Coinbase Global, Inc. (COIN) Q3 2023 Earnings Call Transcript

For the period ending September 30, 2023

November 2, 2023 5:30 p.m. ET

Prepared Remarks

Questions and Answers

Call Participants

Prepared Remarks:

Operator

Good afternoon. My name is Sarah, and I will be your conference operator today. At this time, I would like to welcome everyone to the Coinbase Third Quarter 2023 Earnings Call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question-and-answer session. [Operator Instructions]

Anil Gupta, Vice President, Investor Relations. You may begin your conference.

Anil Gupta

Good afternoon, and welcome to the Coinbase third quarter 2023 earnings call. Joining me on today's call are Brian Armstrong, Co-Founder and CEO; Emilie Choi, President and COO; Alesia Haas, CFO; and Paul Grewal, Chief Legal Officer. I hope you've all had the opportunity to read our shareholder letter, which was published earlier today on our Investor Relations website.

Before we get started, I'd like to remind you that during today's call, we may make forward-looking statements. Actual results may vary materially from today's statements. Information concerning risks, uncertainties and other factors that could cause these results to differ is included in our SEC filings.

Our discussion today will also include references to certain non-GAAP financial measures. Reconciliations to the most directly comparable GAAP financial measures are provided in our shareholder letter on our IR website. Non-GAAP financial measures should be considered in addition to, not as a substitute for GAAP measures. We are once again using Say Technologies to enable our shareholders to post questions. In addition, we will take some live questions from our research analysts.

With that, I'll turn it over to Brian and Alesia for opening comments.

Brian Armstrong

Thanks, Anil. Let me start with a provocative statement. Onchain is the new online. The Internet was and is a game changing technology that redefined our modes of communication, business and social interaction. It broke down barriers, democratized access to information and made knowledge universally accessible. Blockchain and crypto are doing the same thing today with a redecentralization of the web and the introduction of a new building block ownership.

Instead of just reading and writing on the traditional Internet, Onchain, you can now read, write and own. Onchain is about digital assets, broader access to financial services, and even changes how we think about identity, governance, artwork, and non-financial services. Crypto creates a level playing field where everyone, irrespective of their socioeconomic status or geographic location, has access to more robust and transparent systems. Crypto creates a world with fewer middlemen, lower fees, faster transaction speeds, and greater protection and control over one's digital assets and identity. It is for all of these reasons that we believe that crypto is the greatest tool, increasing global economic freedom.