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    Alex Markraff

    Vice President and Equity Research Analyst at KeyBanc Capital Markets

    Alex Markgraff is a Vice President and Equity Research Analyst at KeyBanc Capital Markets, specializing in fintech and vertical SaaS companies. He covers leading firms including Adyen, Bill.com, Coinbase, Fiserv, Intuit, Mastercard, PayPal, Remitly, Robinhood, and Visa, achieving an average analyst rating return of roughly 24% with a 51% success rate and ranking in the 83rd percentile on major performance platforms. Markgraff began his investment career as an analyst at an institutional consulting firm in Portland, Oregon before joining KeyBanc in 2017, advancing from Research Associate to Vice President. He holds a Bachelor of Science in finance from Oregon State University and maintains Series 7, 63, 86, and 87 licenses, with seven years of professional experience and a spotless regulatory record.

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

    Alex Markraff's questions to Coinbase Global (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 (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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