From: Brock Pierce cj

From: Brock Pierce cj To: Jeffrey Epstein <[email protected]>, Richard Kahn < Subject: Fwd: FW: Coinbase Investor Newsletter Date: Wed, 02 Nov 2016 23:18:31 +0000 July 2016 Here is our monthly update: How much money is in the bank? $61.5M* How much revenue did we make last month? $1.2M How much cash did we burn in the last month? $1.3M Projected months of runway (prior three month average): 40 months # of employees: 111.0 What is our primary growth metric? Revenue What % did our primary metric grow year/year? 60% Includes $10.5M of Series C investment from Japanese investors (Sozo and Bank of Tokyo Mitsubishi) received in Jul2016 EFTA01063205 Summary • We are starting to see some of the first real decentralized applications on the horizon for Ethereum. These apps, which really are protocols, have a native app coin which makes the economics of their networks go round. We think the implications of this are quite large: it changes how businesses are funded (crowdsale on blockchain, "public" from day 1) and presents a new business model (companies no longer make money from extracting rent on their platform, rather there is mutual ownership of the network and contributors can own more if they contribute earlier). There's a lot of goodwriting on this topic, and you can read our thinking on it here. • Ethereum hard forked and we were caught a little flat footed. We ultimately decided to go in the customer's favor and make all customers whole for the minority fork's currency called Ethereum Classic. • One of our largest exchange competitors, Bitfinex, was hacked, losing —$65m. Instead of declaring bankruptcy they are trying to issue a digital debt token to make customers whole. • We increased fees on our Coinbase.com product and hope to see a jump in revenue from that. Until next month! Fred Ehrsam Co-founder, President Coin base San Francisco, CA, USA You received this message because you are subscribed to the Google Groups "Investors" group. To unsubscribe from this group and stop receiving emails from it, send an email to [email protected] PLEASE NOTE: I am testing an artificial intelligence based assistant for scheduling named Amy. She's good but not perfect so if you are having trouble just ping me again. Brock Pierce ;11 Managing Partner EFTA01063206 Follow me on Twitter:- Co -invest with Blockchain Capital Q https://angel.co/btockchain-capital/syndicate Linkedin: http://vnvw.linkedin.com/itilbrockpierce EFTA01063207