Coinbase

“Actually Coinbase was in our batch. At YC and was giving anyone who signed up a full Bitcoin, which is insane. It was like five dollars back then. So it was like their signup reward.”

“Our first broker was Robinhood, and, you know, Vlad has been talking about that, and, you know, we just got Webull, and I think, yeah, I mean, I think over time, we're in discussions with all the other ones, like Coinbase, DraftKings, all the others, and vario…”

“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 …”

“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.”

“Marc Andreessen's been an incredible mentor about how to do policy and In DC and comms.”

“Yeah, and then we also launched a direct deposit feature too, so when you're at a company getting your paycheck instead of depositing it into your checking account and earning zero, you might as well deposit it into Coinbase and earn 3.5% on cash, and then you…”

“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…”

“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…”

“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.”

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

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

“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.”

“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 …”

“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.”

“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 …”

“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…”

“Healthy conflict can create really good outcomes, and just, that's kind of your job as a CEO sometimes, is to take The most broken, messed up thing in the company. Maybe two people can't work with each other. Maybe someone's not ready to do this next job. Mayb…”

“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.”

“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.”

“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 …”

“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…”

“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.”

“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…”

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

“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'…”

“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.”

“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.”

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

“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.”

“So of course we support stock trading if they have shares and they want to move it over, like we have a really great feature now where people can transfer stocks into Coinbase. It uses something underneath called ACATS, which is just like the industry standard…”

“So, yeah, we're really it's not just about trading, like, we're trying to be the primary financial account for someone's entire life.”

“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.”

“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…”

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

“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.”