偏置集成以增强交叉销售并改善交易量

领导团队预计，将进一步采用USDC，并以伙伴关系并遵守欧洲法规是国际增长和经常性收入的驱动力。

Coinbase is prepared to pursue further strategic acquisitions, according to management. Asked by Alexander Markgraff from KeyBanc about M&A priorities, the leadership team highlighted the strength of the balance sheet and improving regulatory clarity as enablers for expanding into new areas.

据管理层称，Coinbase准备进行进一步的战略收购。由Keybanc的Alexander Markgraff询问并购优先事项时，领导团队强调了资产负债表的实力，并提高了监管清晰度，作为扩展到新领域的推动力。

The company's ability to quickly launch new products and expand into adjacent markets could be aided by strategic acquisitions, while its strong financial position provides the flexibility to make opportunistic investments.

该公司快速推出新产品并扩展到相邻市场的能力可以通过战略收购来帮助，而其强大的财务状况为进行机会投资提供了灵活性。

Coinbase has been actively expanding its product offerings and geographic footprint in recent years as part of its broader growth strategy.

近年来，Coinbase一直在积极扩展其产品和地理足迹，这是其更广泛的增长战略的一部分。

The company's recent acquisition of the crypto derivatives exchange Deribit is a prime example of this strategy in action.

该公司最近收购加密衍生品交易所deribit是该策略中的一个典型例子。

The integration of Deribit's options platform is expected to enhance cross-selling to institutional clients and improve trading volumes by offering spot, futures, and options products under one roof.

预计Deribit期权平台的集成将通过提供一个屋顶下的现场，期货和期权产品来增强对机构客户的交叉销售，并改善交易量。

The leadership team also expects further adoption of USDC, with partnerships and compliance with European regulations driving international growth and recurring revenue.

领导团队还希望进一步采用USDC，并通过合作伙伴关系和遵守欧洲法规推动了国际增长和经常性收入。

However, management also acknowledged that evolving regulations and asset price volatility remain sources of uncertainty for guidance.

但是，管理层还承认，不断发展的法规和资产价格波动仍然是指导的不确定性来源。

The leadership team highlighted the importance of liquidity and global adoption, leading them to expand the USDC partnership to include Binance and share economics with partners to increase the total addressable market.

领导团队强调了流动性和全球采用的重要性，导致他们扩大了USDC的合作伙伴关系，以包括binance并与合作伙伴共享经济学，以增加可寻址的市场。

In response to Devin Ryan from Citizens' question on competitive dynamics as traditional banks enter crypto, they explained that Coinbase aims to provide the infrastructure that enables these entrants, expecting to benefit from broader adoption of crypto rails by financial institutions.

为了回应公民对竞争动态的问题的德文·瑞安（Devin Ryan），随着传统银行进入加密货币，他们解释说，Coinbase的目的是提供使这些参与者的基础设施，希望从金融机构通过更广泛采用加密货币铁路。

The company is making good progress with U.S. regulators on rolling out its crypto derivatives offering, pending which they plan to launch Deribit's products in the U.S.

该公司在美国监管机构推出其加密衍生品产品方面取得了良好的进步，他们计划在美国推出Deribit的产品

Coinbase is planning to launch a range of crypto derivatives products in the U.S. pending regulatory approval, and it's actively engaging with authorities to navigate the legal and compliance landscape.

Coinbase计划在美国发布一系列加密衍生产品产品，以待获得监管部门，并积极与当局互动，以浏览法律和合规环境。

The company's ability to offer a diverse suite of products and services could be crucial in attracting and retaining institutional clients, who are increasingly interested in investing in digital assets.

该公司提供各种产品和服务套件的能力对于吸引和保留机构客户越来越有兴趣投资数字资产至关重要。

The leadership team highlighted the importance of liquidity and global adoption, leading them to expand the USDC partnership to include Binance and share economics with partners to increase the total addressable market.

领导团队强调了流动性和全球采用的重要性，导致他们扩大了USDC的合作伙伴关系，以包括binance并与合作伙伴共享经济学，以增加可寻址的市场。

In response to Devin Ryan from Citizens' question on competitive dynamics as traditional banks enter crypto, they explained that Coinbase aims to provide the infrastructure that enables these entrants, expecting to benefit from broader adoption of crypto rails by financial institutions.

为了回应公民对竞争动态的问题的德文·瑞安（Devin Ryan），随着传统银行进入加密货币，他们解释说，Coinbase的目的是提供使这些参与者的基础设施，希望从金融机构通过更广泛采用加密货币铁路。