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    Alex Markraff • KeyBanc Capital Markets

    Alex Markraff's questions to Coinbase Global Inc (COIN) leadership

    Alex Markraff's questions to Coinbase Global Inc (COIN) leadership • Q2 2025

    Question

    Alex Markraff from KeyBanc Capital Markets inquired about the economics of recent bank partnerships like PNC and JPMorgan, asking who controls the user experience, the scope of services offered, and the expected timeline for these services to ramp up.

    Answer

    CEO Brian Armstrong described the offering as a fully white-labeled 'Crypto as a Service' infrastructure, where partners like PNC retain complete control over the user experience. CFO Alesia Haas clarified that revenue from these partnerships will be reflected in existing line items, such as institutional trading and custody assets, rather than a new, distinct revenue stream.

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    Alex Markraff's questions to Coinbase Global Inc (COIN) leadership • Q2 2025

    Question

    Alex Markraff from KeyBanc Capital Markets asked about the recent bank partnerships with PNC and JPMorgan, seeking details on the economic model, which party controls the user experience, the scope of services offered, and the expected timing for these services to ramp up.

    Answer

    CEO Brian Armstrong described the offering as a fully white-labeled infrastructure solution, where partners like PNC control the entire user experience. He positioned it as a 'one-stop shop' for custody, payments, and rewards. CFO Alesia Haas added that revenue from these partnerships will be reflected in existing line items, such as institutional trading volume and assets under custody, rather than being broken out separately.

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