Golden Recommended Reading｜23 Highlights of Coinbase Listing Documents

Coinbase announced today that the U.S. Securities and Exchange Commission announced on April 1 that a registration statement on Form S-1 relating to Coinbase’s direct offering of Class A common stock has become effective. Its Class A common stock is expected to begin trading on the Nasdaq Global Select Market under the ticker symbol "COIN" on April 14. Regarding the S-1 form of the Coinbase listing document, on February 25, the founder of Messari commented on its main highlights: 1. Starting from the four headline data: By the end of 2020: 2.8 million monthly active-zce users (MAU) 43 million real names The total transaction volume of users is 456 billion US dollars, and the platform assets are 90 billion (seems to be low?) 2. There are many new definitions in the "Encryption Economic Glossary". I love HODL the most. 3. This picture is going to become a meme, who will make an NFT. Golden Morning News | October 12 Overnight important news list: 21:00-7:00 Keywords: CME BTC, anchor currency, Belgium, US Department of Homeland Security 1. CME BTC futures formed a "11115-11360" gap this week . 2. Data: The circulation of Bitcoin anchored on Ethereum exceeds 130,000 pieces. 3. Data: The monthly futures trading volume of Ethereum in September hit a record high. 4. Belgium suffered a loss of nearly 10 million euros in cryptocurrency scams in a year. 5. The U.S. Department of Homeland Security provides nearly one million dollars in funding to blockchain companies to modernize operations. 6. Bitcoin fluctuated widely, with a daily low of $11,288 and a high of $11,429.59. [2020/10/12] However, Armstrong's introduction stated the company's vision, which is very good and concise: by building a safe, trusted, and easy-to-use platform, it will help people enter the encrypted economy and promote economic freedom. 4. "Coinbase Helps Encryption Economy" 43 million users + 7,000 institutional investors 115,000 ecosystem partners 100 countries Golden Morning News | List of important overnight news on August 30: 21:00-7:00 Keywords: COMP, DeFi, USDC, Digital RMB 1. Compound’s proposal to reduce the issuance speed of COMP by 20% has been passed. 2. Chainlink founder: DeFi only accounts for 2.5% of the total cryptocurrency market value. 3. USDC Treasury issued a total of 30 million USDC on the Ethereum chain. 4. CCB's response to the launch of digital currency: it is a test content, which does not mean that the digital renminbi is officially issued. 5. Those who have recharged the CCB digital RMB wallet will receive the refund before the end of August. 6. Ripple company executives: hope to expand Ripple's cross-border remittance model to other jurisdictions around the world. 7. ETC suffered another large-scale 51% attack, and more than 7,000 blocks were reorganized. [2020/8/30] 5. Income: A total of 3.4 billion U.S. dollars, and 1.3 billion U.S. dollars in 2020. Transaction fees account for 96% of revenue. 35% EBITDA margin (Q1 could be much higher). Golden Morning News| List of important overnight news on August 16: 21:00-7:00 Keywords: Beidou, Agricultural Bank of China, medical care 1. Scientists of China Satellite Navigation and Positioning Association: Promote the integration of Beidou space-time and blockchain 2. National information Deputy Director of the Center: Blockchain technology is expected to become a transformative force for the innovation of public resource transaction governance 3. It is suggested to use blockchain accounting and other modes to improve the mutual assistance and mutual insurance model for the prevention of major diseases 4. The establishment of a financial technology subsidiary of the Agricultural Bank of China recruits blockchain research and development Waiting for posts 5.BM: Support adding token token auctions and issuing tokens without deploying native contracts 6. US Congressman: Libra-related controversy is not about cryptocurrency itself 7. Report: DeFi drives Ethereum gas fees soaring [2020/8/16] 6. Interestingly: 21% of investors participated in at least one non-investment product every quarter. An important part of the company's development strategy will be to participate in DeFi, staking and agreements, because exchanges are ruthless competition. 7. Risk: High volatility, but Coinbase relies on high volatility and rising prices of encrypted assets. On-site | Jinse Finance presented the "2019 Most Innovative Staking Pool" award. A total of 9 companies won the award: On December 27, 2019, the "Creation with the Times" awards ceremony hosted by Jinse Finance was held in Beijing. Jinse Finance "co-created with the times" selected the most innovative staking mining pools in 2019. After the selection by the judges, ViaBTC, Huobi.pool, MEET.ONE, BiKi mining pool, OKEx mining pool, HashFin, Newpool, HelloPool Nine companies including HyperPay won the "2019 Most Innovative Staking Pool" award. This event invited more than 100 well-known blockchain companies at home and abroad, more than 300 industry leaders, representatives of many industry upstream and downstream service agencies and other industry celebrities to witness the awards ceremony. Jinse Finance's "Co-creation with Time" activity invited more than 40 senior industry experts as a professional selection team to conduct a comprehensive review in combination with online voting. Through different awards, each company's efforts to realize the empowerment of entity innovation and lead the future development of the industry will be evaluated. Commendation, realize the joint exploration of blockchain with the times, and create a beautiful blueprint for the industry. [2019/12/27] Relying on BTC/ETH (as they are excluded from broader asset backing due to the SEC) operational security, regulation, competition, banking risk, etc. Jinse Finance Live Report Xue Manzi: The era of irrational blockchain barbaric growth is over, not everyone can drink the beer under the bubble: Jinse Finance live report, at today’s 2018 Global Blockchain Summit Forum, China Angel Xue Manzi, the first investor and founder of Manzi Fund, gave a keynote speech. Xue Manzi said: E-mail provides a killer application for the Internet, WeChat provides a killer application for the mobile Internet, and blockchain also needs a killer level applications. The only blockchain killer app right now is Bitcoin. The current infrastructure of the blockchain, the public chain is slow to carry, and the transactions that can be carried are limited. It is hoped that the blockchain 3.0 will bring real applications. The blockchain in the future can truly bring convenience and efficiency, enrich life experience, and benefit mankind. This is the biggest challenge and opportunity of the blockchain. Xue Manzi pointed out that the issuance of coins does not mean that the scene is brought, and it does not mean that the project will be implemented. The era of irrational blockchain barbaric growth has passed, and the next generation of new blockchain companies must have actual landing scenarios, have their own originality, and have their own patents and IP. Although there is "beer" under the "bubble" of the blockchain, not everyone can drink the beer under the bubble. [2018/4/29] 8. "Coinbase is a telecommuting-first company, so there is no head office." May be helpful for recruiting, regulatory flexibility, and company security. 9. As a side note, every "risk factor" pointed out in the company's prospectus should be sorted out by startups looking to sell services (or themselves) to large exchanges. The cumulative "market value" is about 500 billion US dollars, and the cash is more than 10 billion. These are all players in mergers and acquisitions. 10. Good capital efficiency: $560M of convertible preferences -> $1.1B in cash We'll get to who makes the dollars in a second. 11. It surprises me that the company has said little about 2017 and 2018 so far. When it described the first quarter of 2018, it mentioned a higher "median transaction volume". 12. It's almost like they don't want to show a down year in 2020 vs. 2017 or 2018, but that's a headache for me because they can rightfully show that we're likely into the next bull market. "If we did x dollars in 2017-2018, imagine 2021-2022." 13. The token prices below may have been priced in advance, but I expect the token prices in the "store" column to increase in the next few weeks There are excellent performances. 14. Some killer charts. MAUs vs Volatility... MAUs *just* surpassed Q1 2018 See if you can spot Coinbase holding assets in custodian Xapo/Grayscale. Assets on the platform account for up to 11.1% of the market capitalization. Institutional trading volume soared 15. Custody fee income increased by 15 million, staking income increased by 10 million, and Earn activities increased by 7.5 million. 16. Don't know if the exact figure of the Xapo acquisition was ever made public, but it was $55.4 million. Xapo is indeed an interesting case study because they just refuse to take custody of non-bitcoin assets. I wonder how they are doing in terms of embracing ETH/DeFi/Staking/Lending... 17. If Coinbase has major security issues, the game is over for now. 90% of customers find them through word of mouth, so in the west, crypto = Coinbase. More than 10% of all crypto assets are hosted by Coinbase. The first/largest crypto IPO18, Binance, appeared only four times. Twice in Coinbase's crypto volatility calculations. One time in reference to Binance's 2019 hack... juxtaposed (!!) with the Mt. Gox & Bitfinex NYAG lawsuit. At one point it referred to competitors' "varying levels of regulatory compliance." 19. In terms of non-employees, Katie Haun's big pay day at the board of directors 20. Huge compensation for executives 21. Interestingly, the equity incentive (3.8% equity) for Armstrong is relatively aggressive, only when the stock price increases by 750% The grant of the exercise price will be implemented in stages. Looks like a good deal. 22. I cannot stress enough how amazing the long exercise windows of Coinbase options/RSU/incentives are. Employees of other start-up companies in the industry who have spent years building unicorns or decacorns have been given HUGE equity packages due to forced acquisitions. 23. Deloitte issued an unqualified opinion on the accounts of Coinbase.

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