Interview with Coinbase Institutional's Strategic Head: The Institutionalization of Crypto Reaches a Critical Point

John D'Agostino, Head of Strategy at Coinbase Institutional, participated in this conversation to discuss the competition among institutions in the fields of cryptocurrency, blockchain, and tokenization. Recording date: March 5, 2026

Timeline
00:00 Opening
02:26 Crypto Bear Market
08:30 Traditional Finance Embracing Crypto
11:38 Investment Psychology
12:58 Institutional Adoption
17:10 Intergenerational Changes in Investment
18:19 Banks vs Stablecoin Yields
22:07 Tokenization
24:35 Coinbase Crypto-as-a-Service (CaaS)
28:07 Tokenization Solutions
33:55 Building on Base
38:04 Inter-National Game Theory
41:38 Applications of AI
47:43 Roadmap

Disclaimer:
The Thinking Crypto podcast and Tony Edward are not financial or investment experts. Please do your own research and make independent judgments before investing in any cryptocurrency. Investing carries risks and should only involve funds you can afford to lose. The content of this channel is for educational purposes only and does not constitute investment advice.

Takeaways:

1. A "Structural Cognitive Gap" Between Institutions and Retail Investors The core contradiction in the current market is not the fundamentals, but rather "institutions accumulating positions vs retail investors in fear." ETF inflows, rising prices, and negative funding rates are essentially healthy market signals, yet sentiment indicators remain extremely pessimistic.
2. Volatility in the Crypto Market is a "Structural Feature," Not an Anomaly Leverage accumulation → liquidation → reset → upward movement, fundamentally similar to commodity and derivatives markets. Future volatility will converge but will not disappear; the trading structure dictates its necessity.
3. The "Good News" of This Downturn: No Systemic Fraud Exposed Unlike Terra/FTX, this significant correction did not expose systemic fraud, indicating that leading institutions have matured in risk management, which is an important sign of the industry's institutionalization.
4. The Real Cycle Issue is "Mismatched Funding Duration," Not Position Size Most retail investors' problem is not investing too much, but using short-term funds for long-term asset allocation. The core advantage of institutions lies in matching funding duration with assets.
5. The Regulatory Environment is Undergoing a 180-Degree Shift, Representing the Strongest Beta U.S. regulation has shifted from hostile to supportive, even discussing T+0 atomic settlement; such signals have a far greater impact on long-term valuations than short-term price fluctuations.
6. "Everything Exchange" is the Core Form of the Future Stocks, bonds, commodities, and crypto assets will trade within the same system, fundamentally characterized by:
   • UI Convergence (one entry point)
   • Asset Unification (tokenization)
   • Collateral Unification (cross-collateral)
     This will directly reconstruct financial infrastructure.
7. The True Value of Tokenization is Not "On-Chain," but "Enhanced Collateral Capability" The key is not asset digitization, but rather:
   • Priceable
   • Liquidatable
   • Cross-system transferable
   • Usable for financing
     → This is the core of releasing liquidity.
8. Banks vs Stablecoins, Essentially "The Liability Cost Arbitrage Model is Being Challenged" Banks absorb deposits at nearly 0% cost and lend at higher rates; stablecoins allow users to earn directly, which will compress banks' interest margin.
9. The Path for Banks: Resist First → Then Enter → Finally Compete Historical pattern:
   • Phase One: Opposition (protecting the moat)
   • Phase Two: Passive Acceptance
   • Phase Three: Actively Issuing Stablecoins
     This is not a question of "if," but "when."

10. Crypto-as-a-Service ≈ AWS for Finance It is unlikely that banks will build complete crypto infrastructure themselves, reasons include:

• Technical Complexity

• Different Customer Types

• Extremely High Costs
  → The optimal solution is "renting capabilities," not "rebuilding capabilities."

11. The Core Reason for Slow Tokenization Adoption is Not Technology, but "Institutional Inertia" The technology has been validated (DeFi, weekend trading, global settlement), but:

• Corporate Laziness
• Established Interests
• Regulatory Path Dependence
  Are the real obstacles.

12. AI Will Restructure the AML/KYC Model: From "Strict Entry Control" to "Behavior Monitoring" Current model: Difficult to open an account + Almost no monitoring afterward
Future model:

• Easy to get on board
• Real-time monitoring throughout
  → Fairer and more scalable

13. "Buying the S&P 500 for $5" is the Most Impactful Narrative of Tokenization Once realized:

• Global capital flows directly into U.S. stocks
• The barrier for ordinary people to participate disappears
• The U.S. capital market becomes "the global default asset pool"

14. Institutional Adoption Has Crossed the Psychological Chasm It is no longer about "whether to do it," but rather:

• When to do it
• How to do it
• Whether to outsource
  This is a key inflection point for industry maturity.

15. Long-term Trends are Certain, but the Path is Still "Sine Wave Rising" The future is not linear growth, but rather:

• Pullbacks (regulatory/political)
• Accelerations (technology/capital)
• Further pullbacks
  But the overall trend is upward and irreversible.

Tony Edward:
Hello everyone, welcome to the Thinking Crypto podcast. I am your host Tony Edward. We are currently recording at Station 3 in New York's financial district. Joining me today is John D'Agostino, Head of Strategy at Coinbase Institutional. This is John's second time on the show. Before joining Coinbase, John served as the Head of Strategy at the New York Mercantile Exchange and led the establishment of the first Middle Eastern energy derivatives exchange in collaboration with the Dubai government, making him one of the subjects of two New York Times bestsellers. John, great to see you.

John D'Agostino:
Nothing compares to being on your podcast, Tony. I'm a big fan of yours, and I really appreciate you inviting me back.

Tony Edward:
John, I really enjoyed our last conversation. You have great depth and insight. So I felt it was necessary to bring you back to discuss what's happening in the market now and some important developments at Coinbase. Let's start with the market. October 11 of last year can be described as a "memorable day," as a massive liquidation event occurred. But now it seems the market is bottoming out, and Bitcoin has shown some recovery. What do you think about everything that has happened recently?

John D'Agostino:
October 10 was indeed an important event, but I don't think it was unforeseen. In a sense, the accumulation of leverage, speculation, and the imbalance of hedging ratios are intrinsic characteristics of this asset class. And this is not just present in crypto assets; I believe it exists in commodities and other derivative asset classes as well. So this is a natural cyclical fluctuation. These assets typically have enormous upside potential during upswings, and when momentum builds, it attracts certain types of market participants who have lower risk tolerance during the upswing but often take on excessive leverage, leading to this subsequent "reset."

So what you see is a sine wave moving upward. I know everyone wants to escape this situation; some hope prices will rise forever, but that's impossible. Mathematically, if it keeps going up, at some point it will exceed the scale of the U.S. economy. This trend may be the essence of this asset. I believe that over time, the fluctuations around this sine wave will diminish. But I have also said before that a few years ago, oil prices went negative, and oil is an extremely important, highly liquid asset with significant institutional participation. So perhaps for a while, this is the characteristic of such assets.

October 10 was indeed bad and catastrophic, but it was not outside the realm of possibility. All mature investors would not consider it completely unthinkable. We can also look at some positive factors that this event brought. First, there was no large-scale fraud. Every time there is a price correction, people speculate whether some "mysterious Asian hedge fund" blew up or whether some exchange had issues, but this time there was none. There were indeed some failures, but no systemic issues like Terra, Luna, or FTX were exposed. This is a good thing, indicating that at least the large participants have matured, and risk management has become more standardized.

We did not see rampant fraud, nor did we see a situation that required large-scale regulatory intervention. Of course, many people were hurt, but it was not a structural collapse. So looking back, in an ideal scenario, this shock did not trigger the worst-case scenario.

After that, the market entered a contraction phase. I'm not sure if we have seen the bottom yet. Some say a catalyst is needed to find the bottom, and this catalyst could be some recent positive regulatory signals, such as policy progress around banks and stablecoins. But I tend to think that this is market participants digesting the shock over a few months, regaining confidence, and then gradually re-entering the market cautiously. I believe what we are seeing now is precisely this process.

Tony Edward:
An interesting point is that this round has not seen the parabolic rise like past bull markets, without that extreme euphoria and crazy influx of funds. So I wonder if, during the downturn, we might not see the same extreme sell-offs and panic, even though there is still some fear from sentiment indicators. Perhaps what we are experiencing this time is a "weakened version of a bull market" and a "weakened version of a bear market."

John D'Agostino:
That's a very good observation. Over the past few months, I have been publicly expressing a viewpoint: there is a huge disconnect between the institutional fundamentals and market fundamentals and retail sentiment. The crypto market itself cyclically experiences leverage and speculative bubbles, while sentiment can also exhibit dual bubbles; our asset class is somewhat "emotionally bipolar."

Look at the recent data: ETF inflows have increased over the past few weeks, Bitcoin prices have risen, while funding rates remain slightly negative, which is a very healthy signal. Prices are rising, but open interest in futures and derivatives markets is declining; these are all characteristics of a healthy market. But at the same time, the fear and greed index remains at 10, indicating that market sentiment is still extremely fearful.

I don't like to tell others how to feel, but I have been reminding everyone recently: if you have the ability to invest like an institution, I suggest you do so. That is, adopt dollar-cost averaging, only invest funds you can afford to lose, and take a long-term view, such as three, five, seven, or ten years. This way, you can view the market from an institutional perspective, and they are not panicking. Because what they see is the same as what I see: there have been no negative changes in the past six months, only positives.

Now the statements from U.S. regulators, such as Paul Atkins and Mike Celig, the messages they convey daily are almost what the most optimistic crypto supporters would have said a year ago. This is a huge shift. For example, Paul Atkins recently said that zero-latency atomic settlement (T+0) will soon be realized. Mike Celig is also outstanding; he is discussing the role of the CFTC in prediction markets and DeFi. From a policy perspective, this is a 180-degree shift that has lasted for six months, which is a very strong positive signal.

Tony Edward:
Indeed, the gap between what is happening at the institutional level and retail sentiment is very large. On one hand, there is a lot of construction going on, such as Morgan Stanley indicating it wants to apply for its own Bitcoin ETF and using Coinbase for custody; there are also various actions from Kraken, ICE, OKX, etc. Overall, I find it difficult to identify structural negative signals, aside from short-term price fluctuations.

If you view Bitcoin as a long-term tool against currency depreciation, then this depreciation is a decades-long process, not a matter of weeks or months. So your investment cycle should match this logic. If you are a short-term trader, then volatility can actually be an opportunity, but you must also realize that you are trading against professional institutional counterparts with stronger balance sheets who can hedge risks using various tools.

John D'Agostino:
Exactly, I would very cautiously remind short-term retail traders of this.

Tony Edward:
Just a quick interjection, I’m Tony. If you like this podcast, please give it a thumbs up and subscribe. If you are listening on Spotify or Apple Podcasts, please follow and give a five-star rating. Thank you for your support.

Back to the content, there is a saying: buy when the market is bleeding, be greedy when others are fearful, and be fearful when others are greedy. I always keep this saying written in my wallet.

John D'Agostino:
Me too. My two most successful investments in life happened during periods of extreme panic. Ten days after 9/11, I bought my first house; I also bought Citigroup stock, nearly at the lowest point. At that time, I thought if Citigroup collapsed, then the entire U.S. and even the world would be finished, and discussing investments would be meaningless.

As a result, my property value tripled within five years. Many people said New York was finished, that no one would live here anymore. Later, after the pandemic, people said the same thing about Dubai. These statements are actually absurd. So acting during periods of extreme panic has never failed me.

Tony Edward:
Market cycles and market psychology are really interesting. You have to control your emotions and not be swayed by narratives, but rather look at data and principles. This is difficult, especially when you have invested a lot of money.

John D'Agostino:
Many people are not investing too much; rather, they are experiencing "cycle mismatch"—using short-term funds for long-term assets. That is the problem. I really like that Coinbase is responsible in this regard. As a company spokesperson, I have never been asked to encourage speculative behavior.

I believe that participants in the market, including exchanges and asset management institutions, have a responsibility to continuously remind users: this volatility will not disappear; it may shrink, but it will not vanish. This will not change throughout my entire career.

Tony Edward:
John, combining what we just discussed, including Morgan Stanley, ICE investing in OKX, and the SEC and CFTC formulating rules, it seems we have crossed a critical point—institutions no longer view crypto as a taboo but as something that must have a strategy, becoming a "must-have option." Everyone is at the starting line, possibly just waiting for the passage of the Clarity Act.

John D'Agostino:
I completely agree. Now every major financial institution is forming high-level crypto teams. I have also received many headhunter calls; everyone is trying to poach talent.

Tony Edward:
Are they trying to poach you?

John D'Agostino:
Yes, but I won't leave. I really like Coinbase. But indeed, every major financial institution is doing this. Even those CEOs who publicly downplay crypto are actually making moves internally.

I have said on other shows that if you are on a board or in an executive position and still say "crypto is a scam," honestly, that is already quite embarrassing. There are two choices: either admit you were wrong or hold on until retirement, pretending this field doesn't exist.

Of course, there are some rational critics, like Nouriel Roubini, who is a good friend of mine; we have different views, but he is a deep critic. I respect that voice. But those who oppose without thought now seem quite awkward.

So I believe we are moving towards what Coinbase calls the "everything exchange." From a user experience perspective, this makes a lot of sense—why should I go to three systems to buy bonds, stocks, commodities, and crypto assets? After integration, not only will efficiency improve, but it will also enable cross-asset collateralization and cross-margin financing, which is the value of tokenization.

Not to mention the ability to trade 24/7. I see people hedging geopolitical risks through DeFi over the weekend, such as events related to Iran, which releases tremendous value.

So think about it, when my daughter grows up, will she really log into four different websites to buy assets? That’s ridiculous.

Tony Edward:
This is exactly what Coinbase is doing; you have recently started supporting stock trading, futures, and so on.

John D'Agostino:
Yes, futures are already live. You have also heard that U.S. perpetual contracts may be launched soon. The reason I am not too worried about regulatory issues is that we have a very strong policy team pushing this forward. From a technical and consumer perspective, this is definitely the right direction.

Just like Uber, initially, governments everywhere opposed it, but once you use it, you know it’s better, and ultimately consumers will vote with their feet. The same principle applies here.

You can accept a 0.01% interest rate or a 3%+ interest rate; ultimately, the market will choose the latter.

Tony Edward:
This also relates to generational changes. Generation Z is more digital; they will invest through phones and wallets, and they will inherit a lot of wealth.

John D'Agostino:
And they are more aware of the gap between inflation and yields. Even if they are not financial professionals, they can feel the difference between 0.01% and 3.5%, which is a huge difference under long-term compounding, even determining whether they can buy a house or afford their children's education.

I understand why banks resist; they have their own moats. If I could absorb deposits at nearly 0 cost and lend at higher rates, I would do the same.

But their argument does not hold up. Comparing a leveraged, credit-risk-bearing banking system with a 1:1 asset-backed stablecoin system is not valid.

Tony Edward:
I am an example myself. I keep money in JP Morgan, and the interest rate is almost zero. But I have put some funds into USDC, and I have been staking for a year and a half, with significantly higher returns.

John D'Agostino:
Yes, but staking carries risks; you should earn higher returns, which is reasonable. The problem is that if you deprive users of choice under the pretext of "reducing risk," that does not hold up.

So I am very optimistic; regardless of how the political environment changes, ultimately consumers will vote with their feet, and they will not accept this 3% yield gap.

Tony Edward:
So what will banks do?

John D'Agostino:
They will resist first, then fail, and finally enter the stablecoin market to compete. I fully welcome this competition. It will expand market awareness and let more people understand the value of stablecoins.

Stablecoins will not replace banks, just as Bitcoin will not replace gold. They serve different economic functions. But competition will drive the entire industry forward.

As for the claim that community banks are being "killed" by stablecoins, that is incorrect. The real pressure comes from large banks, not stablecoins.

Tony Edward:
How long will this game take?

John D'Agostino:
It usually takes longer than people expect.

Tony Edward:
I hope they can eventually reach some compromise, as this is slowing down the progress of the Clarity Act. Trump recently also made a statement saying banks should set aside these differences and let the bill pass. But who knows, we can only wait and see.

John D'Agostino:
Yes, we have a very excellent policy team. I leave these issues to them. This is beyond my scope of responsibility and understanding because the games involved are very complex. But I am very confident in our policy team and the entire crypto industry's policy advancement. More importantly, I know this is the right direction. I know that tokenization is a superior product compared to traditional securitization models; it is simply better.

However, as we discussed earlier, I have personally experienced the transition from open outcry trading to electronic trading. This process took ten years longer than people expected. There are many reasons for this, some of which are reasonable. These are very important systems that cannot be changed lightly.

If you are on a plane and the pilot comes out and says, "I have good news; the smartest person in the world has invented a better engine, and we are going to test it today," you might say, "I trust science, but shouldn't we test it first?" These systems are that important.

But the good news is that whenever you see some meme coin surge or plummet by billions over the weekend, or see DeFi handling oil hedging over the weekend, even if you don't believe in these assets themselves, these actions are actually testing the system. It has been tested. We know these systems are viable. We know the underlying pipelines are effective. Millions of transactions occur at night and on weekends, value is constantly transferred, there are no transaction failures, and no system collapses.

So the technology has been validated. What is slowing progress more is corporate inertia and self-serving behavior. But that's okay; we will ultimately solve these problems; it just takes time.

Tony Edward:
That’s a tough question. Do you think by 2035, all of this will be fully operational?

John D'Agostino:
2035? Yes, absolutely. I am very confident about 2035. Personally, I prefer to use seven years as a time frame. Seven years is a good cycle. Beyond that, it is actually difficult to predict anything. But I can say for sure that by then, it will definitely be institutionalized. Because you can already see regulatory trends, and once rules are established, they are hard to overturn.

More importantly, this is not something led by the U.S. In fact, the U.S. is not even leading. We have a characteristic—we do not like to be surpassed by other countries in progress. So if there is some pullback, such as a new government coming in and becoming more cautious about certain things, they will quickly see a lot of activity flowing overseas and observe development and growth elsewhere. Americans do not like to lose, so we will ultimately catch up.

So overall, this is a sine wave. There may be some pullbacks, but the overall trend is upward. I am very confident that once we have this better system, we will not want to go back to the past.

Tony Edward:
Now Coinbase provides a full suite of products and services for institutions to access and launch crypto businesses. You are working with banks like PNC and Citibank.

John D'Agostino:
Yes, it's Crypto-as-a-Service (CaaS). You asked a good question: will these banks use it for a while and then do it themselves?

That is a risk. You have to accept that risk. But I think it is "possible but unlikely." Because for large institutions like PNC, this is just a small part of their overall business for a long time.

So getting them to completely transform and build this entire system from scratch is actually very difficult. If you look at their attempts in the neobank space, most have not been very successful because that is a completely different type of customer. And the differences in crypto are even greater; the technology is different, the infrastructure is different, and the underlying pipelines are different.

So at least in my career, I find it hard to imagine these institutions looking at everything we are doing and all the difficulties we have faced and then saying, "We want to replicate that." They would need to hire thousands of crypto engineers to rebuild all the infrastructure.

And as we continue to improve and scale, that situation becomes even less likely. It’s like AWS. In the beginning, everyone wanted to do their own server backups; I remember when I worked at a hedge fund, I had to take tapes home every day for backups. Then AWS came along and said you could outsource that to the cloud. At that time, many people said, "How can I trust Amazon?"

But in the end, everyone knows that doing it yourself is not economically viable. So I think it’s the same here. It’s possible, but the probability is low. Our Crypto-as-a-Service business is growing very rapidly; I cannot disclose specific numbers, but it is growing very quickly.

I expect that as more companies realize they must provide crypto services, this business will continue to expand. Whether it’s financial institutions, fashion brands, or any consumer-facing businesses, they are receiving customer demands—customers want to be able to use, store, pay, and trade crypto assets. And between "building it themselves" and "renting," the choice is actually obvious.

Tony Edward:
Indeed, that’s a great perspective. Banks themselves are already very complex, and if they try to do what you have been doing for so many years, it will indeed take a long time.

John D'Agostino:
Yes, and personally, I also don’t quite fit into the culture of banks (laughs). If I wear a suit, everyone laughs; that itself is a cultural difference.

Let me put it this way—even the most aggressive, greedy, and capable financial institutions, when they really do the math and see our liquidity, custody scale (we account for about 12.5% of the global market), and the trust that governments and institutions have in us, I find it really hard to imagine anyone replicating all of this from scratch.

Tony Edward:
So at the product level, do you now include custody, spot, futures, and is tokenization also part of it?

John D'Agostino:
Absolutely. We have integrated all decentralized tokenization businesses. Previously, we had a project in the UAE called Project Diamond, which is now unified as Project Tokenize.

Now we offer a one-stop platform for tokenization, from stablecoins to stocks to real estate. Of course, we are very selective about projects. Because tokenization also has the "garbage in, garbage out" problem. You cannot just tokenize something without value and expect it to magically become valuable.

For example, I love my daughter, but if she draws some pictures for me and I tokenize them, no one would want to buy them (laughs). So we will strictly filter projects.

But the overall vision is: when you come to Coinbase, you can check information (similar to Yahoo Finance) and buy and sell all assets (in tokenized form). Stocks are not fully tokenized yet, but that is the direction for the future. The key is that you can use these assets for cross-collateralization, reduce margin, or even use them as loan collateral.

The ultimate goal is to become a unified financial platform. I hope people do not need to spend so much time thinking about money. If you consolidate the original ten systems into one system, it will actually lead people to pay less attention to money itself.

Tony Edward:
Yes, very well said. From a personal perspective, if everything is on one platform, that would be the ideal state for me; life would be much simpler, with less friction, and I wouldn't have to log into so many systems.

John D'Agostino:
Right, I hope people can focus more on creating beauty and joy. I want those singers to focus on singing, not on managing their money every day. I want them to think less about these issues because they know their funds are working effectively for them and yielding optimal returns.

When you add the layer of agentic trading (smart agent trading), for example, an AI agent can connect to Coinbase's API and automatically find the best yields based on your risk preferences, if this agent can operate seamlessly within a unified system and use tokenization as a "financial lubricant," then we will reach a state faster—where machines help us handle these matters, and we can focus on more human aspects. That would be fantastic.

I have a vision: in the future, anyone in the world who can save $5 should be able to easily invest in the S&P 500 through tokenization. Not to mention how much capital this will bring into the U.S. economy and capital markets, from a national perspective, this will be an extremely successful "marketing project." Imagine if people around the world wake up every day, looking at their phones, with their futures tied to the U.S. capital markets; how powerful would that be? That is the potential of tokenization.

Tony Edward:
Yes, and many people actually do not know that not everyone in all countries can invest in the S&P 500.

John D'Agostino:
Right. And tokenization can make this easier. Of course, we still need to address issues like AML and KYC. But I believe AI will do a better job of identifying bad transactions.

The current system is like this: we conduct very strict checks on you during the account opening phase, but afterward, there is almost no monitoring. A more reasonable model should be like a highway toll booth—it's easy to get on the road, but there are cameras, patrol cars, and monitoring systems along the way; if you violate the rules, you will be caught.

The current model is that we make you sign a bunch of documents at the toll booth, ensuring you won't speed (laughs). This is clearly unreasonable. We should monitor behavior rather than block people from entering the system from the start.

AI gives us the capability to do this. Rather than blocking billions of "underserved" people from entering the financial system from the beginning, we should let them in and then monitor their behavior in real-time to identify the bad actors. This is clearly fairer.

Tony Edward:
I really want to send what you just said to Congress (laughs).

John D'Agostino:
No, no, no, I don't get involved in policy (laughs). We have a great team handling these matters. I just feel that from the politicians I have interacted with, they are actually very rational behind the scenes. I believe we will ultimately move in the right direction.

Tony Edward:
I want to ask about the loan products. Coinbase offers crypto asset loans, such as BTC, ETH, and also XRP, DOGE, ADA, LTC, etc. Are these aimed at retail or institutional clients?

John D'Agostino:
Both. One of the core values of tokenization is to make these assets more fungible and easier to use as collateral. Because they are easier to price, understand, liquidate, and can be quickly transferred between different systems.

At the same time, you can also do margin deductions based on the correlation between assets. So Coinbase is vigorously promoting this area. It was also mentioned in our major strategic releases that we are not just talking about this; we are actually using our own balance sheet to support loans.

I cannot disclose specific numbers, but we are indeed providing funding support to the market. If we say we believe in tokenization, we must be willing to lend based on these assets; otherwise, it would be contradictory.

More and more users are using this feature, which is great.

Tony Edward:
Can you share some of this year's roadmap? You have already done a lot, but what are the key focuses moving forward?

John D'Agostino:
I think key focuses include: derivatives (especially with the U.S. market opening perpetual contracts, which is a huge opportunity), prediction markets (through Kalshi integration), expanding retail loan services, and ultimately achieving stock tokenization. Now all major exchanges are focusing on this direction; it is a competition.

The core goal is to integrate all assets into a unified tokenization system, breaking down these isolated systems, improving speed and flexibility, and achieving trading from 24/5 to ultimately 24/7/365.

Coinbase's advantage is that we are the ones driving innovation. But at the same time, other exchanges will quickly follow suit, which is good for the industry. I really enjoy this competitive state.

Tony Edward:
John, I look forward to having you back in a few months to see the progress after these things are implemented. Thank you for sharing today.

John D'Agostino:
Thank you for the invitation.

Tony Edward:
Thank you all for listening. If you enjoyed the show, please give it a thumbs up and subscribe. If you are listening on Spotify or Apple, please follow and give a five-star rating. Thank you, everyone.