Coinbase Global, Inc. (COIN) Earnings Call Transcript & Summary

All right, before we get started, 4 important closures, please see the Morgan Stanley research disclosure website at morganstanley.com/researchdisclosures. If you have any questions, please reach out to your Morgan Stanley's sales representative. I also has been asked to read the safe harbor statement as well. Before we get started, remind you -- I'd like to remind you to that today's webcast, Brett might be making forward-looking statements. Actual results may vary materially from today's statements. Information concerning risks, uncertainties and other factors could cause these results to differ is included in the company's SEC filings. Our discussion today also includes references to certain non-GAAP financial measures. Reconciliations to the most directly comparable GAAP financial measures are provided in the shareholder letter on the company's Investor Relations website. Non-GAAP financial measures should be considered in addition to, but not a substitute for GAAP measures. That probably sounds familiar.

That's the exciting part.

Yes. First time I've had to read something like that. All right. Good afternoon, everyone. I'm Mike Cyprys, Morgan Stanley's brokers, asset managers and exchanges analyst, and welcome to our fireside chat with Coinbase. And it's my pleasure to welcome Brett Tejpaul, Head of Institutional for Coinbase. As many of you know, Coinbase is a leading global provider of end-to-end financial infrastructure and technology for the crypto economy. Brett, thanks for joining us today.

Excited to be here. Thank you.

Great. Very timely. So why don't we dig right in. When most people think of Coinbase, they think of the retail direct-to-consumer business, but there's also a fast-growing and increasingly important institutional business that is under the hood. So can you help contextualize this institutional business that you oversee? And how meaningful is this business?

Sure. So just to level set. I've been coming to this conference for many, many years. Thank you for having me here. Before I joined Coinbase, I was 25 years in investment banking sales and trading. I think it's relevant for this crew because the words I use and definitions, I think, should be familiar of 17 years at Barclays and 9 years at JPMorgan. To try and go to 50,000 feet, so we can level set and dial into the institutional business, I want to give you a framework for thinking about us. Thinking about sort of 3 buckets. The first one is individuals, and that's really the retail business. And when -- I won't speak very much about it, but that's probably what we're best known for. And so I want you to think about Coinbase Pro and Coinbase consumer as the 2 main apps that drive that dialogue. The second bucket is institutions. And that's really what I represent. We'll talk more about the Prime offering. And then the third bucket is a combination of, let's call it, businesses and developers. So when I say businesses, I mean applications like Coinbase Commerce, Coinbase Pay and for developers, we'll talk about Coinbase Cloud. Think about that as a placeholder for later, Infrastructure as a Service, where developers can come to make apps. So if I then zero into Coinbase Prime. The Coinbase Prime is an entity, is a one-stop shop for institutions to onboard into crypto. Coinbase Trust Company is regulated by the New York Department of Financial Services. It meets the definition of a qualified custodian. We're audited by Deloitte & Touche. We have SOC2 Type 2 and SOC1 Type 2 audit reports that support that entity. In terms of what it offers, like I said before, it's integrated trading and custody in one place. We'll talk more about why that's important to have both of those features combined together. We have data and analytics, so pre-trade and post-trade. We have smart order routing, so we can access -- you're not captive to Coinbase exchange. And so we access multiple pools of liquidity. We have a full algo set that allows you to tailor make or express your customized view of how you want to present yourself to the marketplace by using things like TWAP and a whole suite of different algorithms. Also on the same platform, we offer financing. And so the financing -- we'll talk more about that in a bit, but it's more really about giving large institutions the ability to move with speed. So think more intraday financing accommodations. With respect to the services you get, we do have a data offering. So you can download data. We have a high-touch institutional account management team. So our biggest clients are actually covered by a network of people, and a lot more to discuss really. In terms of who we serve, it's the full spectrum of institutional clients. And for me, something that's a little bit new is also the inclusion of the ultra-high net worth category. And so it covers the full gamut including high net worth, pensions, endowments, institutional asset managers, hedge funds, pensions, sovereigns, public corporates, private corporates, RIAs, if I haven't already said that challenger banks and so on and so forth. So that's the 50,000-foot level Mike.

Great. So a full set of clients, broad set of offerings there. Have you noticed any sort of noticeable changes in demand or interest just given the erosion in market conditions so far this year?

Let me tell you, the secular trend in crypto adoption is solid and secure. Institutions are slow moving giants. We've -- as an indication I've been at Coinbase for 2.5 years. I've been in dialogue with some of the large institutions for actually all that time. As we've been going through now -- some clients now have 80 and 100-person crypto digital teams working their way through operational due diligence. And so -- in the past, I would say, 2.5 years, when I first got to Coinbase, the value proposition was sort of buy and not the -- without the use of smart order routing and store safely. Now it's buy, sell, store, risk manage, finance, consumer analytics, data, inform your own risk management strategy. So the secular trends are there. In addition to all that, we've seen a new rise of institutional account interest in adopting crypto, if you include the inclusion of NFTs and then stable coins. And so most of my time at Coinbase so far has been welcoming institutions that want to put capital at risk into crypto for a variety of different strategies. But there's this new door that's opened, which is thinking about the utility cases for crypto. So I have quite a lot of payments platforms, challenger banks, large global financial institutions, exchanges of -- traditional exchanges that are all interested in actually thinking through the application of crypto technology to try and think through how to collapse things like settlement time, they're attracted by the immutable settlement on the blockchain. And so these conversations don't happen in an instance. Of course, every now and then, we get someone who runs on the door that says, "I need to suddenly buy Bitcoin or something. We're happy to provide that accommodation." But mostly, I would say, the institutions have broad-ranging long, pretty sophisticated digital adoption plans. It's the NFT space, which is probably the newest to me. Mike, I don't have the experience as a Chief Marketing Officer. But it's kind of interesting. We recently, instead of speaking to CIOs to start the dialogue, I'll be introduced to a global retailer as the Chief Marketing Officer. And the Chief Marketing Officer says, "Hey, we're doing an NFT drop, and we need to figure out like this Ethereum stuff and how do we do this? And I guess we need to own some cryptocurrency. So can you help us?" And so it's kind of a while to watch, but in many cases, they have tight time frames. And so we've actually have applications to help them onboard to Prime, buy some Ethereum, figure out how to do their NFT drop, figure out new ways to engage with their client base. So secular trends are indeed intact.

Great. Why don't we dive in a little bit on the institutional product offering? Maybe you could talk a little bit about how you've built out the platform? It's been a combination, I know, of organic and inorganic. We can probably touch upon a number of the different pieces, and we'll dive right in.

Sure. So the point that I want to emphasize is we've built Coinbase institutional to be the one-stop shop. And so it wasn't that way at the beginning, but we needed to build Prime, the foundational element to be able to have an integrated experience to buy in store. Previous to that, you could -- the ethos of crypto is being able to consume all or none of the activities in any one place. But if you buy over here and you sell over there and you finance over there, you'll find -- you wind up accumulating all sorts of operational risk as you have all these different hubs. And so by design, what we've done is a front-to-back offering where we try to minimize the amount of operational risk that you take. So for example, a lot of the -- particularly the, I would say, the high-frequency crowd or the active crowd, would look at coin-based exchange as one destination, but you're not captive to that destination. And often, funds will want to say, "Well, we want to do our own smart order routing." And so that actually requires them to take on the summation of all the operational risk of hooking into -- and complexity of hooking into each one of those exchanges. So we try to make it easy. You have one-stop shop and it's Coinbase space, it's a marketplace. With respect to sort of balancing security and speed with which you want to trade. So how do you reconcile those 2 things? Well, we've got the best security that I know of in the marketplace with our cold storage. But at the same time, we also want to be able to trade and react to a headline. So we provide short-dated financing for institutions that may hold large sums in cold storage. Imagine a bunch of Bitcoin's sitting off-line in cold storage and wanted to be able to trade on a headline from a comment made. Client would initiate a restore from that wallet and we make a secured short-term loan to be able to facilitate the sale of Bitcoin real time. So that's all sort of operating at scale. In addition, we just purchased FairX, which has been rebranded as Coinbase derivatives. That is a DCM regulated by the CFTC. We've announced our ambitions to want to be able to offer margins cleared, Bitcoin and Ethereum. We've also applied for our FCM license. And so one of the things that I would underscore here is, we'll touch on it again later is our commitment to KYC, AML, regulatory adherence. And so what we could have done and didn't is built an offshore derivative exchange to go after at the moment and the flows at the time. Instead, we're taking at a measured pace, and we've opted into buying a regulated entity and continuing to operate it and then safely launch regulated, cleared futures in the U.S.

Number of areas I want to dig in on that. Maybe just starting out on sort of the prime area. If we kind of look at the traditional financial world today, it would seem like there's a lot of opportunity to rebuild sort of that in the crypto world, right, with financing, custody, derivatives and so forth and so on. So where are we today? What's that road map in terms of building that out? And what's your vision for Coinbase?

Probably the best comment that I received lately had made me sort of smile ear-to-ear was we got done with the demo. I would love to give all of you a demo of watching the algo work in real time as -- so Brett, it seems like you've built something that pretty much replicates the experience we have, the familiarity we have with trading FX and equities. And so I would say we're at a point now where I think the experience is a familiar one. You have a familiar bunch of service providers, lawyers, accountants, audit reports, regulatory compliance. We meet the exacting due diligence standards of our largest and most sophisticated accounts. And so I would say we're -- people say we're at the beginning, but I think we're at a point now where crypto as an asset class has been well established. And I'm seeing more and more capital deployment actually go towards the asset class. And hopefully, even with this bout of volatility, we'll see an increase in capital at risk and trading activity. One thing I'd mention as a hallmark of the fact that we have built something that operates at scale is, initially, there's been a change to the client base. So initially, it was, I would say, forward-leaning hedge funds, family offices, in particular, and of course, the venture crowd. In the past year, though, we've seen an up-tiering of the client base. And so now we're talking to and actively engaged with, I would say, 1/3 to more than half of the largest hedge funds in the world, even the asset management communities come in. So we've seen some notable names. If you're interested, we can give a couple of examples, but I would say the largest asset managers in the world are now in. And now over the course of the past, I'd say, 6 months, we've seen traditional stat arb shops come in, quantitative shops come in, the very, very large ones. And so when they're on the platform and active is probably the best demonstration that we've built something that works that they're attracted to. One of the sort of differentiating factors is back to what we've built in terms of prime, I should call it out, is our agency-only model. And so the way our order routing works is that you're -- all of you are at the -- sort of in the driver seat, directing how exactly you want order flow to go to the marketplace. You can, of course, call my team, I have an OTC team that trades 24/7. They can suggest to you how you might want to consider presenting yourself to the marketplace, but you have a single point of entry into it, and we don't make markets. And so one of the defining features about why I think hedge funds who may be competing with each other for absolute returns come to us is because we don't have an internal market maker that's competing with the order flow that's in the book.

On derivatives, you mentioned FairX exchange acquisition. Maybe we just shift to that for just a moment. That's going to enable you to offer crypto derivatives. Can you just talk about the opportunity set that you see with derivatives for your institutional customers? And what are some of the next steps and timing you think for bringing that to the marketplace?

I'd say a lot of -- a lot of, I think, what we're doing in terms of building and making recommendations on where we go is in part, I think, a function of all the time I spent in traditional finance as we like to call it. So I started in 1994 at Morgan as a derivative trader. And if I reflect about the formation of markets through that time period, I remember exotic interest rates and interest rates, I remember credit derivatives, I remember equity derivatives that go on and on. But really derivatives wind up being the more liquid between derivatives and spot. It is largely true, if you look at the total crypto universe, but it's not true specifically in U.S. regulated derivatives. And so I really do think that there's a big and material opportunity set for us, particularly here in the U.S. to enable derivative trading for both retail and institution in a regulated and compliant way here.

How do you think about competition, right, namely against CME, which has a number of different derivative contracts already on their exchange? I guess what sort of benefits would you see around having both the spot and the derivatives on the same platform?

Great question. So I think the answer to that question, we sort of have to put the spotlight on something else for a second. So I remember this because in my first couple of weeks, one of my old clients who is a famous founder of a hedge fund called as he normally would say, hey, Brett, buy me $50 million of Bitcoin. And I said, well, can you wire me $50 million, please?" And he says, what do you mean? And I said that, well, that's kind of how crypto works, right? You have to prefund your trades. And so when you think about the requirement to have to prefund your trades, that means you're reliant on today's sort of fiat currency pipes that work between certain hours of the day to actually prefund trades. Right there, we've got a big restriction in your ability to try and trade a 24/7 marketplace, but only being able to sort of wire in money from time to time when the banking system is open, right? So when thinking through the detail around capital efficiency and return on investment, you've got to think through, how do you trade and scale up positions and trade on weekends and nights with the banking systems not open. And how do you get the right amount of leverage into your portfolio? So when you think through what today's prime brokers offer, they offer -- traditional prime brokers, they offer a single entry point to the marketplace. They offer financing and intermediation, capital efficiency, cross asset margining. And so I very much think that that's where we're headed because we need to make the allocation to crypto. It's volatile for sure, we know that. So it's attractive for many reasons, but also the efficiency of capital is important. And so I see a world where you can have benefit from a capital perspective, if you elect to cluster your activity with someone like ourselves who could be able to recognize a long position, a short position, a futures position, a derivative position and then think about that in terms of portfolio margining.

Speaking of derivatives, let's talk about the FDX proposal that's out there, direct-to-customer nonintermediated clearing approach, innovative clearing model that they have out there with, I guess, what's your views on that? Is that something that you would look to sort of incorporate? Some institutions are concerned about the auto liquidation feature of that proposal. I guess do you see any potential to sort of solve for that?

So one of the things that I think frustrates me a little bit, and it's a function of the marketplace still being young and it's a function of the way in which sort of retail trade are these sort of liquidation moments. And when I think through the prospect of how volatile crypto is today and a certain amount of volatility, I think, is helpful, but I sometimes wonder whether we exacerbate the highs and lows with respect to how liquidations work. And so one of my theses is that the more institutional capital that comes into the marketplace, I think we'll have a little bit more -- less high peaks and low valleys. Also, when I observe trading behavior between institutions and retail just having traded a retail book once upon a time, as a bond trader and then most of my life trading institutional-held books, the trading behavior is actually quite different. And so seeing institutions come in to buying a dip in size is certainly something that I look forward to. With respect to our own plans on -- so we've applied for an FCM license ourselves. We're waiting -- I wish it came sooner than later. It will come in due course. But I do think that the operating model that we're pursuing, which is consistent with sort of how the world works today, will be a great and a functional one, where our retail customers come through an SEM to eventually participate on the exchange. On the broader topic of regulation, Mike, I think Coinbase is if you haven't seen it, love to direct you to the blog, but we've written for and asked for and hope for a new crypto regulator. I don't want to necessarily spend too much time on that, but love to redirect you to this group to the blog where it'd be awesome to have one new crypto regulator that may not be practical. So I think my own pragmatic personal view is my life at Coinbase will, in many ways, replicate my lives at Barclays and JPMorgan where I still carry my licenses. We have multiple broker-dealers that operate across the world in multiple jurisdictions, and we wind up serving multiple regulators at all times and being compliant. So that's my guess in terms of where we're headed.

Great. Shifting over to your customer set. I guess where would you say you're having the most traction versus the least? And when you look at the customers and how they're trading with you, I guess, are the ones that do trade with you, what portion also custody with you versus borrow and stakes with you?

Yes. So initially, I would say we had quite a lot of customers. When I say initially, I mean, going back 2.5 years, which seems like 10 years ago. Initially, I would say, the value proposition was really safety and security in terms of the custodial offering. When we added smart order routing and when -- certainly, now that we've built Prime and we have everything in one place, what I'm finding is that more and more we're becoming the, in many cases, exclusive counterparty, but if not exclusive, then the majority. So we have quite a number of clients that actually trade exclusively through us and they may -- will likely be their majority custodian. If I think through some of the examples of where we are in terms of institutional adoption, let's start with the asset management community because it's top of mind. Certainly, Grayscale was an early starter to accumulate quite a lot of assets in crypto. They've called for an ETF. I hope it comes soon. We've added our support to their to lobby for it. If I wind the aperture outside the U.S. and I look internationally, ETFs are forming. I think Australia went live last week, certainly have quite a few in Europe as well. So in many of those cases, Coinbase is also either the exclusive or the majority trade-in custodial partner. If I think through hedge funds, I think there's been a phenomenon that's happened where it was really early and off and it was macro hedge funds. And what I've seen in the course of the past 18 months is that more and more of the multi-strat funds have piled in. And now we're getting systematic funds instead. And so I think that's kind of an increasing pace of adoption within the hedge fund crew for sure. Family offices have kind of steadily -- there's been a steady drumbeat of family offices doing multigenerational planning. And so that -- I would say the baseline of activity continues sort of to track upwards and to the right. Sovereign wealth is in conversation. We have yet to see, I think, a large sovereign wealth clients sort of announce their presence in the space, but I think we'll probably have opportunity to see that happen in the next year to 18 months. If I think through banks and challenger banks, so even the largest U.S. banks have all announced their intention to be involved in the space. We've seen quite a bit of headlines out of both Goldman and JPMorgan. Lovely to see, I would welcome their involvement in the space for sure. I think initially, one of the binding constraints they face is on capital and OCC approval. And so I do hope for the ecosystem to grow, and I would welcome their more active participation in the space. Away from the traditional banks, we've seen challenger banks. So Revolut comes to mind. And we're seeing more and more challenger banks wanting to speak to Coinbase to use our pipes and plumbing and infrastructure to be able to enable their end clients the ability to buy sell, store finance, stake crypto. I said that really quickly, buy sales, stores -- and so more and more of the business that I'm looking after, most of which we're talking -- 90% of what I do is welcome capital directly onto the Prime platform, 10% today is what I'd say is like the B2B offering. So that's enabling a stack of Coinbase APIs to pipe through to your own native app or for you to build your own integration. And so if I were to guess where what that stat would look like in a couple of years, it's probably flip-flop, where more and more businesses, challenger banks and otherwise, we'll want to use our own infrastructure because they don't have their own native capabilities today to be able to create new experiences. I guess that leaves our last camp, which is corporates. And we had quite notable activity from leaders like MSTR. I would say seeing more, not just Bitcoin but crypto on the treasuries of corporates, feels likely to me but more so because of either the fact that they want to -- they see a value to actually making a statement to the marketplace I support this asset class. I find social good in it. I've got some -- maybe modest allocation to the asset class in a world where they have sort of cash and too much of it. But more so because I see a lot of corporates come in to work through the use cases on NFTs and stable coins. And so there are certainly some corporates that come in and say, "Hey, we've arrived. We're a tech-forward company. We want to embrace crypto. We want to do payroll, commerce, a list of everything they'll onboard to Prime, and we'll get that done for them." But large global corporates that haven't quite made the leap into crypto are likely to want to say, well, we'll wind up having a little bit of crypto on our balance sheet. We might convert it back to fiat, so we don't take the price risk associated with it, but we want new ways to engage with our extended clients. And so I think like the use case that comes to mind is NFTs. And so they need the native capability to be able to engage with Blockchain's, buy, sell, store, crypto and as a consequence of performing those operations are likely to have some modest amount of crypto on their balance sheet.

And we'll get to NFTs in just a moment. But I guess how do you see the corporations navigating any sort of accounting or reporting challenges?

So far, I mean, there's a select view that where the accounting for cryptocurrency is really quite important, including Coinbase as well. I understand there are conversations happening with FASB and others to sort of think through the accounting model, but it hasn't really been a binding constraint for me. And so I've not encountered someone who said would love to participate in crypto except for the accounting there's other reasons that have come up, but accounting has not really been the binding constraint. So I kind of see accounting alongside regulation, which is one of those things which continues to sort of develop over time. I think the trend is positive. It feels like the world is -- like I said, the secular trends and crypto adoption continue. So I feel like we'll be in a more accommodating place on both of those sometime soon.

Great. Why don't we talk about the competitive landscape? I guess what's unique about Coinbase's offering today relative to, say, some of the other crypto native companies out there? And when you look at the competition potential from more traditional financial institutions, right, they have deep pockets. So I guess where could they surprise to the upside? What are they doing well? And what challenges do you see them facing?

So that's a question in like...

Yes. So you got the traditional financial institutions and then you got the crypto native guys.

Right. So competitive landscape. So I think we're -- I don't know, we might be in a category of one. Crypto is the only thing that we do. We don't have a stated ambition of trading stocks and bonds and different things. So crypto is really at the core of what we do. And it's nice because it's a unifying thing and we're not distracted by trying to disrupt the whole world with crypto technology. So crypto is all we do. The other thing that's defining for us is that it truly is a one-stop shop. So we've talked about being able to do all the things that you want to do with financial assets by sell, store, stake, finance, risk managed, so on and so forth, consume data. but also, you're connected through our ecosystem into the cloud into Web3. And so I feel like through the passage of time, we've seen sort of a broadening of activity. So it used to be the case that someone would onboard, buy some Bitcoin, sit passively then as Bitcoin eased and its Bitcoin eased some probably 10 other cryptocurrencies. Then as Bitcoin eased counter currency use and then faking then adding financing. And so I just see this continuum. And so I feel like Coinbase is a long-term partner for people that want to consider crypto adoption to continue to grow over time. So clearly, I think it's a distinctive advantage to us. The third bit that is distinctive is -- and this kind of -- it's a bridge to your question about incumbents and financial players as we offer our Infrastructure as a Service. And so not everyone can scramble all at the same time to become cryptographic engineers and figure out how to create your own native capability. It's a very, very tall ask. And so -- and crypto moves quickly as well. So maybe by the time that you are able to staff and figure out how to do MPC and some of these crypto-native activities, the world may have moved on by then. So I'm hoping that we can invite the world of interested parties to actually use our infrastructure as a service as a place to build. There's no reason why 1,000 institutions will have to build their own cold storage capabilities. And that sort of hits the last part about how can the incumbents and traditional finance potentially surprise us. And so one of the things that I've been encouraged to see is maybe finding ways, if not direct capital deployment day 1, finding other ways to do it. So I've seen the onboarding of crypto funds to U.S. private banking wealth platforms, for example, as an access trade for their wealth clients to buy or participate in crypto. I've seen the markets businesses in many places and the commercial banks and retail banks want to think about lending and giving financing into crypto. So I'm encouraged to see that activity. Because when I see it, it's like a forcing function because one of the large banks has to understand what is this? What is this value? How do we have a loan outstanding that has -- on an asset that's volatile that requires 24/7 margin calls and top-ups and then, of course, ultimately, liquidation, if necessary. And so in those moments of those exploratory moments of getting someone to consider doing asset-based lending, you wind up educating 50 people at an institution to go through, well, all the considerations that they must including KYC and AML and so on and so forth.

Corporates and NFTs, let's come back to that, an area of growth. What's driving that on the corporate side? And can you expand upon how Coinbase is helping address those needs?

Yes. I had like a really fun sort of fall a few weeks that's built into -- in January and February, and now the conversations have just continued. But we have these -- have these incomings from all these NFL owners and global franchise owners that we're all interested in figuring out how there's a new engagement model between either the owners of the teams themselves, the athletes and the fan base. And the use case probably center in on is probably -- it's a bit boring, but applicable is thinking through the application of secondary ticket sales, right? And thinking how the franchisees owners don't participate when tickets are sold and sold again. And so one of the use cases that the owners and the league are thinking through, not specifically NFL but all sports leagues, are thinking through is how to use NFTs combined with some smart contracts to identify situations where they can continue to earn a clip once it gets to continue to turn over and get passed on in the ecosystem. So that's one use case. Another one is that say more engagement. And so if you can -- and this is happening quite a lot. I've seen it. I've seen New York City restaurants talk about. I've seen golf courses talk about it and begin to put it in action. But it's a new way of demonstrating that you own something, you follow something as a consequence. If you own this NFT, you can come to the private after the game celebration or the pregame, there's -- and you can begin to have -- teams can have a more direct dialogue and players can have more direct dialogue with fan engagement. And so I've seen quite a lot happen there. It's really interesting. It's not my area of expertise, so I kind of like the boring stuff, which is the pipes, the plumbing and sort of coach them how to do this stuff, but I turn over the marketing and fan engagement to other people.

The sense of community.

Sense of community.

Yes. Okay. Great. Now we're going to wrap up here. We have about 1.5 minutes left. Maybe you can condense sort of your priorities for the rest of the year as you kind of look out 2022 and into '23?

Listen, I would love an invitation to continue to educate everyone in the room and go through, crypto isn't something that's learned in a passing moment. It's not something that you wake up and decide to, hey, let's get involved. It's something you need to work at. And so I would just love to extend the invitation to everyone in the room to continue to work with us to think through how you can find use cases that are applicable to who you are. So my priorities for sure are continuing to get client acquisitions to come into the door to grow familiar and comfortable with having a capital allocation of crypto. And if not capital allocation on crypto thinking through the utility cases for the application like we talked about with Stablecoins and NFTs and other parts and maybe thinking through how to disrupt traditional settlement systems, for example, for global financial health. So there are definitely applications of crypto that can help improve our overall sort of financial health of the ecosystem. So with that, I would say thank you very much for having me here. Would love to be invited by any or all of you to tell you more about coin-based institutional platform.

Great. Well, thanks so much, Brett. Really appreciate it.

Thanks, Mike.