Coinbase System Update 2025

It goes round and round. And when it stops, no one knows.

But when it does, people panic. Things

fail. Everyone struggles.

Then they paper over it, debate [music] what happened for years, figure it out, change nothing, rinse, repeat, [music] or rebuild it entirely.

What if we actually updated the financial system with a new kind of infrastructure for new kinds of [music] products to do anything money can do better, faster,

more secure, more transparent, more accessible.

A financial [music] system that works for everyone all in one place.

It's time for a system update.

Please welcome Brian Armstrong.

[cheering] [applause and music] Hi everyone. Thank you for coming today.

Hi everyone. Thank you for coming today.

Whether you're here at Fort Mason or watching online, I'm excited to welcome you to first Coinbase system update.

Today we'll update you on everything we've built in the second half of this year. And we started Coinbase with a

year. And we started Coinbase with a simple belief that people deserve more from the outdated financial system and crypto makes it possible. 87% of

Americans say fees are delays and unequal access in the current system.

It's just not working for them. And

they're looking for new ways to grow their wealth and participate in the economy. So, we have an opportunity to

economy. So, we have an opportunity to use crypto to update the financial system and increase economic freedom in the world. For example, if you've ever

the world. For example, if you've ever tried sending money abroad, you know how painful it is. Not everyone has access to banking. Traditional bank hours are 9

to banking. Traditional bank hours are 9 to 4, Monday to Saturday. Trading hours

for most assets are even shorter.

Capital formation is only available to a select few. And middlemen take a slice

select few. And middlemen take a slice of everything you do. Cryptocurrency

addresses so many of these problems, making the financial system faster, cheaper, easier, more rewarding, and more accessible. And that's why for the

more accessible. And that's why for the last 13 years, we've been relentlessly updating the system so anyone can achieve economic freedom.

Coinbase builds products to help individuals businesses financial institutions, governments. We've also

institutions, governments. We've also built a developer platform to make crypto integration effortless for any company. Now, these are our custodial

company. Now, these are our custodial offerings where we store private keys and funds on your behalf, providing convenience, security, recovery options, and regulatory compliance. We've also

added a set of non-custodial products through the base app which gives you complete control of your own funds.

These allow us to innovate on the frontier and reach more countries globally. So you'll hear updates on each

globally. So you'll hear updates on each of these today. So we're growing each of these products with this virtuous flywheel. You know, customers know that

flywheel. You know, customers know that we're the most trusted name in crypto.

So they store their assets with us and they're more likely to use products where their assets already reside. This

drives customer retention, allowing us to invest back in trust, and the cycle repeats, accumulating more assets on Coinbase.

Today, to the best of our knowledge, Coinbase stores more crypto than any other company in the world. In fact, our assets on platform have grown 5x over

the past 3 years. And as of Q3, we had more than 500 billion in crypto assets on platform. Our goal is to become the

on platform. Our goal is to become the number one financial service app in the world. And to do that, we need to be the

world. And to do that, we need to be the most trusted place to manage your entire financial life. So to that end, we've

financial life. So to that end, we've been building across these three phases of crypto adoption.

Number one, investment. Number two,

financial services. And three, an app platform for developers to build on. So

let's start with investment.

And trading has always been crypto's first use case. And Coinbase has been the leader in US spot trading. So we

started by offering trading of just a few crypto assets. Then we got to a few hundred. And there are now millions of

hundred. And there are now millions of assets on Coinbase with decentralized exchange integration available for trade, placing us far ahead of the competition. Now, people love trading

competition. Now, people love trading crypto, but they're also looking to build wealth with a broader set of assets. So, in a few moments, you're

assets. So, in a few moments, you're going to hear how Coinbase is now the best place to trade every asset, not just crypto. And customers want one

just crypto. And customers want one place where they can trade equities, prediction markets, commodities using spot trading, derivatives, and options.

And as every asset class comes on chain, we can build faster, cheaper, and more global markets. So, Coinbase is no

global markets. So, Coinbase is no longer a place to just trade crypto.

It's a place where you can trade everything. And the everything exchange

everything. And the everything exchange creates a future where every asset is tokenized and accessible to everyone in a one seamless secure userfriendly

experience. So that's investment.

experience. So that's investment.

Now we're not just a trading platform.

We're [clears throat] also building a place to manage your entire financial life. And so when we bring financial

life. And so when we bring financial services onto Crypto Rails, we're able to offer services that are faster and cheaper with greater rewards. So today

we'll share some new ways that Coinbase financial services can unlock opportunities beyond what traditional banks offer.

Finally, we'll talk about how we're building crypto infrastructure that any business or developer can use.

Coinbase developer platform or CDP is our crypto as a service offering which makes it seamless for any company to integrate custody trading, payments, and stable coins. And today we'll share a

stable coins. And today we'll share a slate of new APIs and services for CDP.

Uh we've also incubated the most popular layer 2 blockchain on top of Ethereum called Bass, which gives developers a powerful foundation to build crypto utility into any app. Today, we're going

to share the latest product updates on the Bass app, our self-custodial wallet that makes it easy for anyone to get on chain anywhere in the world. So, over

the next hour, you're going to hear why we believe the future of finance is on Coinbase. And to walk you through some

Coinbase. And to walk you through some of these exciting announcements, here's Max Bransburg.

>> [cheering] [applause] >> Thanks, Brian. The system update has officially begun.

[cheering] [applause] >> Crypto has shown us that markets can be always on, efficient, and accessible to anyone anywhere in the world. It has

shown us that when people have access to open markets, they can achieve better financial outcomes and increase their economic freedom. And Coinbase has made

economic freedom. And Coinbase has made it safe and easy to participate.

Trading saving borrowing lending and spending in ways that are more rewarding, efficient, and accessible.

And now it's time to expand that impact even further. millions more crypto

even further. millions more crypto assets, new ways to invest, and even new asset classes, all in one place with the

Everything Exchange. So you can trade

Everything Exchange. So you can trade every asset from wherever you are in the world on one single trusted platform.

Which is why today we're introducing our next major asset class. Stock trading is now available on Coinbase. [cheering]

>> [applause] [applause] >> So, let's see how this works. I open up my Coinbase app where I can now see a dedicated section for stocks on the

trade tab. I'm going to buy Nvidia for

trade tab. I'm going to buy Nvidia for this demo. And after just a few taps, I

this demo. And after just a few taps, I can buy Nvidia using USDC, where I'm also earning best-in-class rewards. And

the best part is that you only need one account. So now you can trade stocks and

account. So now you can trade stocks and a huge selection of crypto all in one place. One portfolio view, one wallet,

place. One portfolio view, one wallet, one transaction history. This is a major milestone in our plan to enable 247

trading of stocks and ETFs from anywhere in the world powered by crypto. And that

future is closer than you think. Next

up, we're launching equity perpetuals.

So you can get 24/7 access to trade equities capital efficiently from anywhere.

[cheering and applause] So let's take a look at this too. I'm

back in the trade tab where there's a whole section for perpetuals. I can now see contracts for single stocks and indices. And early next year, these

indices. And early next year, these contracts will be available to traders on both our simple and advanced trading platform. outside the US, enabling

platform. outside the US, enabling trading with up to 20 times leverage.

Traders across the world will be able to react instantly to earnings, macro events, and weekend news. With one of the most efficient trading instruments

created in crypto now coming to the largest asset class in the world, markets are evolving in real time, becoming more efficient, always on, and

accessible to anyone. As we've done throughout our history, we are updating the system. This is the future, and

the system. This is the future, and we're building it now.

[cheering] [applause] But stocks aren't the only new asset class coming to Coinbase. On the

Everything Exchange, you'll be able to trade anything, anytime, anywhere. And

that's why today we're also launching prediction markets. [cheering]

prediction markets. [cheering] [applause] >> So, let's take a look. I'm back in the Coinbase app and now I see a new tab dedicated to predictions. And it's not

just crypto predictions. You can now participate in markets on everything happening in the world. You can see a ton of different categories from sports to crypto to entertainment. If you're

into sports, you can trade on who will win the big game. And you can see buying a contract is just as easy as buying Bitcoin.

If you follow the news, you can trade on election outcomes, policy decisions, or economic performance. All of these

economic performance. All of these contracts are offered through our partnerships with with Kouchi.

Prediction markets enabled increased access to information and markets that have historically not existed and they're now available directly in the

Coinbase app.

[applause] Okay, so I shared we're launching stock trading, equity perpetuals, and prediction markets so far. Who wants to hear some more? [cheering]

[applause] >> All right. So, while the Everything Exchange enables you to trade new asset classes, we are laser focused on expanding the worldclass crypto trading

experience at Coinbase's core. Let's

start with derivatives, which account for over 75% of the global crypto market today. Trading derivatives used to

today. Trading derivatives used to require a protrading platform or an offshore exchange, but that changes today. All US traders can now trade

today. All US traders can now trade futures and perpetual futures in an intuitive, easy to use interface directly on Coinbase.

[applause] So, let me show you. On the trade tab, you'll now see sections for perpetuals and futures. And we have more than 30

and futures. And we have more than 30 futures and per contracts live in the US across asset classes from crypto to commodities to equity indices with plans

to expand to hundreds more contracts over time. Now, everyone can trade more

over time. Now, everyone can trade more with less using leverage. And we've made the most powerful crypto trading product easy to use for everyone, including the

ability to manage your position by setting a takerit and stop-loss. And

unlike other ways that traders access derivatives today, this is fully regulated and available to everyone in the US. NOW,

the US. NOW, [applause] for our international customers, we have hundreds of derivatives contracts already available on Coinbase Advanced, and this is just the beginning of our

derivatives efforts. We will continue to

derivatives efforts. We will continue to expand the derivatives available to trade and make Coinbase the most efficient trading venue in the world.

Now, beyond derivatives, new assets are getting created and launched every day, and the everything exchange is redefining what it means to have the

broadest and best access to assets in one place. Coinbase started by making it

one place. Coinbase started by making it easy to buy Bitcoin and then expanded to enable trading of hundreds of assets.

Starting today, you can now access millions of assets through decentralized exchange trading on Coinbase, including on Salana.

[cheering] [applause] Accessing the broadest selection of assets used to mean navigating separate wallets, remembering seed phrases, and

using complex interfaces. But now you can trade millions of onchain assets as soon as they're created, all within the Coinbase app and without waiting for a

centralized exchange listing. And it's

just as easy to buy longtail assets as it is to buy Bitcoin. All with the same security and trust that you know and love in Coinbase.

So, let me show you how it works.

I'm in the Coinbase app on the trade tab and I can see a trending list of assets.

I see Salana assets alongside other crypto assets and I can even filter by network if I want to just see Salana assets. I can use my existing USDC

assets. I can use my existing USDC balance or I can even buy Salana assets directly with a bank account or a debit card.

There are over 16 million tokens and more than $3 trillion of volume on the Salana network alone. And as of today,

it's all accessible in the Coinbase app.

[applause and cheering] Over [applause] the last year, we've dramatically improved Salana network support on Coinbase from sending and receiving to

staking to now enabling trading of every Salana asset as soon as it's created.

And we're not stopping there. We'll

continue to make onchain trading even better over the coming months.

Now, access to assets doesn't just mean existing assets. We're also launching a

existing assets. We're also launching a new token sales platform on Coinbase, enabling traders to get early access to the most popular projects in crypto

before they launch. This is pretty cool, guys. Come on. [cheering and applause]

guys. Come on. [cheering and applause] Until now, token sales have been broken.

Projects use airdrops or launchpads that make it hard for real community members to participate at scale. It's difficult

for projects to get their tokens in the hands of people who actually want to use them. So, let's take a look at how we're

them. So, let's take a look at how we're fixing this.

We recently completed our first sale with Monad. At any point during the week

with Monad. At any point during the week of the sale, you could request tokens in just a few taps. Our allocation

algorithm then broadly distributed them using a bottoms up approach that limits concentration among buyers so everyone gets their fair share. And the first

sale was overs subscribed with customers requesting $269 million in allocations. It was one of the most widely distributed token sales

in history with over 85,000 participants across 70 countries.

[applause] Imagine what happens when every project can launch like this. With our new token sale platform, Coinbase is now the best

place for any asset issuer to launch.

So, who's ready to start trading?

[applause] >> Coinbase was the original pioneer of secure, trusted, and intuitive trading for crypto assets. The next era begins

today as we expand on this foundation with new asset classes like stocks, prediction markets, and derivatives along with DEX trading and token sales.

But updating the system isn't limited to trading. The tools to save and spend are

trading. The tools to save and spend are getting updated, too. And Coinbase is becoming the most rewarding place to grow and use your money. to hear how

that's already happening on Coinbase today and some ways we're making it even better. Please join me in welcoming Ben

better. Please join me in welcoming Ben Shen.

[music] [cheering] [applause] Thanks, Max. Coinbase is becoming the

Thanks, Max. Coinbase is becoming the place where customers are managing their entire financial lives. Whether it's

getting a credit card, a loan, or sending money to friends and family, we want Coinbase to be the best place to manage and grow your money with opportunities that traditional banks

simply do not offer.

Let me show you how this works. Starting

where much of our money often begins, our paycheck, we are letting you get paid directly into Coinbase while automatically investing and earning. You

can set up direct deposit, allocate your paychecks across crypto of your choice and cash, growing your money exactly the way you want each time you get paid.

This will naturally extend to stocks and other assets on the everything exchange.

Once your direct deposit hits, your cash immediately starts compounding. You can

earn three and a half% on in USDC rewards with weekly payouts with a Coinbase 1 membership.

That's nearly nine times the national average savings rate.

>> Wow.

>> And for those who want to supercharge their earnings, you can lend your USDC on Coinbase.

Banks are constantly lending out your money while keeping the profits. On

Coinbase, the power shifts back to you.

You control when to lend, access your money whenever you want, and keep the rewards. This entire system powered by

rewards. This entire system powered by crypto offers superior returns and flexibility.

Our customers have already lent over $1 billion since we launched just 3 months ago, earning up to 10% in rewards on their USDC.

Customers are also staking assets like Ethereum, Salana, and more to maximize their long-term growth. And they've

earned over $1 billion in staking rewards since 2023.

>> [applause] >> And for the first time ever, you can now instantly unstake your assets on Coinbase, meaning that you can earn with confidence on your crypto, knowing that

you can get instant liquidity at any time, whether for trading or any other use case.

This is true wealth building with rates and liquidity that traditional financial institutions simply cannot match.

Retail customers are voting with their assets. As of the third quarter, they

assets. As of the third quarter, they held over $200 billion in assets on Coinbase, more than tripling since 2023.

[snorts] Sometimes life can bring unexpected expenses or require large purchases such as a down payment on a home.

Coinbase makes managing these expenses easier than ever. With our borrow product, you can instantly access cash without selling the assets that you

truly believe in. And since January, our customers have already accessed $1.5 billion in liquidity at rates which are lower than most traditional bank loans

and with more immediate accessibility.

You can borrow up to $5 million against your Bitcoin. And we just launched the

your Bitcoin. And we just launched the ability to borrow up to $1 million against YOUR ETHEREUM.

>> [cheering] [applause] >> PLUS, WE'RE planning to act expand to many other assets that you can trade on the everything exchange.

Now, let me show you how easy it is to actually use your money on Coinbase.

With our new dedicated pay tab, you can send USDC or any other crypto asset like Bitcoin to anyone in the world instantly and for free by simply using a phone

number, email, or wallet address. We're

seeing our customers paying friends back, making purchases, and gifting crypto, including to those who don't even own crypto or don't have a Coinbase account, and who can easily sign up to

claim their payments.

Even better, our customers are now earning up to 4% in Bitcoin on their everyday purchases.

We launched the Coinbase 1 card 3 months ago and our customers are absolutely loving it, earning over $16 million in Bitcoin during that time. [cheering]

[applause] >> The truth is most credit card rewards are often limited to a few categories or lose value over time. With the Coinbase One card, you don't need to worry about

points, categories, or blackout dates.

We give you Bitcoin, the most rewarding and flexible asset on the planet. And

you can do whatever you want with it.

Hold it, send it, spend it, or sell it.

To make things even more exciting, you get chances to win up to $100,000 in Bitcoin each month by simply taking out your Coinbase One card and spending with it.

[cheering] [applause] With zero trading fees, boosted earnings, and more ways to build your wealth coming next year, Coinbase 1 is the best membership for growing your

money.

At Coinbase, we're not just building the best trading platform. We're building

the primary financial account of the future. The traditional financial system

future. The traditional financial system limits your money. Crypto unlocks it.

And now it's all in one place on Coinbase.

[applause and cheering] >> Brian, back to you.

[applause] [cheering] All right, thanks Ben for that update.

Now, I want to tell you about something called Next Bets. For years, we've run a program internally at Coinbase called Next Bets, where we put small teams on moonshot ideas to push the frontier of

product innovation. Two examples of

product innovation. Two examples of ideas that came out of this program in the past are USDC and Bass. And today,

I'm proud to share our latest next bet, which leverages AI to improve your financial life. Everyone deserves access

financial life. Everyone deserves access to powerful financial features like we just saw from Max and Ben. But we know many people don't know how to use these tools or even for those who do, AI

eliminates the repetitive tasks and toil of managing your finances. So, we're

launching a new product today. It's

called Coinbase Advisor. To tell you more, please join me in welcoming to the stage Lincoln Mr. Thank you, Brian. Hey everyone, I'm

Lincoln Mr. and I'm the product lead for the Coinbase Advisor team. Our goal has been to find the next big unlock for our customers. And as we looked at the

customers. And as we looked at the landscape, we kept coming back to one realization.

At Coinbase, we've democratized access to the markets. But access isn't the same thing as success. Aside from your friend telling you to buy their favorite

token, most people simply don't know how to turn a highle idea into an investable strategy.

Historically, highquality financial guidance has been locked behind a velvet rope. It was a luxury product designed

rope. It was a luxury product designed for the wealthy and priced out of reach for everyone else.

We believe elite financial advice should be available to everyone to help drive economic freedom even for those who are already power users. We believe AI will

eliminate repetitive tasks and drive new insights. So today I am proud to

insights. So today I am proud to introduce Coinbase Adviser.

[applause and cheering] Coinbased Advisor is an AI powered adviser that is designed to help you manage your financial life. It turns

natural language requests into clear, actionable financial plans using the products, data, and tools available on Coinbase. It can even spot the

Coinbase. It can even spot the opportunities you never would have thought to ask about. Let's see how it works. First, I'll ask the AI to build

works. First, I'll ask the AI to build me a portfolio. And behind the scenes, Coinbase Adviser will evaluate my existing holdings and ask some clarifying questions to better

understand my portfolio goals. Then in

seconds, Coinbase Adviser builds a personalized allocation based on the risk tolerance I shared earlier. Looks

like it's recommending Bitcoin, Ethereum, and USDC lend for my moderate risk level. This AI model is actively

risk level. This AI model is actively curated by a team of portfolio managers with 75 years of combined experience.

And I can go ahead and tap the buy button and execute the trades directly in this interface. The portfolio looks pretty good and honestly makes me more

bullish on AI. So with that in mind, let's ask the adviser to include some investments signaling AI adoption in the portfolio. And we can see a list of

portfolio. And we can see a list of prediction markets related to this AI adoption theme. things like will chat

adoption theme. things like will chat GBT reach a billion weekly active users in 2026 or even if we'll achieve AGI in 2030. In the future, we'll also be able

2030. In the future, we'll also be able to buy equities like Taiwan Semiconductor Manufacturing Company which are associated with AI.

Now that I have this portfolio built, I'll want to make sure that I stay up to date with the market and any of the news that might impact me. Fortunately,

Coinbase Advisor's insights feature curates news based on what matters to me. Daily market intelligence, real time

me. Daily market intelligence, real time portfolio insights, and recommendations all in one place. I just click on a specific story, get the summary, and ask

for a recommended action. This story

about how Vanguard and Bank of America are expanding access to ETFs gives me advice around dollar cost averaging into Bitcoin over the next several months.

Over time, we want to improve the advisor to be a holistic guide throughout your portfolio journey. We

want to bring in numerous new features that allow us to take you through various different insights and do things like automated trades or actions that you may have never considered based on

learnings about your interests and holdings. It can help with educational

holdings. It can help with educational opportunities, rebalancing, or even yield optimization.

This is about raising the baseline for everyone. AI enables anyone to keep your

everyone. AI enables anyone to keep your financial life on track and automate your busy work. It levels the playing field by making advanced strategies a

standard feature of your personal account. We're building this in the open

account. We're building this in the open and we want you on the journey. Today,

Beta Access is launching to select Coinbase 1 subscribers. You can go to coinbase.com/advisor

coinbase.com/advisor to sign up for the weight list with a larger release and more features coming very soon. Thank you.

very soon. Thank you.

[cheering] [applause] >> All right. Thank you, Lincoln. So, so

far today we've shown you only our products focused on individual consumers. But improving economic

consumers. But improving economic freedom means bringing this new financial system to businesses as well.

So, we built Coinbase Business, a primary financial account for companies, and Coinbase developer platform, which makes it easy for developers to integrate crypto anywhere. To share more

about how we can bring every business on chain, let's bring up Sid and Alec.

[applause] >> Thanks, Brian. Hi, folks. I'm Sid and I lead Coinbase business. Now, you just saw all of our big updates on the Coinbase app. What if we took the power

Coinbase app. What if we took the power of everything Coinbase and also gave it to businesses? That's exactly what we

to businesses? That's exactly what we did earlier this year with the beta launch of Coinbase Business. So, a few months ago, we set out to make it easier for companies to use crypto in real and

everyday ways. And the momentum has been

everyday ways. And the momentum has been huge. We've seen consistent double-digit

huge. We've seen consistent double-digit growth month over month. And with our beta launch, Coinbased business is now used and trusted by over 1,600 companies

from small startups all the way to global brands.

[cheering] [applause] So today, we're excited to announce Coinbase Business is officially out of beta and available to everyone.

[cheering] [applause] >> We're we're also announcing a set of major new features for Coinbase Business. But before I get into that, I

Business. But before I get into that, I just want to quickly acknowledge just how hard it is to run a business today.

So businesses today lose up to 3% on every payment because of card fees. And

that's a huge hit to their margins.

Chargebacks and fraud are rising. Global

reach is limited by the footprint of their payment processors.

B2B payments take days to settle. And

global treasury management is still just too complicated and expensive. And so

that's the that's the state of the union in 2025. High fees, slow settlement,

in 2025. High fees, slow settlement, limited global reach, and way too much friction. And so that's exactly why we

friction. And so that's exactly why we built Coinbase Business. Now, don't just take my word for it. I want you to meet some real customers who've been using Coinbase Business already. Let's start

with one of the biggest challenges that businesses face today, which is moving money across borders.

Let's meet Unblock Global. They're a

fast growing energy infrastructure with operations in both the US and Argentina.

Now, they have to move money across borders very often to fund operations, replenish working capital. Uh or take Stadium, which is a truly global digital

marketing startup. The headquarter in

marketing startup. The headquarter in the US, their CEO is in Sweden and they have employees and contractors all over the world. Now they need to pay their

the world. Now they need to pay their contractors, you know, engineers, designers quickly and reliably every month. Before Coinbase business, this is

month. Before Coinbase business, this is what that process looked like. So they

would buy USDC on one platform in one country. They'd send it to a separate

country. They'd send it to a separate wallet for safekeeping. Then they move it again to a local exchange and then convert it to local currency for payouts. It's slow, manual, and

payouts. It's slow, manual, and expensive.

Now with Coinbase Business, they use our new payouts feature and simplify it all.

Both Unblock Stadium and all our customers can now move their money globally. Whether it's working capital

globally. Whether it's working capital to Argentina or contractor payments to Turkey, it's all just a few clicks.

We're also supercharging the AI industry with the power of internet native money.

So, let's meet browser base. They enable

AI agents to browse the internet just like a real person. You know, reading pages, filling forms, completing tasks.

Now with Coinbase business APIs, those agents can also make payments and then take Yep. they send micro payments to their users around the world in return for training AI models. Once

again with Coinbase business.

Finally, we have Open Router which is a leading API gateway for AI models and they accept developer payments from all over the world in real time using our infrastructure.

These companies are building the future of AI and now with Coinbase business, their money moves at the speed of their innovation.

[cheering] [applause] >> Now, now while cutting edge AI agents are obviously very very cool, uh we know that most global commerce today is still old school. It's like, you know, human

old school. It's like, you know, human to human, businessto business, agencies, contractors, service providers. And for

these businesses, basic payments aren't enough. They need receipts. They need a

enough. They need receipts. They need a bill documentation, a formal request for payment. Uh, and that's why I'm very

payment. Uh, and that's why I'm very excited to announce today that we're launching invoices on Coinbase Business.

[applause and cheering] So, starting today, companies can generate professional invoices right inside Coinbase Business with line items, due dates, terms. Our customers

can get paid instantly and no wire fees, no delays, and their finance team gets the clean reporting that they need to close their books.

Now, we've spent a lot of time talking about global startups, AI companies. I

also want to just spotlight some everyday merchants that we interact with on a day-to-day basis. So, let's take PLVR. They're a ticketing platform based

PLVR. They're a ticketing platform based in Singapore. They've integrated our new

in Singapore. They've integrated our new payment links API to accept crypto checkouts and then they issue NFT tickets. It's a seamless instant flow

tickets. It's a seamless instant flow and it eliminates all of the fraudulent chargebacks that typically plague the ticketing industry.

Or take Noun Coffee and Wine Bar.

They're a vibrant neighborhood hub in LA. They accept crypto payments at the

LA. They accept crypto payments at the point of sale using Tap to pay on base.

No 3% card fees. They get paid instantly and their cash is earning higher rewards than it would in a business bank and their customers love the payment flow.

And they're just across the Bay Bridge from here. We have sports clubs like

from here. We have sports clubs like Oakland Roots. They receive sponsorship

Oakland Roots. They receive sponsorship dollars in USDC and then they pay out local artists in crypto for showcasing their artwork at every match.

Beyond payments, companies are also using Coinbase Business as their all-in-one place to store, trade, and manage assets. And very soon, businesses

manage assets. And very soon, businesses will get the same powerful trading experience you just saw on the retail app. They'll be able to store and swap

app. They'll be able to store and swap hundreds of different currencies, stocks, FX transactions, and any token they need on the Everything Exchange.

So, if you think back to where we started, high fees, slow settlement, limited reach, and tons of friction, the

customers I showed you today demonstrate exactly how Coinbase Business has already solved those problems. With

Coinbase Business, they get cheap, fast, global, and easy payments.

[applause] That's the big shift we're seeing.

Coinbase has now become a full financial toolkit for businesses.

As of today, we're live in the US and Singapore with more regions launching soon. And if you're a business owner,

soon. And if you're a business owner, we've made it super simple to get started. There's no application fees, no

started. There's no application fees, no sales calls. Just go to

sales calls. Just go to coinbase.com/business

coinbase.com/business and sign up.

>> [applause] >> And now to show you where we're taking our infrastructure next, here's Alec.

[applause] [music] Thanks, Sid. I'm Alec Love it and I lead

Thanks, Sid. I'm Alec Love it and I lead the infrastructure business at Coinbase.

As Brian shared, Coinbase is building been building products in crypto for more than a decade. And as we build, we make the underlying capabilities available as infrastructure and APIs in

the Coinbase developer platform or what we call crypto as a service. And we

power crypto products for banks, fintexs, payment companies, and startups of any size. Zooming out, crypto is rapidly updating the financial services

we use every day. There are now over 700 million global crypto owners. Stable

coins power trillions in annual transactions and over 200 billion of crypto is traded by consumers every day.

Innovative companies understand this shift and they're racing to ensure that their customers can access crypto through their existing products.

Currently, we power crypto products for many of the best companies in the world.

Startups like Moonshot, scaling companies like Weeble, and banks like JP Morgan and PNC.

Today, we're announcing a major update to the Coinbase developer platform with a suite of enterprise APIs focused on the four pillars where we see the

fastest adoption and most exciting use cases. Custody, payments, trading,

cases. Custody, payments, trading, [snorts] and stable coins.

[applause] CDP makes it easy for any company to get started with crypto as a service. In a

matter of minutes, you can sign up, get API keys, add your team members, and start building. Now, I'm going to walk

start building. Now, I'm going to walk through some of the exciting new APIs we've launched. And to show you how this

we've launched. And to show you how this works in real time, the screen behind me will switch between the portal where our APIs live at coinbase.com, and a demo app that we've built with our APIs for

system update.

Every crypto integration starts with custody. Earlier this quarter, we

custody. Earlier this quarter, we launched an embedded wallet product that makes it dead simple to add crypto custody to any app. Our embedded wallets are fully customizable, highly scalable,

and compatible with full range of login methods. Our products enable our

methods. Our products enable our customers to speedrun their crypto integrations and add crypto custody to any application.

While custody is the bedrock of crypto applications, as we heard from Sid, the fastest growing use case is payments.

Stable coin payments are growing like wildfire because companies have figured out that they can be faster, cheaper, and more global than traditional payment methods. Our customers are using stable

methods. Our customers are using stable coins to pay vendors, pay contractors and freelancers, and manage their treasury more efficiently. With our

APIs, you can move fiat into stablecoin, send and receive stable coins instantly to deposit addresses anywhere in the world. In a matter of minutes, we can

world. In a matter of minutes, we can build those payment capabilities into our demo app to enable peer-to-peer transfers or turn on powerful mass payouts for use cases like creator

payments and payroll. Today, fintech

companies like Deal, Routable, Papaya, and DLO are all building great products for their customers using our payment APIs. And it's not just send and

APIs. And it's not just send and receive. A growing number of companies

receive. A growing number of companies also want to accept stable coins at checkout. There are over 100 million

checkout. There are over 100 million stable coin wallets globally, which makes stable coins a truly global payment method. However, to date, stable

payment method. However, to date, stable coin payments have been too hard to use and inaccessible relative to traditional card and bank payments. But we've fixed this.

CDP's one-click stable coin checkout experience is compatible with any stable coin wallet in the world and is simpler than the most popular checkout methods, including credit cards. We've used CDP

APIs to embed this experience in our demo app and have enabled one-click stable coin payments from any wallet.

We're proud that Shopify, our launch part on this product, is ramping up across their merchant base and that payment companies like Checkout.com and Pro are launching with us in 2026.

Now, we've heard a lot about trading today, and unsurprisingly, the banks and fintexs that we work with want to get in the game and offer crypto trading experiences to their customers.

Our APIs make it simple to integrate crypto, buy, sell, and hold functionality that is all powered by the same Coinbase exchange and custody that powers our Coinbase app.

With these APIs, we can build an intuitive, totally customized interface into our demo app and execute a purchase of Bitcoin or any other asset. Our

trading APIs provide infrastructure and trusted security while our customers own the experience and branding. We recently

launched uh with PNC, one of the largest retail banks in the US, alongside Wee Bowl, E Toro, and many more that are already running on our platform. So,

we've covered new product launches across custody, payments, and trading.

But before I wrap, I want to share two brand new products in the CDP portfolio.

The first is a payment protocol called X42. X42 is an open internet standard

X42. X42 is an open internet standard that makes it easy to attach a stablecoin payment request to any web transaction. It enables AI agents to pay

transaction. It enables AI agents to pay for content and execute transactions using stable coins and is taking off like wildfire. Over the past 30 days,

like wildfire. Over the past 30 days, the standard has enabled over 200 million of annualized transactions and it's open source available for free but can be coupled with our infrastructure

products like wallets and payments to build endtoend solutions. As a next step, we're developing the X42 Foundation with Cloudflare and other partners to ensure the standard remains

open and can be used fairly by any company in the world.

[applause] [applause] And one final launch, a product that seamlessly accompanies our custody, payments, and trading products. Today

we're announcing that you can now create your own custombranded stable coin with Coinbase. Backed by USDC,

Coinbase. Backed by USDC, [cheering] [applause] Coinbase custom stable coins offer the ability to embed your brand in every transaction, rewards on balances with

best-in-class economics, and a seamless issuance process managed by Coinbase.

We're working with innovative partners like Soulflare, Flipcash, and R2. all

who are launching with custom stable coins in the coming months. So whether

you're a bank, a fintech, a payment company, or startup just getting off the ground, Coinbase's infrastructure provides the trust, scale, and product

depth to get you started and grow with you. Visit us at cdp.coinbase.com

you. Visit us at cdp.coinbase.com

to start building. Now, back to Brian.

[cheering] [applause] All right. Thank you so much, Sid and

All right. Thank you so much, Sid and Alec. I'm excited to see what businesses

Alec. I'm excited to see what businesses can build on chain.

All right. So, so far we've talked about custodial solutions that we're building.

But self-custodial solutions where you control your own assets are also critical for a few reasons. Because they

aren't regulated like traditional financial services. Self-custodial

financial services. Self-custodial products can be distributed globally from day one, helping us bring economic freedom to more places around the globe.

Now, self-custodial wallets also offer dramatically simpler onboarding with greater privacy. And we believe

greater privacy. And we believe self-custody is essential to bringing a billion people on chain and bringing the benefits of crypto to everyone around

the world. This summer, we released a

the world. This summer, we released a beta of our self-custodial wallet called the base app. to tell you more about it.

Please welcome to the stage Jesse Pollock.

Thank you, Brian. And hello, everybody.

Uh, I'm Jesse Pollock, the creator of Bass. And Brian mentioned that we're

Bass. And Brian mentioned that we're building a new self-custodial wallet.

And that's true. But just like your smartphone doesn't just make phone calls. The wallet is rapidly expanding

calls. The wallet is rapidly expanding with decentralized protocols unlocking new use cases and thousands of third party apps. The wallet's rapidly

party apps. The wallet's rapidly evolving. It's becoming an everything

evolving. It's becoming an everything app that does social trading, payments, finance, and so much more. And we are starting to see people all around the world use this everything app to start

to make it in the new global economy.

And to show you why we're excited, I want to start with a video.

>> What if anyone could make it? Not just

the lucky few who already have an edge, but everyone.

>> The creators, the builders, the fans.

What if every viral post, every remix, every share actually paid you? What if

that one crazy idea became the thing you made millions on? What if every product fit [music] together, letting anyone build on what came before? What if the next internet was built and owned by us?

What if you make the next move a new way to make it base?

>> Yeah. YEAH, [cheering]

[applause] >> today I'm excited to talk about how we're going to help millions of people make it on base. And the idea starts with a very simple new reality that's

only possible with crypto. On base,

everything is tokenized and tradable.

Protocols, apps, creators, posts, all of it is directly valued in the free and open market. This new market puts the

open market. This new market puts the value of your content, your creativity, and your career in your hands. And it

creates billions of tradable global global assets. So now your friends, your

global assets. So now your friends, your fans, your community can share in the upside you create. And traders around the world can back the next generation of builders and creators. In this new

economy, it comes together in the base app. It looks a lot like the apps you're

app. It looks a lot like the apps you're probably used to, but here everything you build and create has value. It's

built on open protocols like Ethereum and Zora and Farcaster and XMTP that anyone can build on. And scrolling your feed, it actually makes you money. Until

now, the base app experience has been invite only. Over a million people have

invite only. Over a million people have been patiently waiting as we let folks in to try the new experience. And over

the last several months, we've been listening to feedback, shipping updates, and improving the app every single day.

And the early results, they've blown us away. People are trading five times more

away. People are trading five times more with the new social feed. Creators from

over a 100 countries have earned instantly in the app. And active users, they're using an average of three mini apps per week to help them navigate this

new economy. And today, we're announcing

new economy. And today, we're announcing that the beta is over and the new base app is officially available to everyone everywhere. [cheering]

everywhere. [cheering] So now [applause] let's walk through the app and I want to show you what I'm most excited about.

And it starts with anyone being able to log into the base app with just an email. Once I'm in a feed and I can

email. Once I'm in a feed and I can start scrolling and this looks like a regular feed except for now everything is tokenized and tradable. And in this

feed, I see many things that I'm interested in, like what my friends are trading, how much money they're making, funny memes and inspiring content going viral, new assets going through price discovery, communities forming in real

time. But unlike a typical social feed,

time. But unlike a typical social feed, because everything is an asset, we unlock an entirely new kind of investing and earning. So, let's take a look. I

and earning. So, let's take a look. I

see that my friend Toad uh he bought some Avantis. It's a per exchange on

some Avantis. It's a per exchange on base. And Toad is one of the earliest

base. And Toad is one of the earliest base builders and I know he has a really keen eye for finding talent very early and it looks like it's gaining momentum and he's up. I don't want to miss out.

So all I have to do is double tap to do a quick buy and immediately I trade $10 worth of Advantis. We've made it simple.

Set up a quick buy amount and just double tap to buy in the feed in seconds. And coming in early 2026, we're

seconds. And coming in early 2026, we're going to make it so people like to earn from the trades that they influence in the base app. So now every trade becomes an opportunity to make money and to

create a virtuous cycle that grows the entire economy. Now let's go a little

entire economy. Now let's go a little bit deeper to see what else he's got. I

see he has a huge amount of Kodi. What's

Kodi? Well, it's a token from a puzzle game that's built on base where players can earn Kodi by cracking riddles and codes. And it's been trending in the

codes. And it's been trending in the base app. And I can get started without

base app. And I can get started without downloading anything. One tap and I'm

downloading anything. One tap and I'm in. If I want, I can start playing and

in. If I want, I can start playing and then I can actually make money just from playing a game. But instead of playing today's game, I'm just gonna buy some Kodi. One tap and I'll use that the next

Kodi. One tap and I'll use that the next time I play. In the base app, this is just one of thousands of mini apps from builders all around the world. And

because of that one post from Toad, I got alpha about a new coin, discovered, and backed a new app that I'm going to start playing every single day. And you

know what? Since Toad clearly knows what's up, I'm gonna follow him. And I

can turn on notifications for both his trades and his posts. Next, I'm curious about what else is going on in the base economy. And so, let me take a look at

economy. And so, let me take a look at the trade tab and see trending coins.

Let's see what's actually getting some traction. I can filter that trade tab by

traction. I can filter that trade tab by different categories of assets as well as market cap, liquidity, volume. And

what we're seeing happen on base is that bea it's gradually becoming the best place to trade every single asset from Bitcoin to Salana to stocks to perpetual

futures. Every asset available to

futures. Every asset available to everyone everywhere. And one of the

everyone everywhere. And one of the asset classes that I'm personally most excited about is creators and content.

And just to break it down, these assets are the tokenized versions of your profile and posts that you've been putting in social media for the last two decades that you've been giving away to corporations for the last two decades.

And by tokenizing them on base, creators now directly capture the value of their creativity with no middlemen taking 95% of that value. And it looks like one of the top creator coins is Afro Chicks

from Na Naomi. Let's go check out her profile. Naomi is an awesome creator.

profile. Naomi is an awesome creator.

She also happens to be an elite athlete training for the Olympics. And her most recent post, they they categorize her whole journey. And because every single

whole journey. And because every single one of her posts is tokenized and tradable, all the content that she shares actually helps her earn. In fact,

she's been able to fully self-fund all of her training just by being a creator on base. And I, of course, can just

on base. And I, of course, can just double tap to buy this post about training in Spain. And as one of her supporters, as this content starts to go viral, I actually share in the upside.

And if you're a creator on base like Naomi, it's not just your content that has value. It's also you. Afro chips

has value. It's also you. Afro chips

represents the entire value of all of the content that Naomi has ever posted on base. It's called a creator coin. And

on base. It's called a creator coin. And

we believe creator coins allow creators to monetize their value directly, not just through ads or merch or brand deals, but through ownership and a direct relationship with your fans. And

this is a real shift for social. As a

creator, Naomi is now fully in control.

She's earning directly from her creativity and she's making more as she scales. And when I buy her coin, I'm no

scales. And when I buy her coin, I'm no longer just a follower. Now I can be a stakeholder, a part of her journey, and I actually share in the upside when she wins. When a creator succeeds, now

wins. When a creator succeeds, now everyone can share in that success. And

one of the incredible things about the way this earning works is that it all happens instantly. Unlike other social

happens instantly. Unlike other social networks, you don't need a follower account or stats to qualify to earn. And

you don't need to wait days or months for a payout. Your earnings flow instantly into your wallet. And then

with all the money you make creating, there's so many other ways you can earn in the base economy, including USDC rewards, where you can get 3.35% just for saving dollars. And Naomi is just

one of many creators you can follow. New

creators have been joining base throughout the beta. They're having fun and they're making money. And we're

focused on onboarding more creators from around the world. And whether you're an aspiring creator looking to grow or you're an influencer bringing your community into this new economy, we want

to help you succeed on the base app. You

can own your content. You can earn instantly and you will never need to rebuild your following again because it's actually yours. And alongside all these new features that we've just

talked about for trading and creating, I just want to remind everyone that the base app remains the best way to just use crypto. It is a worldass

use crypto. It is a worldass self-custodial wallet. It supports 10

self-custodial wallet. It supports 10 networks with many more coming. It has

16 local currencies including the euro and and the Nigerian naira and so many others. It has fast lowcost on and off

others. It has fast lowcost on and off ramps globally. It enables signin on

ramps globally. It enables signin on thousands of apps that all support it and we have instant payments on more and more Shopify stores. This is the best wallet for the new internet. And it's

coming together to be the self-custodial wallet of the future. A new creator economy, social trading, incredible apps, encrypted chat, and powerful money

management all in one simple app for everything for everyone everywhere.

[cheering] [applause] So, I have one ask for all of you. If

you're watching this or if you're in the audience, if you already have the Coinbase wallet app or the base app, just update in the app store and you can get going. If you don't, you can

get going. If you don't, you can download the base app at bass.app. It's

available to everyone everywhere in the world. And I want you to try it out.

world. And I want you to try it out.

Post a piece of content, double tap and buy in the feed, launch an app, make money, and then take that money and support other builders. trade every

single asset you can imagine with predictions and stocks and so many more things coming soon. And since it's December 17th, I couldn't help but finish with a holiday surprise as part

of the base app launch, which is that over the next 3 days until noon Eastern on December 21st, we want your help bringing new people to Bass. And by

bringing new people to Bass, you can earn your share of up to $2 million just by signing up, using the app, and inviting friends who do the same. We are

in the very early days of building a new global economy and in order to do that it's going to take all of us working together. So help us grow base and let's

together. So help us grow base and let's make it in 2026. Thank you for being here. Thank you for building WITH US AND

here. Thank you for building WITH US AND AS ALWAYS STAY BASED.

[applause] >> All right. So we hope that whatever you heard today, it leaves you feeling more optimistic about our financial future.

To recap, here's everything we shipped in the second half of this year at Coinbase. First, we launched the

Coinbase. First, we launched the Everything Exchange. You can now trade

Everything Exchange. You can now trade multiple asset classes on Coinbase.

Equities, prediction markets, millions of crypto assets, token sales, simple derivatives, anywhere, anytime. Next,

Coinbase. It's not just a trading platform. We're building it to power

platform. We're building it to power your entire financial life. So today we announced direct deposit, instant unstaking, Ethereum backed loans, updates to our borrow product, and a

redesigned peer-to-peer payment experience. We also shared an AI powered

experience. We also shared an AI powered adviser designed to help you manage your financial life. Next, we shared what

financial life. Next, we shared what we're building for businesses and developers. So Coinbase Business is now

developers. So Coinbase Business is now out of beta and available to everyone.

And we shared a number of updates to our fast growing Coinbase developer platform with a suite of APIs designed to integrate crypto into any app. Finally,

we shared the new base app is finally out of beta and officially available to everyone. That's a lot of updates.

everyone. That's a lot of updates.

[cheering] [applause] In 2012, we set out to increase economic freedom. And today, the future of

freedom. And today, the future of finance is taking shape on Coinbase. But

before we wrap up, I want to share with you one more thing.

So, for years now, we've been hearing strong demand from funds and asset managers that are looking to tokenize real world assets. Like us, they believe that crypto rails can democratize access

to capital markets, improve liquidity, eliminate settlement risk, and reduce back office fees. We've actually been tokenizing assets for many years at Coinbase with wrapped Bitcoin and stable

coins. But that was just the beginning.

coins. But that was just the beginning.

So today we're excited to introduce another new product, Coinbase Tokenize.

[cheering] [applause] >> Coinbase Tokenize is our endto-end solution for bringing off-chain assets onchain. It combines issuance, custody,

onchain. It combines issuance, custody, compliance, and trading all in one place. And Coinbase is uniquely situated

place. And Coinbase is uniquely situated to create a market for tokenized assets.

On the one hand, we have millions of retail and institutional investors who hold over 500 billion in assets on our platform and they're looking for differentiated opportunities to invest in. On the other hand, we work with the

in. On the other hand, we work with the world's largest institutions and funds already who already trust us for institutional grade custody. So, we can help them get distribution for their

products and make this market. Coinbase

Tokenize will bring new assets on chain from equities to private companies, funds, real estate, and more. This is

the future we're building toward where assets move at the speed of the internet. If you're a company or

internet. If you're a company or institution looking to tokenize your assets, get in touch with us.

So, that's our update. Increasing

[applause and cheering] >> [applause] [cheering] >> Increasing economic freedom in the world has always been our mission and these products are how we deliver it to you.

The future of finance is on Coinbase.

Thank you so much.

[applause and cheering] We're [music] [music] [music] >> [music] >> Heat. [music]

>> Heat. [music] Heat.

[music] Heat. [music]

Heat. [music] Heat.

[music] >> [music] [music] >> Heat. Heat.

>> Heat. Heat.

[music] [music]