, Brett whats, your take on these Coinbase numbers. Yeah, definitely a lot to unpack here. In the shareholder letter.. You know Coinbase as a as a business really developed as a retail focused business.. Now they have now. You know 70 million users at around 7 million monthly active users. And, as we know, retail really loves to trade crypto. Right now, when its moving a lot, especially when its moving up a lot.. So, for example, weve seen crypto volumes really pick up on exchanges across the US in the last several weeks, as cryptos have reached all time high., But earlier on, in the middle of the quarter, we were seeing general lower trading volumes lower volatility., And that seems to Have a huge effect on the amount that retail wants to actually transact. And so were seeing a lot of mentions in the Coinbase letter about how much their business is really correlated with the volatility of the crypto market.. So Coinbase is talking in the shareholder letter about how the company is a long term. Investment. Doesnt want investors to pay attention. Quarter to quarter., But one of the things that analysts really cottoned on to in the quarter was how use of the app spikes after listing of Shiva new coin of course.. They want to move into an FTSE non functional tokens. As well., What is the future for the platform. Overall. Yeah? One thing that really stuck out to me in the letter was the fact that a Bitcoin trading on the exchange and in general Bitcoin dominance in the crypto market cap as a whole keeps going down and the amount of users that are using more advanced features of Exchanges, arent ours.

On Coinbase are going up., So you see people trading, alternative, coins., The theorem Solana, these different coins, certainly on our exchange.. You know a theorem and Solana have been steadily growing in volume and people are using things like their earned. Product. Theyre staking product and now theyre getting into NF TS, and so they are just like RTX. You know getting into the NFTE space. Theyre looking to make longer term investments in the Web 3 ecosystem and provide more of a diverse experience than just simple buying and selling bitcoin.. Well, on that point, Covid means my Bloomberg terminal really quick. And look at this. Chart. Bitcoin had an astonishing rebound since July, but its lagged., The Bloomberg Galaxy Craig to index, which of course includes other coins, including EFA. Ill hold you to a yes or no answer.. Is this a maturing crypto currency market., Or is this still nascent to the mind of retail investors, institutional investors.? I think it still makes sense.. You know a lot of the largest institutions in the US especially have yet to be able to tap the full potential of crypto because of various compliance issues. Regulatory issues that are preventing a lot of these major institutions from getting into crypto currencies., You know, were just starting to tip toe into institutional adoption by the first. You know Bitcoin Futures, ETF, being released., But thats, just the beginning., And until we see more better regulatory clarity that allows for these institutions to get into crypto currencies like Bitcoin like A.

. Only then are we going to really start to see more of a maturing off of this market., So full disclosure, my husband, works over as a senior manager at Coinbase.. So I lay down too much of the intricacies of that business., But I will ask you about that regulatory question. And, of course, Im sure youre talking to regulators yourself.. How swiftly are we going to see.? Well, unless nascent regulatory framework here in the United States thats a great question. Talking to regulators and thinking about the regulatory landscape right now, is a major part of what we are doing. It RTX, because we truly believe that the long term viability of this industry rests On the ability for exchanges like ours licensed gatekeepers in this ecosystem to be able to interact cooperatively and collaboratively with regulators. The S.E.C. to see FTSE with lawmakers and its very clear. This is top of mind for these agencies that we want to get to a place where theres a good federal regime that is regulating its crypto currencies and other kinds of crypto assets.. You know all of the discussion around the infrastructure bill. Passing was really the beginning of all that., And we think that this is imminent is for for some sorts of decisions, or at least the beginnings of bills, to start coming out that really try to shape the future.. This is supposed to look like in a way that makes people feel that this is no longer a fringe industry.

. This is a properly regulated trading industry that that everyone should have some way of taking part in and safe and regulated matter., And in a way that what is evident that an F.D.A. on the fringes, the fact that Christies you know the aged auction house – is once Again, auctioning off and FTSE tomorrow that of peoples. People made the 69 million dollar splash., But the beginning of this year. How do you think such an auction is tonight will help effect and FTSE look at FTSE are growing in their adoption.. It helps that now exchanges actually centralized exchanges, not just defy exchanges like RTX, like Coinbase or jumping into the NAFTA space. NAFTA has have a lot of appeal for people outside of crypto because they make crypto relatable.. I mean thinking about things like layer, one block chains and staking and wallets and addresses, can be something thats hard to get peoples minds around.. But the idea of a collectible, a piece of art where you can trace the origin of the art to a particular creator or mincer that has a lot of appeal and analogy to other kinds of collectibles and communities in the world. Other kinds of art communities.. I think that NAFTA is something thats really going to help the world get more into crypto, not less.