From: Brock Pierce <

From: Brock Pierce < To: Richard Kahn <I >, Jeffrey Epstein <jeevacation®gmail.com> Cc: P Bait Ste hens , W Bradford Stephens Subject: Fwd: Coinbase Investor Newsletter Date: The, 02 Feb 2016 23:09:51 +0000 Inline-Images: Screenshot_2016-02-02_11.01.25.png FYI Forwarded message From: Brian Armstrong < Date: Tuesday, February 2, 2016 Sub'ect: Coinbase Investor Newsletter To: Cc:' < Here is our monthly update: How much money is in the bank? $60.6M How much revenue did we make last month? $800K How much cash did we burn in the last month? $1.2M Projected months of runway 50 # of salaried employees 96.0 What is our primary growth metric? Dollars of bitcoin traded What % did our primary metric grow last month? -32% EFTA00625694 libnline image I Summary The bitcoin price (and trading volume, which drives our revenue) continues to be higher than 2015 average levels, but there is a good amount of fluctuation month to month. We continue to focus on being the easiest place to buy and sell bitcoin (more payment methods, more countries, simplified limits, etc). However, this year we are also trying a handful of prototypes designed to create growth in the wider bitcoin ecosystem since this will drive our revenue long term. Nothing specific to announce on that front yet. The block size debate about how bitcoin will scale continues in the background. We are working with a number of the teams behind the scenes to help ensure the protocol keeps scaling (and is not held back by any of the early idealists). We remain optimistic that bitcoin's ingenious upgrade mechanism (miner voting) will work as designed. My guess is that the network will upgrade to 2MB blocks in the coming month or two, and once this first "hard fork" is shown to be successful, the price of bitcoin will respond accordingly (by going up!). In the future, hard forks will happen periodically (perhaps once a year) which will allow bitcoin to continue improving as a protocol. Thank you for your support. Brian Armstrong Co-founder and CEO Coinbase San Francisco, CA, USA You received this message because you are subscribed to the Google Groups "Investors" group. To unsubscribe from this rou and stop receiving emails from it, send an email to Brock Pierce EFTA00625695 ; I; Managing Partner Blockchain Capital LLC o: c: s: e: www.blockchain.capital Follow me on Twitter: Co-invest with Slockchain Capital Q Ws://angel.co/blockchain-capital/syndicate Linkedin: IMPORTANT NOTICE: This message is intended only for the use of the individual or entity to which it is addressed, and may contain information that is privileged, confidential and exempt from disclosure under applicable law. If the reader of this message is not the intended recipient, or the employee or agent responsible for delivering the message to the intended recipient, you are hereby notified. EFTA00625696