Company Overview - Dinari 是一家位于美国的代币化证券[1] - Dinari Financial Network 将作为跨链结算和清算层推出[1] Technology & Infrastructure - 基于 Avalanche 的测试网已上线[1] - 公开启动预计在几周内进行[1] Governance & Decentralization - 初始治理将涉及 Gemini、BitGo 和 VanEck 等验证者[1] - 计划未来进行去中心化，并可能推出治理代币[1]

Why Tokenized Securities Are the Next Frontier in Crypto Finance:Tokenized securities embed traditional financial rights—like equity and dividends—into legally compliant tokens. As regulations ease and institutions enter the space, asset tokenization is driving capital toward high-quality, compliant projects, while traditional “pure token” models may gradually be phased out.Read morehttps://t.co/C9g8ExpKuB ...

Financial Data and Key Metrics Changes - Total revenue for the quarter was $1,500,000,000 with a positive adjusted EBITDA of $512,000,000 [5][16] - Net income was reported at $1,400,000,000, which included a $307,000,000 expense from a data theft incident and a $1,500,000,000 unrealized gain on strategic investments [22][24] - Adjusted net income was $33,000,000, reflecting the exclusion of certain gains and losses [24] Business Line Data and Key Metrics Changes - Consumer spot trading volume decreased to $43,000,000,000, down 45%, while consumer trading revenue fell to $650,000,000, down 41% [20] - Institutional spot trading volume was $194,000,000,000, down 38%, with institutional transaction revenue also down 38% to $61,000,000 [20] - Subscriptions and services revenue reached $656,000,000, with growth in USDC, staking, and custody assets [21] Market Data and Key Metrics Changes - Crypto asset volatility declined by 16%, with Bitcoin's average price increasing by 6%, while non-Bitcoin asset market cap decreased by 11% [17] - The US and global spot markets saw declines of 32% and 31% respectively [18] Company Strategy and Development Direction - The company aims to become the leading financial services platform globally, focusing on custody, trading, payments, staking, borrowing, and lending [6] - The "Everything Exchange" strategy is being developed to enable trading across all asset classes on crypto rails, with plans to integrate decentralized exchanges into the Coinbase app [7][10] - The company is also focusing on expanding its payment solutions, particularly through stablecoins, and has launched Stablecoin payment APIs [12][13] Management's Comments on Operating Environment and Future Outlook - Management noted that regulatory clarity is improving, which is expected to drive growth in crypto utility and adoption [14] - The outlook for Q3 is positive, with expected subscription and services revenue between $665,000,000 and $745,000,000, driven by higher average crypto prices [25][26] Other Important Information - The company has over 240 businesses using its crypto as a service capabilities, including partnerships with major institutions like BlackRock and PayPal [13][14] - A significant investment was made in the acquisition of Derivat, a leading crypto options exchange [10] Q&A Session Summary Question: How does Coinbase plan to implement tokenized securities and compete for market share? - Management expressed excitement about tokenized securities, highlighting the potential for global distribution and real-time settlement [27][28] Question: What's the projected growth for the Base app and its adoption? - The Base app is in beta with significant demand, aiming to create a super app that integrates decentralized identity and stablecoin functionalities [33][34] Question: What are Coinbase's strategic goals behind the partnership with PNC Bank? - The partnership aims to expand market access for companies entering crypto, leveraging Coinbase's infrastructure as a service [38][39] Question: Can you discuss the economics behind adding decentralized exchanges to the platform? - Monetization will occur through trading fees similar to centralized exchanges, with additional fees from decentralized exchanges operating on the Base network [93] Question: How is Coinbase addressing customer service challenges post-data breach? - The company is focusing on improving customer service through automation and in-house management of customer support operations [103][106]

Capital markets are evolving and global institutions are exploring tokenized securities for its many strategic advantages, like:• increased liquidity• fractional ownership• reduced operational costs• elimination of intermediaries• improved transparency & securityAnd Polygon serves as the infra to unlock this. ...

Ondo Finance to acquire US-regulated broker Oasis Pro for tokenized securities expansion https://t.co/vLUPaPooJl ...

Industry Trend - The industry is seeing a growing push to trade US equities on the blockchain [1] Company Initiatives - Robinhood is joining the trend by making tokenized US securities available [1] - Robinhood's service will reach 150,000 customers in 30 countries [1] - Trading will be available 24 hours a day, five days a week [1]

Key Event - GF Securities 在香港推出离岸人民币计价的代币化证券 [1]