Coinbase

“And so we've made some simple tools where with a single Command. You just prompt, you paste it into your AI agent. It can now have its own financial account and it's using a self custodial wallet and crypto rails.”

“It's going to be possible to create a separate agentic account with segregated funds on Coinbase in the near future. And you can give your agent access to just that to do trading and payments on your behalf. That's kind of linked to your identity as human.”

“We're seeing a lot of agentic payment now flow over these new protocols, like x-for-o-two, which is one that we incubated at Coinbase that we actually put into the Linux foundation. So Google and Cloudflare and AWS, a bunch of people are working with us on tha…”

“And I believe the stats we last saw on this are that about like 76% of the agentic The commerce transactions we're seeing are under 30 cents.”

“You can have a brain for each individual, which, by the way, I believe they should be able to take with them when they leave Coinbase. So we're creating some good policies on that.”

“You know, it can now make calls out to external vendors and pay using the agentic finance economy, like over these X four or two protocols.”

“And now instead of like pinging the team in Slack, I can basically tag an agent in Slack with that comment or drop it into our internal harness. And instead of bugging the team and asking them to do something, I just send them a PR for review and it's already …”

“It's kind of like just saying tasks are being Automated or eliminated. People are not being eliminated. I think tasks are being eliminated. And so if you take a company like any sort of company today, Coinbase or others that exist today it's not that I don't t…”

“Actually, 88% of our revenue is from non-Bitcoin trading at this point.”

“We just announced our tokenized stocks product which is only available outside the U S right now, unfortunately, but we're working with the SEC and others to get in a path to do it in the U S.”

“I think we shared in our last earnings call within months of launching it had to hit like a hundred million dollar revenue run rate. It's growing really nice, like over a hundred percent quarter over quarter, something like that.”

“Coinbase actually made an investment in that just to like learn more about it and see what was going on.”

“Yeah, like in, on the base chain, at least it's about a 10th of a cent US.”

“But currently today, it's about 90% of the economics, at least on Coinbase, are given to the user. So we are keeping, you know, the 10%.”

“We're actually planning to relaunch in India on Monday, and we, I believe we're now the first you know, international player in India that has a local license and access to the local payment rails and, You know, we registered with the FIU, and so we've got a l…”

“Right now we're making, An on-chain payment protocol.”

“You had mentioned earlier, people on Coinbase can actually choose to lend their money out and earn these yields and things. That's using a DeFi protocol underneath.”

“One thing we've been doing is just diversifying the set of asset classes that are in, you know, we're building the everything exchange so you can trade stocks and commodities and FX and everything, right? And, you know, index funds.”

“There's also people working on private transactions on, on base including us, for instance. So hopefully we'll be able to launch the first private transactions on base soon as well.”

“We were doing stablecoin integrations with five of the 20 largest banks in the world.”

“We also want to become the primary financial account for people over time. So they're doing direct deposit and they have Coinbase card and they can get a loan.”

“We're the company in the world that stores more crypto than anybody else.”

“Well, it turns out if you're building in a new area the law is awfully oftentimes unclear. And if your company gets big enough, you will eventually intersect with government. Even if you have no interest in the government will eventually develop an interest in…”

“If we had, Capitulated, it would have probably spelt the end of the crypto industry in the United States.”

“So we actually just today got approval for crypto perps and options tradable by U S people. I think we're the first regulated exchange in the U S to do that.”

“We, we've built this in the cloud where anybody can spin up an AWS instance in the same availability zone and have the same access as Citadel or Jane Street.”

“It's the most popular layer two on top of Ethereum now, and it's, people are using it for all kinds of apps to be built, and payment stable coins, and trading, and AI agents, like agentic commerce is happening on there.”

“And we, we've made it through stage zero, stage one. We're partly, partly through the final stage of stage two. And to do that, we've explored issuing a base token and there's a path to potentially decentralizing it over time on that route.”

“I, and I will say, yeah, the 30% tax on trading in India is quite punitive. I think that's actually one of the most punitive regimes anywhere in the world that we operate.”

“The House has already voted on it, so now the two committees in the Senate have to come together to reconcile their drafts, and then it'll hopefully, it could go to full Senate vote in the next month or two, so we'll see.”

“The counter counterfactual is if those open source product didn't exist, the Brian Armstrong quote would tweet would have been, We were paying ten million dollars six months ago for our AI intelligence. Now we're paying 60.”

“To me, the curve is no longer up into the right from where it was a few months ago. Just everything. Yeah. I mean, just again, When the Coinbase CEO is bragging about model routing, and here's five different models suited to different tasks, and everyone is ta…”

“One of the big ones is tokenized equities. That's something we've been working on for a long time. So just like you know, stable coins got the tokenized money, you know, dollars. And it got democratized access for everybody. We're now doing that with stocks fo…”

“We built out a lot of infrastructure for AI agents to actually get their own financial accounts and connect them into your own, you know, your Coinbase account.”

“And we've just finally gotten some approvals where we can now Get our international customers and our US customers on the same order book and liquidity is a network effect.”

“So we launched this thing, Coinbase Advisor, it's built right into the Coinbase app, and you can talk to it in plain English, and it can do research, but it can also conduct trades, do tax loss harvesting strategies, like, it can do financial literacy or educa…”

“And then we can start to build that data set over time, which I think will be a real moat.”

“The Base app, which is our self-custodial wallet, has an easier time spreading, like, you can launch that in hundreds of countries around the world, because if you're not taking possession of customer funds, it's not treated as a regulated financial service bu…”

“You know, with crypto rails, you can now send money instantly less than a second anywhere in the world for less than a cent, and you can do that on the base network with USDC, for instance, and that's democratizing payments, right, and just bringing, lowering …”

“And you mentioned the Clarity Act. I mean, this would be another landmark piece of legislation that I think is a massive TAM expansion opportunity for Coinbase and for all of crypto. To have more of this built in the United States with clear rules.”

“In terms of Coinbase's unique advantage, I mean, so we're storing more crypto than any other company in the world.”

“I think in five or 10 years, people are going to be using financial services. A lot of it will be running on crypto rails. They won't even really know or care about crypto itself. They just like, oh, this is a cheaper way to send money abroad to my family, or …”

“From a Coinbase point of view, we're like, great, if that's what people want to trade, guess what? We have pre-IPO perps, right? We're gonna, you can get exposure to these things before they go live, and then once they're live and trading we're gonna have toke…”

“So we launched with SpaceX, A few weeks ago before they went public, and we saw quite a lot of volume on there.”

“Getting these approvals in the US we were the first for These perpetual style futures and things like that for crypto and options trading. We're the first company to do that. I don't think any other company in the U S has gotten that yet.”

“The amount of code being shipped per developer is up about two X year over year.”

“If the average developer is shipping maybe like eight pull requests a week, the top few engineers are doing like a hundred pull requests a week.”

“Traditionally, in tech companies, you'd have, like, a team of a pod of 10, right? There'd be, like, one product manager, one designer, eight engineers, something like that, and we're now seeing these teams that are, like, two to four people. In some cases, we'…”

“There's actually about 1200 full-time agents working at Coinbase now. Yeah, we, it's, we try to basically estimate it because, you know, you can spin up an agent for five minutes and shut it down, but if you look at it as, How much time AI agents are working c…”

“We're actually seeing, like, the rate of bugs and incidents go down per line of code shipped”

“One of the next big things we're reaching for to get in place is, is recursive self-improvement, right? So we're actually using our apps to collect feedback from customers. Whether that's bugs, bugs they're encountering or even new feature requests. And we're …”

“Well, I mean, I have started writing some code again using AI agents. I test out the tools every few months, make sure I can ship a few pull requests and like still get in the weeds.”

“In my view, the New York Times is more of like a political propaganda arm than it is doing any real journal, journalism at this point.”

“That's what I do with 80, 80% of my time. 20% of my time I still spend with traditional media because there are people who are over, over 50 or over 60, mostly on the east coast, who still read traditional media.”

“Like, actually, I think Coinbase has a real opportunity to go build a frontier model for investing, for instance, right? Based on the data sets that we have from our customers.”

“I think the best companies are just going to get even more efficient like Coinbase is doing. And if there's companies that fail to Integrate AI, then they could be, they could get left behind, but the best companies in every industry are just going to be even …”

“We also run the largest institutional business in crypto. I actually don't think there's like a close competitor for that, at least not One that comes to mind.”

“And what was really cool is we are now seeing our usage of AI tokens is still continuing to grow exponentially, but the cost curve has really started to flatten.”

“So I, my guess is that within 12 to 18 months, 80% of our workloads will be going toward models that are 99, 99% cheaper, but 20% of it will still go to these frontier models where you need to be, you know, IQ maxing or whatever you want to call it.”

“We're also going to see AI agents have their own financial accounts, and we're powering that with the base, like, MCP API so they can have their own self-custodial wallet now and start to have a true agentic economy, paying for goods and services, hiring other…”