SPEAKER_00]: Uh, yeah.
• 2:08
  [SPEAKER_00]: Sure.
• 2:08
  [SPEAKER_00]: Um, so let's see.
• 2:09
  [SPEAKER_00]: I started my career in investment banking, uh, nutritional finance, uh, as a Deutsche Bank in their investment banking group.
• 2:16
  [SPEAKER_00]: Uh, got to work on a lot of different types of transactions.
• 2:19
  [SPEAKER_00]: Um, so mergers and acquisitions, which obviously I'll get to a little bit later.
• 2:22
  [SPEAKER_00]: Uh, capital markets and advisory type work.
• 2:26
  [SPEAKER_00]: You know, I really have always had a love for technology and wanted to end up in technology.
• 2:31
  [SPEAKER_00]: And so, following my, you know, two-year analyst program, I joined LinkedIn, where I spent some time in the mergers and acquisitions group there, got to lead a number of different event ideals and some investments.
• 2:42
  [SPEAKER_00]: And, you know, in all of my wisdom as a 20-something year old, I thought, you know, maybe I wanted to start a company, so I actually took a little bit of a weird
• 2:54
  [SPEAKER_00]: You know, like a lot of people I think and, you know, who enter the crypto space, I was proverbially like readpilled, you know, the love for technology and the idea that blockchains could be this new kind of innovative technology layer that makes it cheaper faster, more efficient, you know, to move value around.
• 3:12
  [SPEAKER_00]: I think I just got extremely excited about that concept and joined Coinbase.
• 3:17
  [SPEAKER_00]: And so that was about, you know, six and a half years ago now and has been
• 3:23
  [SPEAKER_00]: Wow, that's awesome.
• 3:25
  [SPEAKER_03]: Man, where do we start?
• 3:26
  [SPEAKER_03]: I mean, there's so many different avenues that we could go down, but I guess if we just take it at a high level, what's Coinbase's strategy?
• 3:33
  [SPEAKER_03]: Would, you know, with mergers and acquisitions, is this something that you would consider, like, a really aggressive strategy?
• 3:39
  [SPEAKER_03]: Is it more defensive?
• 3:40
  [SPEAKER_03]: Is it high growth?
• 3:42
  [SPEAKER_03]: How do you categorize it?
• 3:43
  [SPEAKER_00]: Yeah, so I think our M&A strategy is really just an extension in a tool that we use to accelerate our roadmap and, you know, we have a pretty ambitious vision, you know, we want to create an open financial system for the world and create more economic freedom in the world.
• 3:57
  [SPEAKER_00]: And we want to do so by being this sort of primary account for this emergent asset class and the growing on chain economy.
• 4:03
  [SPEAKER_00]: And, you know, we did so initially with kind of peer retail brokerage business and have now extended that to an institutional business, a developer business and have a lot of different products, but I think the one kind of underlying theme is we want to be this sort of primary account for this emerging asset class.
• 4:19
  [SPEAKER_00]: And when we think about M&A, it's really just a tool that can help us push that forward a little bit faster.
• 4:24
  [SPEAKER_00]: You can always build products, you can always
• 4:27
  [SPEAKER_00]: partner to accelerate certain products that you're offering, and, you know, M&A is just another kind of tool and the tool belt to help accelerate that.
• 4:34
  [SPEAKER_00]: And so, I would say, you know, our strategy has been really aligned with the overall kind of company and product strategy, and, you know, I would say from a, from an aggression standpoint, it is, I would say at least in 2025, a pretty aggressive strategy, and we're excited about the impact that's going to have.
• 4:51
  [SPEAKER_00]: totally.
• 4:52
  [SPEAKER_03]: And no, I love the vision and I'm curious just, you know, tactically, what's your primary focus right now, you know, in terms of verticals that you're looking at?
• 5:02
  [SPEAKER_03]: Kind of to build that vision.
• 5:04
  [SPEAKER_00]: Yeah, it's a great question.
• 5:06
  [SPEAKER_00]: So we have a couple of different things that we're excited about.
• 5:09
  [SPEAKER_00]: I'll kind of take through each of them and then happy to dig into anyone in particular if that's a interest.
• 5:14
  [SPEAKER_00]: So the first is derivatives.
• 5:16
  [SPEAKER_00]: So derivatives, I think, for your audience, it's a large, large portion of all of the collective revenues that exist in crypto.
• 5:24
  [SPEAKER_00]: And we bought Derivit, which was a $3 billion deal that I think helped push our path for there with the number one options player.
• 5:31
  [SPEAKER_03]: I think you know also the largest crypto acquisition by by dollar amount ever, right?
• 5:37
  [SPEAKER_03]: It was, yeah, it was over that.
• 5:40
  [SPEAKER_03]: You, you're on the pod.
• 5:41
  [SPEAKER_03]: You could, you know, you could blow it a little bit.
• 5:44
  [SPEAKER_00]: Yeah.
• 5:44
  [SPEAKER_00]: No, it was the largest deal in crypto history and remains the largest deal in crypto history.
• 5:49
  [SPEAKER_00]: So we're very excited about that.
• 5:50
  [SPEAKER_00]: But we think there could be more to be done there.
• 5:53
  [SPEAKER_00]: Drivers is just such a massive opportunity.
• 5:55
  [SPEAKER_00]: And so.
• 5:55
  [SPEAKER_00]: Totally.
• 5:56
  [SPEAKER_00]: website to continue to spend time there.
• 5:58
  [SPEAKER_00]: The second category we're excited about is broadly what we would characterize as on-chain consumer and infrastructure.
• 6:05
  [SPEAKER_00]: So we obviously have base, we have TBA, we have all these sort of on-chain businesses that previously were pretty small as a relative contribution to the overall company and have not really kind of reach real scale and product market fit.
• 6:21
  [SPEAKER_00]: And so we're kind of looking for different opportunities to, you know, help augment and accelerate those businesses.
• 6:27
  [SPEAKER_00]: Echo is a great example of that helps bring together, you know, builders that are looking for capital and then market participants that are looking to access new and interesting projects.
• 6:36
  [SPEAKER_00]: Spindle also fits in that category, you know, an on-chain ads platform that brings together builders and our distribution and monetizes that relationship.
• 6:45
  [SPEAKER_00]: And so we're concerned to look at for, you know, new innovative kind of adjacencies in the on-chain consumer infrastructure space.
• 6:52
  [SPEAKER_00]: The third, I would say, is really around this everything exchange concept.
• 6:57
  [SPEAKER_00]: So we kind of put down the gauntlet, I would say a couple of months back to say Coinbase wants to be the everything exchange.
• 7:03
  [SPEAKER_00]: And historically, you know, we've been sort of like this single asset class type trading experience for, you know, retail institutions and the like, and you know, we sort of made the strategic decision to want to offer everything that people want to trade and do so in a way that fills authentic to us, which is on crypto real.
• 7:21
  [SPEAKER_00]: things like prediction markets that's tokenized equities and hopefully more tokenized assets to come alongside our traditional crypto-by-self business.
• 7:30
  [SPEAKER_00]: And there's constantly going to be sort of assets that will help us accelerate that but that's obviously the third one.
• 7:36
  [SPEAKER_00]: The fourth
• 7:41
  [SPEAKER_00]: So, let's keep it living under rocks, stable coins and payments.
• 7:44
  [SPEAKER_00]: I really think coming to the forefront for not even just people on crypto, but really I would say anybody who spends any time in FinTech and financial services more broadly.
• 7:53
  [SPEAKER_00]: The idea that stable coin reels are a faster, cheaper, more global rail to send and receive money.
• 7:59
  [SPEAKER_00]: I think is a very interesting concept for us and really helps push utility and crypto forward.
• 8:04
  [SPEAKER_00]: And so we're excited to look at potential acquisitions that could accelerate that too.
• 8:09
  [SPEAKER_00]: Yeah, there's probably a handful more, but those are, those are, I think, good, good, let's just start us off.
• 8:13
  [SPEAKER_01]: Hell yeah.
• 8:14
  [SPEAKER_01]: No, I think it's a fantastic way to start us off, and kind of along those lines, I believe you've described Coinbase as building the operating system for crypto rather than becoming a traditional bank, which is
• 8:28
  [SPEAKER_01]: a really interesting way of putting in.
• 8:30
  [SPEAKER_01]: I think it kind of helps paint the picture for the listeners and for the general users and all of them.
• 8:36
  [SPEAKER_01]: What does that mean, though, in terms of infrastructure and the services that you're acquiring?
• 8:42
  [SPEAKER_00]: Yeah, it's a good question.
• 8:44
  [SPEAKER_00]: So I'd say thematically for Coinbase, operating system is a good way to kind of frame it.
• 8:50
  [SPEAKER_00]: The other way we like to frame it is this primary account for this emerging on-chain economy.
• 8:57
  [SPEAKER_00]: And I use that word primary account, I think quite deliberately.
• 9:01
  [SPEAKER_00]: And in some cases, our products will be directly user-facing.
• 9:05
  [SPEAKER_00]: So traditionally, that's where Coinbase started.
• 9:07
  [SPEAKER_00]: We were a brokerage business and extended that to institutions.
• 9:10
  [SPEAKER_00]: And we've increasingly not been investing quite aggressively in the infrastructure layer, too.
• 9:16
  [SPEAKER_00]: And so that means things like our crypto as a service business that helps power other brokers that want to offer crypto by self.
• 9:23
  [SPEAKER_00]: And also means custody for large institutions that want to park their funds with us.
• 9:30
  [SPEAKER_00]: I think the general through line is we want to sort of be this primary home or primary account for this asset class, both in terms of, you know, user-facing products like our core trading business, but also infrastructure products to help power others to push the on-chain economy forward.
• 9:46
  [SPEAKER_00]: And you know, honestly, I think our net, I think goal is just to create economic freedom in the world.
• 9:51
  [SPEAKER_00]: And we think that this, you know, new asset class and crypto rails is a much more efficient way to do that in the traditional, uh, traditional system.
• 9:59
  [SPEAKER_01]: Yeah, it is.
• 10:00
  [SPEAKER_01]: And when you guys are doing this at such scale, again, was at 40 since inception and eight in the last year, how do you balance build versus, those build versus by-decisions?
• 10:11
  [SPEAKER_01]: Because Coinbase already has such a significant kind of internal engineering resources at your disposal, how do you kind of balance between those two?
• 10:22
  [SPEAKER_00]: Yeah, it's a great question.
• 10:25
  [SPEAKER_00]: So we actually think about the menu of options as buy, bill, partner, or invest.
• 10:30
  [SPEAKER_00]: And there's various characteristics that we sort of look at and try to litigate on when is a particular capability better to buy versus to potentially build.
• 10:41
  [SPEAKER_00]: And if you just look at that lens, the cases for when we buy typically include one,
• 10:51
  [SPEAKER_00]: capability that is very difficult for us to replicate internally.
• 10:55
  [SPEAKER_00]: One example of that would be something like what we saw with Derrick.
• 10:59
  [SPEAKER_00]: Derrick was, you know, the leading crypto options player on the planet that had significant network effects because of how much liquidity that existed within the exchange.
• 11:08
  [SPEAKER_00]: Very difficult to replicate that internally.
• 11:10
  [SPEAKER_00]: The second piece is, you know, is there some reason why we need to enter into this capability
• 11:19
  [SPEAKER_00]: and then what we could possibly do from a build perspective.
• 11:24
  [SPEAKER_00]: Crypto, obviously, as your listeners very well know, was extremely, extremely fast.
• 11:29
  [SPEAKER_00]: And sometimes it, you know, necessitates us making a quick and very concentrated large bed to get into a market much faster, then, you know, what would be possible with us building.
• 11:39
  [SPEAKER_00]: And in some cases, you know, markets haven't necessarily formed yet, so, you know, as one example, we were pretty early on a number of, I would say early categories like crypto and the intersection between AI, you know, we were pretty early on a couple things and those tend to be more better investment opportunities when these markets are much earlier or experimental and nature and, you know, we kind of want to participate, but maybe it doesn't make sense to buy and know it quite yet.
• 12:04
  [SPEAKER_03]: Yeah.
• 12:05
  [SPEAKER_03]: That's awesome.
• 12:06
  [SPEAKER_03]: It kind of along those same lines.
• 12:07
  [SPEAKER_03]: Where do some of the synergies that, you know, might or might not exist between Coinbase ventures and your division at, you know, M&A and corporate development?
• 12:16
  [SPEAKER_03]: Do you guys like take a look at those guys first or, I don't know, I'll just leave it open ended.
• 12:22
  [SPEAKER_00]: Yeah, you know, it's funny, the individual who runs Coinbase Ventures and I join within about a month of each other.
• 12:29
  [SPEAKER_00]: And so it's, and he's actually one of my closest friends at the company.
• 12:34
  [SPEAKER_00]: And so from that alone, there's quite a bit of synergy.
• 12:38
  [SPEAKER_00]: And he and I joke that, you know, he kind of lives,
• 12:41
  [SPEAKER_00]: six to 12 months ahead of where I live, just given the places where he spends his time.
• 12:46
  [SPEAKER_00]: He spends a lot of his time in the earliest stages of early categories in crypto, whereas I'll spend time where there are capabilities and products that have near-term markets that have formed around them, have significant product market fitness oftentimes captive operating businesses.
• 13:04
  [SPEAKER_00]: And so I would say from a synergy standpoint, we work, you know, closely with the Ventress team and, you know, often there is overlap on categories or capabilities that we're both looking to buy or potentially invest in, but often it's the case that they operate, you know, much, much earlier stage than, then we do on the on the MSI.
• 13:21
  [SPEAKER_03]: That makes it ton of sense.
• 13:23
  [SPEAKER_03]: I feel like I, I don't know if it's just me and like my, my news flow and my sources and stuff, but I feel like Tradvai hasn't made that many, like quick crypto acquisitions.
• 13:35
  [SPEAKER_03]: It feels like it's just been maybe crypto companies, acquiring smaller crypto companies, but you haven't heard of like, you know, JP Morgan Chase, like acquiring something, like, I guess is the premise of the question wrong because it's like, no, I'm dumb, like you're just missing all the news, or is that actually true?
• 13:51
  [SPEAKER_03]: I think there's some truths to that, Bryce.
• 13:53
  [SPEAKER_00]: So here's how I would sort of characterize it.
• 13:57
  [SPEAKER_00]: Over the last six to seven years, M&A and the broader capital markets in crypto have undergone, I would say, fairly sizable shifts.
• 14:07
  [SPEAKER_00]: So, you know, when I first entered into the scene, you know, in 2019, there wasn't a ton of crypto emanate really at all.
• 14:14
  [SPEAKER_00]: It was us and maybe one other potential, you know, maybe a handful of other players in crypto.
• 14:21
  [SPEAKER_00]: And most of those were centralized, large exchanges.
• 14:24
  [SPEAKER_00]: And, you know, I think if you fast forward to now, the buyer universe has expanded considerably, but has stayed, I would say relatively fixed within crypto, but now increasingly, FinTech players.
• 14:36
  [SPEAKER_00]: I think the drivers for that are regulatory clarity.
• 14:39
  [SPEAKER_00]: So FinTech players that have historically either been on the sidelines or have been less interested in making big bets in crypto have now kind of been entangled in to do that.
• 14:47
  [SPEAKER_00]: You could point to Stripe, you could point to Robin Hood, you could point to a number of these other FinTech players that historically were kind of experiencing the crypto but now are really kind of entering into the space in the meaningful way.
• 14:59
  [SPEAKER_00]: The second piece I would say is companies like Gemini or Circle or Bullish and a number of these crypto companies have gone public and now have public market currency to go finance them and so I expect to see them show
• 15:13
  [SPEAKER_00]: Um, but I think you're right, right, that the larger kind of triathies have it historically been, uh, nearly as, uh, uh, as involved or making large bets on M&A.
• 15:23
  [SPEAKER_00]: And I think that, um, is the case today, but I don't think will be the case in the future.
• 15:28
  [SPEAKER_00]: I think the primary driver around that it's likely to go into be, you know, increased regulatory authority, um,
• 15:33
  [SPEAKER_00]: I think for large banks and institutions it's much more difficult I would say to participate in crypto without very, very clear rules.
• 15:42
  [SPEAKER_00]: And I think as in when this asset class continues to mature, then I think you'll see much more participation and potentially calm the consolidation after that.
• 15:49
  [SPEAKER_03]: And I think you're hitting the nail on the head.
• 15:52
  [SPEAKER_03]: I see your CEO, Brian Armstrong, posting videos from Capitol Hill, talking about the Clarity Act.
• 15:59
  [SPEAKER_03]: It feels like every week or something.
• 16:01
  [SPEAKER_03]: And it feels like there's good progress.
• 16:03
  [SPEAKER_03]: And we're really excited about that.
• 16:05
  [SPEAKER_03]: And so is that something that kind of needs to pass and get some legislation memorialized before we could, like you said, have like the big players, the banks, these large, multi-billion dollars,
• 16:18
  [SPEAKER_03]: start to play in the market that you're playing in.
• 16:23
  [SPEAKER_00]: I think for that segment, the answer, I mean, I can't speak for, you know, any individual specific name, but if you look historically at, you know, early asset classes or early technologies that were in their infancy and large experimental that reached massive scale,
• 16:39
  [SPEAKER_00]: You know, new segments of participants get unlocked generally when you start to see regulatory clarity.
• 16:46
  [SPEAKER_00]: And I think that is absolutely the case in financial services and you're inherently dealing with people or institutions money.
• 16:53
  [SPEAKER_00]: And then, you know, in that circumstance, I would say that it's even more important that there be regulatory clarity for people in that segment to really start to activate.
• 17:03
  [SPEAKER_00]: And so I'd say, you know, a view similar to the internet.
• 17:07
  [SPEAKER_00]: Internet was kind of a bunch of weirdos like you and me and you were experimenting on, you know, moving information around the world through these like, you know, linked web pages sitting on a mosaic browser and, you know, has obviously changed into this massive multi-trillion dollar internet to stay.
• 17:24
  [SPEAKER_00]: And if you recall, I mean, I don't know, way back in the day, like people wouldn't even put their credit card information into an internet browser.
• 17:32
  [SPEAKER_00]: And that's obviously since change and you have a multi-hundred billion dollar industry is based on that concept alone.
• 17:37
  [SPEAKER_00]: And so I'd say, you know, maybe not to be too grand, but yeah.
• 17:41
  [SPEAKER_00]: that, you know, I think triadfile will definitely activate.
• 17:43
  [SPEAKER_00]: I think regulatory clarity will help accelerate that.
• 17:46
  [SPEAKER_00]: And overall, I think it's good in that positive for the ecosystem.
• 17:49
  [SPEAKER_00]: I mean, we're all kind of inness to see crypto in the hands of everybody in the world.
• 17:51
  [SPEAKER_00]: And, you know, really try to disintermediate what, you know, traditional financial system has to offer.
• 17:57
  [SPEAKER_03]: Yeah, that point about the credit cards on the internet just made me laugh my dad when I got into crypto and all that kind of stuff he was like crypto This is insane, you know years and years ago, and then he was telling me a story, you know, way after the fact in crypto kind of like, you know, actually worked out Because you know it reminds me of when your grandma refused to put money into an ATM
• 18:17
  [SPEAKER_03]: and she thought that she just like this is insane I'm never going to use an ATM and then of course it became like the main way that people like you know get money you know deposit their paychecks and you know could get the money out and all that kind of stuff and so he's like I see it kind of as like you know that that next development and obviously uh
• 18:33
  [SPEAKER_03]: It's kind of a crude parallel, but I think it, you know, comes to bear that, you know, these new technologies are scary.
• 18:39
  [SPEAKER_03]: And, and I think the regulators might be also scared, but starting to accept, we saw the Genius Act.
• 18:46
  [SPEAKER_03]: That, like, you know, has, you know, basically now the Secretary of the Treasury is like, because of the Genius Act, we're going to have, like, you know, a 10x growth in stablecoins by the end of the decade, like, in five years, which is crazy to think about.
• 18:57
  [SPEAKER_03]: And, like, what that's going to do to market caps in crypto,
• 19:00
  [SPEAKER_03]: and all that kind of stuff, but I'm not sure if you're a lawyer and certainly don't want any question here to be a leading question as if you're providing legal advice or anything like that.
• 19:11
  [SPEAKER_03]: But what are the sticking points?
• 19:13
  [SPEAKER_03]: What regulatory clarity?
• 19:15
  [SPEAKER_03]: is needed, what are people so unclear about?
• 19:19
  [SPEAKER_00]: Yeah, you know, I'd say, well, I am not a lawyer and, you know, I think my, my observation is, you know, if you rewind the clock to the prior administration, it was extraordinarily unclear, which assets were securities or not securities.
• 19:38
  [SPEAKER_00]: And some of the fundamental notions for, you know, how crypto operates, you know, decentralized permissionless, you know, in some ways, having an element of privacy, we're just, I guess fundamentally not compatible with the existing regulatory framework.
• 19:55
  [SPEAKER_00]: And, you know, from my perspective, that was a massive barrier to growth and adoption within the crypto industry and, you know, I think.
• 20:04
  [SPEAKER_00]: Things like that, I think probably top of these for me, areas that are just fundamentally incompatible with what crypto actually is as an asset class.
• 20:14
  [SPEAKER_00]: And so when these sorts of things start to get clarified, it makes the rules very clear.
• 20:20
  [SPEAKER_00]: And when the rules are very clear, then market participants can sort of start to activate into space.
• 20:27
  [SPEAKER_00]: And overall, I guess mature as the asset class.
• 20:30
  [SPEAKER_00]: And I think your broader theme
• 20:33
  [SPEAKER_00]: you know, these things are early.
• 20:34
  [SPEAKER_00]: They're early scary technologies and it takes time for people to both wrap their arms rounded for regulators to wrap their heads around it.
• 20:41
  [SPEAKER_00]: But over time, I think that, you know, we've seen tremendous progress on this and, you know, I'm confident that it'll continue.
• 20:48
  [SPEAKER_01]: Yeah, and kind of long those lines.
• 20:49
  [SPEAKER_01]: I mean, when we're looking at at the different markets in bridging, tradifying, crypto, and looking at all these different moving parts, one of the things that I saw recently was Larry Bink going full throttle on 60 minutes.
• 21:04
  [SPEAKER_01]: I've been tokenization and crypto.
• 21:06
  [SPEAKER_01]: And I'm sure you guys saw this too.
• 21:08
  [SPEAKER_01]: Some of the listeners probably saw this.
• 21:09
  [SPEAKER_01]: It was awesome to see.
• 21:11
  [SPEAKER_01]: And it's been interesting to see him go from kind of skeptical about it to just a full on bull.
• 21:18
  [SPEAKER_01]: But Coinbase wants to get involved with similar stuff, speaking about kind of just bringing traditional equities on change, tokenizing different versions of them.
• 21:31
  [SPEAKER_01]: I want to know as much as you can tell us about this without putting your job at risk.
• 21:37
  [SPEAKER_01]: But Coinbase has been looking into a number of these different things, you know, looking at trying to bring some of these traditional equities on-chain.
• 21:45
  [SPEAKER_01]: or at least have terrible versions of them.
• 21:47
  [SPEAKER_03]: Yeah, and I did see some kind of index as well that was launched that had like real world stocks and stuff, so.
• 21:53
  [SPEAKER_00]: Yeah, I think, so like we've been recently public, I would say about our plans here and I can give you a flavor for what's been announced and maybe a flavor for what we're excited about.
• 22:05
  [SPEAKER_00]: And so as part of the everything exchange strategy, we wanna offer things like tokenized equities.
• 22:12
  [SPEAKER_00]: And then I think taking a step back like why is tokenization important?
• 22:17
  [SPEAKER_00]: Tokenization and you know, my opinion is important because we think crypto rails are just a better infrastructure for providing global liquidity and global access.
• 22:27
  [SPEAKER_00]: You know, I think tokenized equity is as interesting, but, you know, taking things a step further, it could be much more interesting to have more novel assets that are tokenized and globally available for people to participate.
• 22:38
  [SPEAKER_00]: And so I'd say in general, we are quite excited about tokenization.
• 22:42
  [SPEAKER_00]: We want to offer tokenized assets to our customers because we think that, you know, crypto rails are just a better infrastructure for facilitating global capital markets.
• 22:56
  [SPEAKER_00]: and the deal that we just did there, we think that tokenized assets and making those available to our customers is just a better means of facilitating capital markets globally.
• 23:07
  [SPEAKER_01]: Let's talk a little bit more about that.
• 23:09
  [SPEAKER_01]: Because we're seeing this happen on the Tradfice side.
• 23:12
  [SPEAKER_01]: We clearly see them wanting to get involved with crypto.
• 23:14
  [SPEAKER_01]: We see ETFs.
• 23:16
  [SPEAKER_01]: We see different basket ETFs.
• 23:18
  [SPEAKER_01]: We see all these different forms of the Tradfice, like banks and asset managers wanting to provide some sort of crypto service.
• 23:26
  [SPEAKER_01]: And now, you know, with like yourselves, with these, a lot of these crypto players were also seeing them do this kind of opposite approach, where they're saying, well, let's actually
• 23:36
  [SPEAKER_01]: provide some of these equities except the difference is that the crypto side saying let's keep things on chain and you mentioned that you think that it's a better way to do things I guess why is it a better way to do things because you guys could easily go out and just say hey we're in a lot of people that trade stocks on Coinbase the normal way but you guys are going about it a little bit of a different way and saying we want this to be tokenized because we think it's superior.
• 24:00
  [SPEAKER_00]: Yeah, so I think it comes down to why our blockchains are better infrastructure for moving value around.
• 24:07
  [SPEAKER_00]: And the reason for that is that they are internet native, they are accessible by really anybody with a phone and or a computer and an internet connection as opposed to being subject to, in some cases, a few century old centralized financial system.
• 24:23
  [SPEAKER_00]: And so, sure, we could offer regular way equities without any sort of tokenization elements,
• 24:29
  [SPEAKER_00]: It doesn't, it's not authentic to coin this, you know, we think that, you know, crypto rails are a better infrastructure for, you know, global trade, global payments, global capital markets, and, you know, it's, it's, it's just more authentic to us to do that and, and a much more crypto native way, because we think that, you know, all markets will be on chain eventually, because it's better infrastructure and, you know, offering tokenized equities and things just sort of the first step in that direction.
• 24:55
  [SPEAKER_03]: Yeah, plus who needs another like just normal brokerage account.
• 24:59
  [SPEAKER_03]: Yeah, like it's been pretty well-dropped, you know.
• 25:02
  [SPEAKER_03]: So I think it's cool.
• 25:04
  [SPEAKER_03]: I love your innovation forward attitude just across the company.
• 25:08
  [SPEAKER_03]: And I do want to spend some time kind of digging into the meat and potatoes of echo, the most recent sort of,
• 25:17
  [SPEAKER_03]: acquisition.
• 25:17
  [SPEAKER_03]: You guys just worked really hard on this.
• 25:18
  [SPEAKER_03]: So first off, congrats on getting this done.
• 25:21
  [SPEAKER_03]: But what does it mean for Coinbase's users?
• 25:24
  [SPEAKER_03]: Tell us a little bit about the story because everybody knows, everybody who's like hooked up to Crypto Twitter knows about Kobe, who is one of the original sort of founders or early, early employees.
• 25:37
  [SPEAKER_03]: What's going on with this?
• 25:38
  [SPEAKER_00]: Yeah, so we are extremely excited about Echo.
• 25:43
  [SPEAKER_00]: So Echo, what is it?
• 25:44
  [SPEAKER_00]: It is essentially a platform that enables founders to find market participants and facilitate primary capital races.
• 25:53
  [SPEAKER_00]: and, you know, we think that it's taking a step back helping us reimagine capital formation.
• 26:00
  [SPEAKER_00]: It's all too often that founders find it very difficult to find investors to invest in their projects.
• 26:05
  [SPEAKER_00]: And then, conversely, we hear from, you know, participants on our platform that, you know, they want to participate in some of these newer projects, much earlier in the lifecycle.
• 26:14
  [SPEAKER_00]: And Echo kind of helps us bring those two things together.
• 26:16
  [SPEAKER_00]: And, you know, you know,
• 26:19
  [SPEAKER_00]: I think just dovetailing off of a lot of what I said around capital formation helps us push forward this concept of capital formation happening on-chain and it being in here in the more global information list.
• 26:30
  [SPEAKER_00]: You know, today Echo will continue to operate as a, you know, standalone platform and you should expect to see us integrate, you know, key capabilities of both their Echo product as well as their new SONAR product and, you know, help kind of push the fold on, you know, capital formation on-chain.
• 26:45
  [SPEAKER_03]: I love it.
• 26:45
  [SPEAKER_03]: So is echo and so are these platforms that like are some of our listeners who might not even be accredited is that something they can use.
• 26:54
  [SPEAKER_03]: So they could start to get early opportunities or is this really just for your qualified high net worth individuals.
• 27:00
  [SPEAKER_00]: Yeah, it's a good question, so not a lawyer, but what I can't say is that we do want to provide access to these opportunities to users on our platform.
• 27:12
  [SPEAKER_00]: And we will do so in a way that's obviously fully safe, transparent and compliant.
• 27:17
  [SPEAKER_00]: But we do have to obviously be subject to the laws in which the government, you know, us as a U.S. listed.
• 27:22
  [SPEAKER_00]: public and traded company.
• 27:24
  [SPEAKER_00]: But I think in general, we are very excited about on-chain capital formation.
• 27:27
  [SPEAKER_00]: We think that Echo gets us tremendously much further in that and we're excited to help bring these opportunities to our customers.
• 27:34
  [SPEAKER_03]: Yeah, no, I'm super excited about it.
• 27:37
  [SPEAKER_03]: I haven't participated on an Echo raise, but I remember, I think it was earlier this summer, they did just a massive raise for plasma, the XPL token, and this was something where, you know,
• 27:49
  [SPEAKER_03]: I'm trading around people are talking on telegram.
• 27:51
  [SPEAKER_03]: Oh, do you get an allocation this and that?
• 27:53
  [SPEAKER_03]: I was like, yeah, I'll see how it goes.
• 27:54
  [SPEAKER_03]: Maybe I'll see a week or two after the race.
• 27:59
  [SPEAKER_03]: It's sold out in like 30 seconds or something like that.
• 28:01
  [SPEAKER_03]: And it was like a $500 million race.
• 28:05
  [SPEAKER_03]: And so talk a little bit about just the, I guess how did that happen or the power of this platform is it just because like anybody anywhere in the world can access it and what happened there?
• 28:19
  [SPEAKER_00]: I think it's good, you know what?
• 28:20
  [SPEAKER_00]: Yeah, it's, um, I think you'll continue to see more of that.
• 28:24
  [SPEAKER_00]: It just, in my opinion, speaks to the pent-up demand that exists for, you know, global permissionless capital markets.
• 28:32
  [SPEAKER_00]: People want access to these projects and founders want access to investors that are interested in their projects.
• 28:38
  [SPEAKER_00]: And historically, and I've been Silicon Valley technology now for close to 15 years, and you can't go to any coffee shop without hearing about founders and investors trying to find opportunities to connect and work together on projects.
• 28:53
  [SPEAKER_00]: And so I think from our perspective, an internet native crypto native platform that allows founders and investors to connect on capital opportunities for primary raises, is I think it just speaks to the demand that exists there.
• 29:06
  [SPEAKER_00]: Awesome.
• 29:06
  [SPEAKER_03]: Well, I had a little something planned.
• 29:08
  [SPEAKER_03]: I wanted to do a little bit of a lightning round for the eight sort of acquisitions this year.
• 29:14
  [SPEAKER_03]: Does that sound good?
• 29:15
  [SPEAKER_03]: Just like, you know, getting people a high level, you know, 30 second minute overview of each of these and kind of how they tie into their experience.
• 29:24
  [SPEAKER_00]: That's it.
• 29:25
  [SPEAKER_03]: Okay.
• 29:25
  [SPEAKER_03]: So, and again, I'm not sure if I have got these all in order, but let's
• 29:32
  [SPEAKER_00]: Yeah, so Rome was an on-chain crypto-native browser application that was started by a number of individuals, two of whom had come actually through acquisitions to Coinbase before.
• 29:46
  [SPEAKER_00]: We were kind of embarking on a path to build and execute on TBA, which you and your listeners know about.
• 29:54
  [SPEAKER_00]: We just thought that this team was exceptional and wanted to bring them in to help accelerate our path there.
• 30:00
  [SPEAKER_00]: There are two, three individuals that we just thought the world of and we kind of call a boomerang story because some of these two of those folks were at Coinbase before and they boomerang back to Coinbase through the access.
• 30:13
  [SPEAKER_03]: I like that.
• 30:14
  [SPEAKER_03]: And you did mention Spindle a little bit, but yeah, Spindle, tell us more.
• 30:20
  [SPEAKER_00]: Yes, Spital was an on-chain or is an on-chain ads platform.
• 30:26
  [SPEAKER_00]: The impetus for this one was we kept hearing from our builders, both on-base and just people who are building in the ecosystem that they want access to Coinbase distribution.
• 30:35
  [SPEAKER_00]: And if you're building on base, you have, you know, tooling and infrastructure, but how can I actually access Coinbase's users?
• 30:43
  [SPEAKER_00]: And so Spindle is essentially the link between builders and our distribution and enables us to monetize that relationship through apps.
• 30:51
  [SPEAKER_00]: So as a builder on base, there as a builder in the ecosystem, you can log on to Spindle and you can run ads directly on our Coinbase surfaces and drive user acquisition to your app.
• 31:01
  [SPEAKER_03]: I love it.
• 31:02
  [SPEAKER_03]: That sounds awesome.
• 31:03
  [SPEAKER_03]: And, you know, Ironfish is the next one I remember when this one came out, this was a big privacy play I believe.
• 31:10
  [SPEAKER_00]: That's right, yeah.
• 31:11
  [SPEAKER_00]: So we believe that privacy is a fundamental tenant, I would say, just a human rights.
• 31:16
  [SPEAKER_00]: And that's, I think, certainly my belief.
• 31:19
  [SPEAKER_00]: And I think that blockchains are an incredible kind of new innovation and infrastructure to facilitate a global permissionless decentralized trade and commerce and payments.
• 31:31
  [SPEAKER_00]: But I think what is somewhat missing, I would say, from that is privacy.
• 31:35
  [SPEAKER_00]: All of these,
• 31:36
  [SPEAKER_00]: transactions are recorded on a public ledger, um, you know, I don't know about you guys, but if I'm sending somebody a Venmo after dinner, I'm hitting the the private button that doesn't display that on the feed.
• 31:49
  [SPEAKER_00]: And so it's, you know, from our perspective, if, you know,
• 31:51
  [SPEAKER_00]: basis sort of become this wild resounding success as, you know, one of the top L2s, you know, we sort of need to figure out a way in which we could enable more use cases and drive more adoption through privacy preserving type experiences across a different surface areas.
• 32:07
  [SPEAKER_00]: And the team is exceptional there and we're excited to see what they're going to do this here.
• 32:12
  [SPEAKER_03]: Yeah, on the privacy note, I don't know if I'm just picking up an Easter egg or I got my tin foil hat on or anything, but I noticed Coinbase's main Twitter handle has a shield on it now.
• 32:23
  [SPEAKER_03]: And I know all of the Z cash.
• 32:33
  [SPEAKER_03]: Oh man.
• 32:33
  [SPEAKER_00]: I'm totally the wrong person for that.
• 32:37
  [SPEAKER_00]: Maybe.
• 32:37
  [SPEAKER_03]: I don't know.
• 32:38
  [SPEAKER_03]: Could be.
• 32:39
  [SPEAKER_03]: Never know.
• 32:40
  [SPEAKER_03]: As you catch had an incredible run.
• 32:41
  [SPEAKER_03]: I think the whole privacy meta is starting to really take roost and could be just on the tailwinds of a little bit of a more, you know, regulatory, friendly environment.
• 32:53
  [SPEAKER_03]: But let's talk, we talked about Deribit, so I'll spare you on this one.
• 32:57
  [SPEAKER_03]: But let's talk about liquefy.
• 33:00
  [SPEAKER_00]: Yeah, so liquify was really the first push for this broader end-to-end capital formation stack that, you know, we're kind of pulling together with both liquify and echo.
• 33:12
  [SPEAKER_00]: And I think the way to think about what liquify is is it's more or less a share, share works, hard-a-type product for crypto.
• 33:20
  [SPEAKER_00]: you're a founder or a builder and you want to do a token, they help you with investor management with investing schedules for both your investors as well as your employees.
• 33:30
  [SPEAKER_00]: If you think about where does this kind of all tie the full suite together, you know, liquefy helps with company and token creation.
• 33:36
  [SPEAKER_00]: It also helps with investor management, echo helps with private fund raises and so our helps with public token sales.
• 33:44
  [SPEAKER_00]: And then Coinbase obviously helps with distribution and listing.
• 33:48
  [SPEAKER_00]: And so between that, we want to kind of build this kind of end-to-end solution for capital formation where a founder can go from idea to token to listing, you know, as quickly as possible and then hopefully help bend the curve on more and more on-chain businesses, both raising capital and starting on-chain.
• 34:09
  [SPEAKER_03]: It's really hitting home for me right now, just how beautiful this vision is that, you know, again, runs through the veins of Coinbase.
• 34:15
  [SPEAKER_03]: It's not just, hey, we're going to be, you know, the best crypto exchange, which you are, but it's really about we want to provide all of these different tools and resources for builders so that, you know, you could.
• 34:27
  [SPEAKER_03]: You know, continue to have, you know, more crypto companies, more crypto launches like all that kind of stuff like you're really attacking it from both the consumer and I guess like the service provider level, giving tools to everybody.
• 34:38
  [SPEAKER_03]: So it's really cool.
• 34:41
  [SPEAKER_03]: That's it's definitely, you know, this lightning round has made that very clear.
• 34:46
  [SPEAKER_03]: Let's talk about open, OPYN.
• 34:49
  [SPEAKER_00]: Yeah, so open was really, really, or is it really strong team of individuals that have spent time sort of in the inner workings of how do we bring, you know, dexes and, you know, decentralized financial services to Coinbase and, you know, we fundamentally believe that, you know, all markets will end up on chain and these two individuals were
• 35:15
  [SPEAKER_00]: You know, an exceptional addition, I would say, to our institutional business, that's actively thinking through, you know, many different initiatives around decentralized exchanges and, you know, how do we sort of continue to innovate across our different markets products?
• 35:30
  [SPEAKER_00]: So, we obviously have the derivative exchange, we have our futures exchange, we have an international exchange, and, you know, these individual sort of serve as a link for how do we bring more and more of that activity on-chain?
• 35:41
  [SPEAKER_03]: love it.
• 35:42
  [SPEAKER_03]: And we talked about echo, but finally, I want to bring sensible to the lightning round.
• 35:48
  [SPEAKER_00]: So, sensible was previously an application that enabled you to receive defy yields through a really easy to use interface.
• 35:59
  [SPEAKER_00]: We were investors in the company in a known Jacob and Zach and the team there for a number of years.
• 36:05
  [SPEAKER_00]: And we had sort of reached a point in our respective
• 36:11
  [SPEAKER_00]: Coinbase wanted to be the everything exchange and provide access to decentralized financial services and really easy use format and our visions were totally aligned and so we acquired them and and I said a few weeks back and now those individuals are leading a lot of those efforts at Coinbase and you know the perfect people to do that because that's what the company did before.
• 36:33
  [SPEAKER_00]: Beautiful.
• 36:34
  [SPEAKER_01]: Yeah, I mean, what a way to do it.
• 36:36
  [SPEAKER_01]: I do, it's just so much to unpack.
• 36:38
  [SPEAKER_01]: There's so much to talk about.
• 36:39
  [SPEAKER_01]: But it got my brain strain.
• 36:41
  [SPEAKER_01]: I love thinking about the theoreticals.
• 36:43
  [SPEAKER_01]: The wildest case scenario.
• 36:45
  [SPEAKER_01]: So.
• 36:46
  [SPEAKER_01]: got a question for you.
• 36:47
  [SPEAKER_03]: He's a dreamer.
• 36:48
  [SPEAKER_01]: I'm a dreamer.
• 36:49
  [SPEAKER_01]: I'm the wild card over here.
• 36:51
  [SPEAKER_01]: If you could theoretically, keyword theoretically there, acquire any company or any type of company, you don't have to worry about the details, the money, the regulations.
• 37:02
  [SPEAKER_01]: You don't have to worry about anything.
• 37:03
  [SPEAKER_01]: It just you, it magically happened.
• 37:06
  [SPEAKER_01]: Who would it be or I guess what would it be and why?
• 37:10
  [SPEAKER_00]: Yeah.
• 37:12
  [SPEAKER_00]: good question.
• 37:13
  [SPEAKER_00]: You know, I can't, I would say speak specific names, but I can give you categories.
• 37:20
  [SPEAKER_00]: How's that?
• 37:22
  [SPEAKER_00]: Yeah, that's perfect.
• 37:23
  [SPEAKER_00]: Yeah, I think I'm personally exceptionally high conviction and excited about what's happening in prediction markets.
• 37:29
  [SPEAKER_00]: And, you know, I would say the category itself has obviously been around for quite some time.
• 37:35
  [SPEAKER_00]: I do think that crypto, given its, you know, and here in, you know, decentralized permission this nature gives it a lot more interesting characteristics, and I think I do fundamentally believe that prediction markets will be on-chain, but I think that the product and the category is just going to evolve in ways that we can't even possibly fathom today.
• 37:56
  [SPEAKER_00]: And, you know, I get the same feeling on my gut around prediction markets as I did when I joined the crypto industry back in 2017 where, you know, it's sort of this underlying concept or primitive that is sort of permeating and use cases are starting to stem from it and, you know, you can't really see how it's going to evolve, but you know it's going to be something really important in the world and,
• 38:15
  [SPEAKER_00]: I think with the election that kind of really brought it on to the scene and I think you're just starting to see some of those use cases start to take off and so I'd say, you know, I'm very excited about what's happening in that category and it's probably the one that I'd probably going out pick.
• 38:29
  [SPEAKER_03]: Awesome.
• 38:30
  [SPEAKER_03]: That's a great one.
• 38:30
  [SPEAKER_03]: I actually just, right before we hopped on, got a little flash news alert that Pauli market is going to now be available in the United States here.
• 38:39
  [SPEAKER_03]: They said within the next few weeks, but we'll see sometimes those things take a little bit of time to actually unfold and hit the market and all that kind of stuff.
• 38:47
  [SPEAKER_03]: But I believe Calshy is available in most of the states and it's going to be incredible to see hopefully
• 38:58
  [SPEAKER_03]: You know, I, I also, I think I didn't, Pauli Market just get a $2 billion investment from Intercontinental Exchange to, or am I just dreaming?
• 39:10
  [SPEAKER_03]: I think that was right, $2 billion box.
• 39:12
  [SPEAKER_03]: Yeah, that's a big one.
• 39:14
  [SPEAKER_03]: That's another big one.
• 39:16
  [SPEAKER_03]: So before we kind of close out and, you know, we greatly appreciate you spending so much time with us today, we're, I just want to, you know, as much
• 39:27
  [SPEAKER_03]: a public company right and so there's there's certain things you can and can't share but i just what's your view on like the market where we're at right now um with you know between bit coin and alt coins do you have just like a high level like markets take
• 39:42
  [SPEAKER_00]: Yeah, so I'd say we've been in a pretty protracted period of high volatility, I'd say for a decent chunk of time.
• 39:53
  [SPEAKER_00]: There have been a lot of, I guess, net new call-it drivers of volatility in growth in crypto in the last 12 to 18 months.
• 40:01
  [SPEAKER_00]: You have the digital asset treasuries, you have the explosion of stablecoins and payments, you have fundamental market structure changes around the ETFs, you have regulatory clarity.
• 40:12
  [SPEAKER_00]: I mean, you can't really look too far to see more bull signals, I would say, that's kind of carrying this market cycle.
• 40:21
  [SPEAKER_00]: I think it's anyone's guess where we're at in the cycle.
• 40:25
  [SPEAKER_00]: We have been historically
• 40:27
  [SPEAKER_00]: You know, bull and bear cycles are anywhere from 12 to 36 months and, you know, can expand and contract.
• 40:33
  [SPEAKER_00]: And so I'd say, you know, hopeful that we close out and have a really strong rest of 25.
• 40:38
  [SPEAKER_00]: And, you know, I'm excited to see all the things that Coinbase has to offer as well.
• 40:42
  [SPEAKER_00]: You know, a lot of the things that we're seeing around regulatory clarity from a macro standpoint.
• 40:45
  [SPEAKER_00]: And, you know, I think we'll have to kind of go into 2026 fresh out and, you know, see where things are at.
• 40:51
  [SPEAKER_00]: I'm personally quite bullish on, you know, the next, you know, 12 to 18 months.
• 40:56
  [SPEAKER_00]: There's a lot of secular tailwinds with what's happening in crypto, but it's really anybody's guess.
• 41:00
  [SPEAKER_00]: The industry kind of moves in breeze and shakes as it sees fit, so I'd love to see.
• 41:05
  [SPEAKER_03]: Yeah, no, it is wild.
• 41:07
  [SPEAKER_03]: I mean, especially, you know, just, you know, valuations, it seems like in the liquid markets, just got completely reset after the, the 10, 10 October, 10th sort of black Friday event that we had.
• 41:20
  [SPEAKER_03]: have did that affect private market valuations at all like do you see things like as particularly expensive or particularly cheaper kind of fair right now and I guess that'll be kind of the closing question.
• 41:31
  [SPEAKER_00]: Yeah, so, you know, I think in private market valuations, there's definitely a little bit of a lag.
• 41:37
  [SPEAKER_00]: In fact, relative to public market valuations, you typically don't see an immediate correction, especially if you're looking at things at the seed stage.
• 41:45
  [SPEAKER_00]: But over time, those things can sort of start to drip down and affect private market valuations.
• 41:50
  [SPEAKER_00]: I think what you typically see is that there's a stronger correction in later stage, and then early stage remains largely untouched.
• 41:57
  [SPEAKER_00]: That said, I would say crypto markets are a little bit different, and you know, I would say for, you know, companies that are looking to launch a token, you know, that's obviously impacts the capital markets on the liquid side impact how they're thinking about valuations and, you know, potential to go out with the token.
• 42:15
  [SPEAKER_00]: And so I'd say that, you know, there's a lagging effect.
• 42:18
  [SPEAKER_00]: We haven't seen a tremendous impact, but, you know, this sorts of things, you know, like 1010, they shake the religion a little bit and, you know, I think people try to do a little flight to safety and
• 42:27
  [SPEAKER_00]: But to be totally honest, as brutal as it was, I'd kind of expected a little bit more of an absolute blood bath.
• 42:36
  [SPEAKER_00]: I think for a massive market correction like that.
• 42:40
  [SPEAKER_00]: And so I think that to me is just a signal of maturation and the crypto industry and maturation and look at markets that obviously was brutal.
• 42:48
  [SPEAKER_00]: But I do think that the asset class has shown some resiliency and evaluations will correct.
• 42:54
  [SPEAKER_00]: I think over time, it's just great to see that the industry is starting to mature.
• 42:59
  [SPEAKER_03]: Love it.
• 43:00
  [SPEAKER_03]: Sir, thank you so much for joining us, Mr. Acleo Ibsa, head of corporate development and mergers and acquisitions at Coinbase.
• 43:08
  [SPEAKER_03]: Where can people follow along with your story?
• 43:11
  [SPEAKER_03]: And everybody knows where to follow Coinbase, but are you on Twitter?
• 43:14
  [SPEAKER_03]: Do you have a blog or anything like that that we could post on the show notes?
• 43:17
  [SPEAKER_00]: Yes, yes.
• 43:18
  [SPEAKER_00]: On Twitter, I think it's under score, a play all zero.
• 43:22
  [SPEAKER_00]: I can send that over to you.
• 43:25
  [SPEAKER_00]: Yeah, the band.
• 43:25
  [SPEAKER_03]: It is.
• 43:26
  [SPEAKER_03]: I'm looking at it right now.
• 43:27
  [SPEAKER_03]: Under score, a play all zero.
• 43:30
  [SPEAKER_00]: Yeah, that's probably the best place to follow me.
• 43:34
  [SPEAKER_03]: Awesome.
• 43:35
  [SPEAKER_03]: This has been a true treat.
• 43:36
  [SPEAKER_03]: We greatly appreciate your time and the Coinbase team for helping make this happen.
• 43:40
  [SPEAKER_03]: So without further ado, we're going to let you go.
• 43:42
  [SPEAKER_03]: Enjoy your day.
• 43:43
  [SPEAKER_03]: And hopefully we'll have you back maybe same time next year.
• 43:46
  [SPEAKER_03]: And there's going to be 12 merksers in that position that we could do a lightning round on.
• 43:51
  [SPEAKER_03]: Take care.
• 43:51
  [SPEAKER_03]: All right.
• 43:52
  [SPEAKER_03]: Take care.
• 43:52
  [SPEAKER_03]: Thanks, guys.