Coinbase

“And so Bitcoin is very easy to trace and a lot of people give information away about other people. So even if you're being really smart and someone transacts with you, they give away, away information about you.”

“Coinbase is an example of that, where they hired somebody of that profile, I think in the first 10 people or so, and so they were always focused on being regulatorily compliant.”

“But if you look at like a great example, I'd like to talk about is Coinbase. Like he couldn't raise from anyone. I think he got like half a million bucks.”

“He had an impossible time raising money on Demo Day. And so if he had taken the Demo Day signal, the investor's signal of, oh, we don't want to give you money and quit, we don't have Coinbase.”

“For each of these companies, there was a pre-existing product. Pre-existing competitor, dominant, you might say, but there was an opportunity to make something that was 10 X better than what existed.”

“Another thing I want to note is even Brian and his YC application Didn't really believe in his own idea because what he basically applied to YC with was the P to P transfer parts. It wasn't buying Bitcoin and holding it. It was the idea that he could build som…”

“Most people, founders and investors thought these ideas were horrible, either because they were too hard to execute or because they just were bad ideas.”

“It also turns out that three of the YC top 10 are transactional businesses too. So these are companies like Stripe, Coinbase, and Brex.”

“And what we did over a nine month period was exactly that. We went into their systems, which are literally millions of lines of code where they're doing things like escrow they're taking taxes they're doing, you know, fees, tariffs they're doing refunds, charg…”

“And that's what we're seeing every day on base right now. It's like people are bringing stock, they're bringing bonds, they're bringing more stable coins, like I talked about earlier, they're Actually, you know, bringing collateralized debt positions. Like, ev…”

“Y Combinator and Coinbase are together putting out a joint request for startups building in crypto.”

“The first two to three years of USDC, we had launched it, but it didn't grow that much. Like, it took us a while to get to a billion dollars of issuance.”