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   Coinbase Bytes
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  <span style="color:transparent;visibility:hidden;display:none;opacity:0;height:0;width:0;font-size:0;">
   And what it has to do with the dollar.
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           22/03/2023
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      All eyes are trained on the Federal Reserve this week as they announce rate-hike plans amid March’s banking sector turmoil. [Tanarch via Getty Images]
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      <strong>
       What’s up? It’s Coinbase Bytes
      </strong>
     </p>
     <p style="margin: 0px; line-height: 1.6; word-break: break-word;">
      There’s never a dull moment on the blockchain. Here’s what you need to know this week:
     </p>
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      <li style="margin: 0px; padding: 6px 0px;">
       <strong>
        Bitcoin just hit a nine-month high.
       </strong>
       This comes as the banking sector faces its worst crisis in 15 years.
      </li>
      <li style="margin: 0px; padding: 6px 0px;">
       <strong>
        A crypto industry vet is betting BTC hits $1 million in 90 days.
       </strong>
       Balaji Srinivasan’s Bitcoin wager is a bet against the U.S. dollar.
      </li>
      <li style="margin: 0px; padding: 6px 0px;">
       <strong>
        Noteworthy numbers.
       </strong>
       The percent increase in downloads for leading crypto apps and other key stats to know this week.
      </li>
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               <p style="margin:0;">
                <strong>
                 Bitcoin
                </strong>
               </p>
               <p style="margin:8px 0px;">
                £22,499.74
               </p>
               <p style="margin:0;font-size:12px;">
                +10.93%
               </p>
              </div>
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               <p style="margin:0;">
                <strong>
                 Ethereum
                </strong>
               </p>
               <p style="margin:8px 0px;">
                £1,424.12
               </p>
               <p style="margin:0;font-size:12px;">
                +3.90%
               </p>
              </div>
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              <div style="text-align:left;margin:0px 0px 0px 10px;line-height:1;">
               <p style="margin:0;">
                <strong>
                 Cardano
                </strong>
               </p>
               <p style="margin:8px 0px;">
                £0.29
               </p>
               <p style="margin:0;font-size:12px;">
                +7.73%
               </p>
              </div>
             </td>
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              <div style="text-align:left;margin:0px 0px 0px 10px;line-height:1;">
               <p style="margin:0;">
                <strong>
                 Dogecoin
                </strong>
               </p>
               <p style="margin:8px 0px;">
                £0.06
               </p>
               <p style="margin:0;font-size:12px;">
                +4.90%
               </p>
              </div>
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             </td>
             <td style="padding:0;vertical-align:top;">
              <div style="text-align:left;margin:0px 0px 0px 10px;line-height:1;">
               <p style="margin:0;">
                <strong>
                 Polygon
                </strong>
               </p>
               <p style="margin:8px 0px;">
                £0.91
               </p>
               <p style="margin:0;font-size:12px;">
                -2.62%
               </p>
              </div>
             </td>
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          <a style="text-decoration:none;color:#0A0B0D;" target="_blank">
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              <div style="text-align:left;margin:0px 0px 0px 10px;line-height:1;">
               <p style="margin:0;">
                <strong>
                 Solana
                </strong>
               </p>
               <p style="margin:8px 0px;">
                £17.77
               </p>
               <p style="margin:0;font-size:12px;">
                +13.33%
               </p>
              </div>
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              <div style="text-align:left;margin:0px 0px 0px 10px;line-height:1;">
               <p style="margin:0;">
                <strong>
                 Bitcoin
                </strong>
               </p>
               <p style="margin:8px 0px;">
                £22,499.74
               </p>
               <p style="margin:0;font-size:12px;">
                +10.93%
               </p>
              </div>
             </td>
            </tr>
           </tbody>
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          <a style="text-decoration:none;color:#0A0B0D;" target="_blank">
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              <img height="12" src="https://inboxflows.com/_/image/https%253A%252F%252Fd15k2d11r6t6rl.cloudfront.net%252Fpublic%252Fusers%252FIntegrators%252F669d5713-9b6a-46bb-bd7e-c542cff6dd6a%252F3aca56371967418192255878e9689713%252Fup-arrow.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZkMTVrMmQxMXI2dCJ9:1pf4am:JXr3YeRqr-GCOFlwdUoBvVoYIo0nYnXZVUXAtIneVXU" style="height:12px;width:12px;margin:2px 0px 0px 0px;vertical-align:top;" width="12"/>
             </td>
             <td style="padding:0;vertical-align:top;">
              <div style="text-align:left;margin:0px 0px 0px 10px;line-height:1;">
               <p style="margin:0;">
                <strong>
                 Ethereum
                </strong>
               </p>
               <p style="margin:8px 0px;">
                £1,424.12
               </p>
               <p style="margin:0;font-size:12px;">
                +3.90%
               </p>
              </div>
             </td>
            </tr>
           </tbody>
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         </td>
         <td style="padding-top:40px;">
          <a style="text-decoration:none;color:#0A0B0D;" target="_blank">
          </a>
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             <td style="padding:0;vertical-align:top;">
              <img height="12" src="https://inboxflows.com/_/image/https%253A%252F%252Fd15k2d11r6t6rl.cloudfront.net%252Fpublic%252Fusers%252FIntegrators%252F669d5713-9b6a-46bb-bd7e-c542cff6dd6a%252F3aca56371967418192255878e9689713%252Fup-arrow.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZkMTVrMmQxMXI2dCJ9:1pf4am:JXr3YeRqr-GCOFlwdUoBvVoYIo0nYnXZVUXAtIneVXU" style="height:12px;width:12px;margin:2px 0px 0px 0px;vertical-align:top;" width="12"/>
             </td>
             <td style="padding:0;vertical-align:top;">
              <div style="text-align:left;margin:0px 0px 0px 10px;line-height:1;">
               <p style="margin:0;">
                <strong>
                 Cardano
                </strong>
               </p>
               <p style="margin:8px 0px;">
                £0.29
               </p>
               <p style="margin:0;font-size:12px;">
                +7.73%
               </p>
              </div>
             </td>
            </tr>
           </tbody>
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         </td>
        </tr>
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         <td style="padding-top:20px;">
          <a style="text-decoration:none;color:#0A0B0D;" target="_blank">
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             <td style="padding:0;vertical-align:top;">
              <img height="12" src="https://inboxflows.com/_/image/https%253A%252F%252Fd15k2d11r6t6rl.cloudfront.net%252Fpublic%252Fusers%252FIntegrators%252F669d5713-9b6a-46bb-bd7e-c542cff6dd6a%252F3aca56371967418192255878e9689713%252Fup-arrow.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZkMTVrMmQxMXI2dCJ9:1pf4am:JXr3YeRqr-GCOFlwdUoBvVoYIo0nYnXZVUXAtIneVXU" style="height:12px;width:12px;margin:2px 0px 0px 0px;vertical-align:top;" width="12"/>
             </td>
             <td style="padding:0;vertical-align:top;">
              <div style="text-align:left;margin:0px 0px 0px 10px;line-height:1;">
               <p style="margin:0;">
                <strong>
                 Dogecoin
                </strong>
               </p>
               <p style="margin:8px 0px;">
                £0.06
               </p>
               <p style="margin:0;font-size:12px;">
                +4.90%
               </p>
              </div>
             </td>
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          <a style="text-decoration:none;color:#0A0B0D;" target="_blank">
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             <td style="padding:0;vertical-align:top;">
              <div style="text-align:left;margin:0px 0px 0px 10px;line-height:1;">
               <p style="margin:0;">
                <strong>
                 Polygon
                </strong>
               </p>
               <p style="margin:8px 0px;">
                £0.91
               </p>
               <p style="margin:0;font-size:12px;">
                -2.62%
               </p>
              </div>
             </td>
            </tr>
           </tbody>
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          <a style="text-decoration:none;color:#0A0B0D;" target="_blank">
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              <img height="12" src="https://inboxflows.com/_/image/https%253A%252F%252Fd15k2d11r6t6rl.cloudfront.net%252Fpublic%252Fusers%252FIntegrators%252F669d5713-9b6a-46bb-bd7e-c542cff6dd6a%252F3aca56371967418192255878e9689713%252Fup-arrow.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZkMTVrMmQxMXI2dCJ9:1pf4am:JXr3YeRqr-GCOFlwdUoBvVoYIo0nYnXZVUXAtIneVXU" style="height:12px;width:12px;margin:2px 0px 0px 0px;vertical-align:top;" width="12"/>
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              <div style="text-align:left;margin:0px 0px 0px 10px;line-height:1;">
               <p style="margin:0;">
                <strong>
                 Solana
                </strong>
               </p>
               <p style="margin:8px 0px;">
                £17.77
               </p>
               <p style="margin:0;font-size:12px;">
                +13.33%
               </p>
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     <p style="margin: 20px 0px 0px; line-height: 1.5; word-break: break-word; color: rgb(91, 97, 110); font-size: 12px;">
      Price changes are for the past week, ending on Mar 22, 2023 at 07:22 PM UTC
     </p>
     <div class="cta_button" style="margin: 24px 0px 0px; padding: 0px; width: 50%;">
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       <strong>
        See the latest prices
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          <p style="margin: 0px; font-size: 16px; letter-spacing: 0.075em;">
           <strong>
            MARKET UPDATE
           </strong>
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      <p style="margin: 5px 0px 0px; font-size: 32px; line-height: 1.26; word-break: break-word;">
       <strong>
        Why did Bitcoin just hit 2023 highs in the wake of a bank crisis?
       </strong>
      </p>
     </div>
     <p style="margin: 16px 0px 0px; line-height: 1.6; word-break: break-word;">
      So far this month, the financial system has witnessed the collapse of three large American banks (Silicon Valley Bank, Signature Bank, SIlvergate Bank); the emergency merger of global banking titan Credit Suisse, ongoing volatility in bank stocks (see First Republic Bank) and
      <a rel="noopener noreferrer" target="_blank">
       increasing anxiety
      </a>
      regarding how far trouble might spread. Bitcoin, meanwhile, has responded by rallying nearly 40% since March 10. After a long period in which the leading cryptocurrency by market cap seemed heavily correlated with U.S. equities, some analysts are now speculating that continued trouble with banks could send crypto markets even higher. Let’s break it down.
     </p>
     <p style="margin: 16px 0px 0px; line-height: 1.6; word-break: break-word;">
      <strong>
       Bitcoin’s price reached a nine-month high around $28,600 on Tuesday, up 70% for the year.
      </strong>
     </p>
     <p style="margin: 16px 0px 0px; line-height: 1.6; word-break: break-word;">
      Since news broke about Silicon Valley Bank’s issues on March 9, Bitcoin has been on a tear, revisiting the $28,000 level for the first time since last summer.
     </p>
     <p style="margin: 16px 0px 0px; line-height: 1.6; word-break: break-word;">
      Multiple factors are aiding Bitcoin's rise, including the Federal Reserve’s move to inject
      <a rel="noopener noreferrer" target="_blank">
       $300 billion
      </a>
      into the economy to backstop struggling banks. Historically, as more money has entered the economy, excess cash has boosted risk assets, including crypto (this was a major propellant of the 2021 bull run) At the same time, investors are
      <a rel="noopener noreferrer" target="_blank">
       also hoping the Fed
      </a>
      will slow the pace of its rate hikes, which could also bolster crypto prices.
     </p>
     <p style="margin: 16px 0px 0px; line-height: 1.6; word-break: break-word;">
      <strong>
       BTC’s rally points to
      </strong>
      <a rel="noopener noreferrer" target="_blank">
       <strong>
        Bitcoin’s core narrative
       </strong>
      </a>
      <strong>
       as a resilient store of value.
      </strong>
     </p>
     <p style="margin: 16px 0px 0px; line-height: 1.6; word-break: break-word;">
      Over the last few weeks, the foundational idea that Bitcoin operates outside the traditional financial system has been tested — especially after crypto grew
      <a rel="noopener noreferrer" target="_blank">
       correlated
      </a>
      to equities markets in the last several years. But as banks have failed, BTC has
      <a rel="noopener noreferrer" target="_blank">
       consistently rallied
      </a>
      , significantly outperforming the stock market.
     </p>
     <p style="margin: 16px 0px 0px; line-height: 1.6; word-break: break-word;">
      According to several institutional analysts, BTC’s rally reflects investors
      <a rel="noopener noreferrer" target="_blank">
       fleeing to safety
      </a>
      amid banking uncertainty. Coinbase’s head of institutional research, David Duong,
      <a rel="noopener noreferrer" target="_blank">
       noted
      </a>
      in a recent report that blockchain technology and crypto are currently proving themselves as a viable alternative to the fiat system. “We believe more people now appreciate the fundamental value proposition of having an alternative to the points of failure inherent in the traditional financial system,” Duong said.
     </p>
     <p style="margin: 16px 0px 0px; line-height: 1.6; word-break: break-word;">
      Meanwhile, Bernstein analysts
      <a rel="noopener noreferrer" target="_blank">
       called
      </a>
      the banking sector jitters “the perfect setting for Bitcoin, Ethereum and the rest of the decentralized-financial system,” to stand apart from the centralized banking system. The firm also noted that as more institutional money re-enters the crypto market, prices could push higher.
     </p>
     <p style="margin: 16px 0px 0px; line-height: 1.6; word-break: break-word;">
      <strong>
       What does Bitcoin’s performance mean for the rest of the cryptocurrency market?
      </strong>
     </p>
     <p style="margin: 16px 0px 0px; line-height: 1.6; word-break: break-word;">
      Since the banking turmoil got underway, Bitcoin’s share of the total cryptocurrency market cap has risen from 42% to 48%, further solidifying its dominance as crypto investors leave riskier coins for the original cryptocurrency, a so-called “
      <a rel="noopener noreferrer" target="_blank">
       flight to quality.
      </a>
      ”
     </p>
     <p style="margin: 16px 0px 0px; line-height: 1.6; word-break: break-word;">
      Additionally, for the first time in nearly two years, investors are betting that Bitcoin is going to be
      <a rel="noopener noreferrer" target="_blank">
       more volatile
      </a>
      than Ethereum and other alt coins as increased BTC trading activity is linked to its haven asset narrative. Whereas Ethereum, which saw its market share drop 1%, is more commonly viewed as a proxy for development activity in the crypto market rather than a store of value.
     </p>
     <p style="margin: 16px 0px 0px; line-height: 1.6; word-break: break-word;">
      <strong>
       Why it matters...
      </strong>
      Bitcoin is showing incredible resilience amid major macroeconomic uncertainty, leading some to argue that the original cryptocurrency is emerging as a clear winner of this banking crisis — an outcome that underscores the promise that crypto represented for many supporters at its inception. Or as ARK Invest’s Cathie Wood
      <a rel="noopener noreferrer" target="_blank">
       wrote
      </a>
      in her firm’s newsletter, “Crypto is a solution to the failure, the opacity, and the regulatory lapses in the traditional financial system.”
     </p>
     <div class="cta_button" style="margin: 24px 0px 0px; padding: 0px; width: 50%;">
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        Learn crypto basics
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           <strong>
            BIT BET
           </strong>
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      <p style="margin: 5px 0px 0px; font-size: 32px; line-height: 1.26; word-break: break-word;">
       <strong>
        A crypto industry veteran bets big on Bitcoin surging to $1 million
       </strong>
      </p>
     </div>
     <p style="margin: 16px 0px 0px; line-height: 1.6; word-break: break-word;">
      It’s been a
      <i>
       while
      </i>
      since the crypto market heard analysts and pundits making optimistic
      <a rel="noopener noreferrer" target="_blank">
       predictions
      </a>
      about Bitcoin’s price
      <a rel="noopener noreferrer" target="_blank">
       mooning
      </a>
      imminently to six- and seven-figure benchmarks. But over the weekend, crypto veteran (and former Coinbase CTO) Balaji Srinivasan caused a stir on Twitter by making two separate million-dollar
      <a rel="noopener noreferrer" target="_blank">
       bets
      </a>
      that the price of BTC would rocket all the way up to $1 million in 90 days. So why is Balaji confident that BTC will see a 3,400% surge in just three months? Let’s dig in.
     </p>
     <p style="margin: 16px 0px 0px; line-height: 1.6; word-break: break-word;">
      <strong>
       Like many wild crypto storylines, this one started on Twitter.
      </strong>
     </p>
     <p style="margin: 16px 0px 0px; line-height: 1.6; word-break: break-word;">
      After Balaji
      <a rel="noopener noreferrer" target="_blank">
       tweeted
      </a>
      concerns about
      <a rel="noopener noreferrer" target="_blank">
       hyperinflation
      </a>
      — in which U.S. dollars would rapidly lose value — he found himself publicly entering into bets with two hyperinflation skeptics who would each receive $1 million from him if the price of BTC doesn’t crack $1 million by June 17.
     </p>
     <p style="margin: 16px 0px 0px; line-height: 1.6; word-break: break-word;">
      <strong>
       Balaji’s
      </strong>
      <a rel="noopener noreferrer" target="_blank">
       <strong>
        bet
       </strong>
      </a>
      <strong>
       is as much about the dollar as it is about Bitcoin.
      </strong>
     </p>
     <p style="margin: 16px 0px 0px; line-height: 1.6; word-break: break-word;">
      Ongoing banking crises at Silicon Valley Bank and beyond have highlighted the economic bind the U.S. finds itself in. The Federal Reserve is fighting inflation (which their pandemic-era
      <a rel="noopener noreferrer" target="_blank">
       stimulus
      </a>
      likely exacerbated) by rapidly raising interest rates, which is causing banks to falter due to a combination of the rising-rate environment and risk-management errors. As a result, the Fed may have to inject more money (J.P. Morgan
      <a rel="noopener noreferrer" target="_blank">
       notes
      </a>
      this could be up to $2
      <i>
       trillion
      </i>
      ) into the economy if more banks stumble.
     </p>
     <p style="margin: 16px 0px 0px; line-height: 1.6; word-break: break-word;">
      The concern is that this is a vicious cycle that will rapidly devalue the dollar, prompting many, per Balaji, to once again turn to Bitcoin as a
      <a rel="noopener noreferrer" target="_blank">
       hyperinflation hedge
      </a>
      , since its supply is limited to 21 million and no central party controls it.
     </p>
     <p style="margin: 16px 0px 0px; line-height: 1.6; word-break: break-word;">
      <strong>
       Balaji argues the world economy could enter a rapid “
      </strong>
      <a rel="noopener noreferrer" target="_blank">
       <strong>
        hyperbitcoinization
       </strong>
      </a>
      <strong>
       ” phase.
      </strong>
     </p>
     <p style="margin: 16px 0px 0px; line-height: 1.6; word-break: break-word;">
      In this phase, people, companies, and even countries quickly flock to BTC to protect wealth as inflation starts to spiral — hence the 90-day window of his bet. But why so quickly? Balaji likens the pace to the
      <a rel="noopener noreferrer" target="_blank">
       viral bank run
      </a>
      of SVB that saw customers, watching the saga unfold online, withdraw $42 billion in just two days — but in this case, the crisis would be a massive loss of confidence in the Fed and the dollar (yikes!) during which “the world redenominates on Bitcoin as digital gold.”
     </p>
     <p style="margin: 16px 0px 0px; line-height: 1.6; word-break: break-word;">
      <strong>
       The bet elicited a range of responses from the crypto community.
      </strong>
     </p>
     <p style="margin: 16px 0px 0px; line-height: 1.6; word-break: break-word;">
      Venture capitalist Adam Cochran
      <a rel="noopener noreferrer" target="_blank">
       called
      </a>
      the bet “unrealistic,” while crypto newsletter Milk Road, after noting ”we’re big fans of Balaji and think he’s brilliant,”
      <a rel="noopener noreferrer" target="_blank">
       declared
      </a>
      it “one of the dumbest bets we’ve ever seen.”
     </p>
     <p style="margin: 16px 0px 0px; line-height: 1.6; word-break: break-word;">
      On the other hand, some prominent voices on crypto Twitter
      <a rel="noopener noreferrer" target="_blank">
       observed
      </a>
      that “there’s a very reasonable chance Balaji is at least directionally correct;” or as Axios Crypto
      <a rel="noopener noreferrer" target="_blank">
       put it
      </a>
      , “he could lose the money and still win.” A few commentators, meanwhile, suggested the bet is just a
      <a rel="noopener noreferrer" target="_blank">
       money-making stunt
      </a>
      , a claim Balaji strenuously denies. (He says his goal in making the bet is “getting innocents to Bitcoin lifeboats.”)
     </p>
     <p style="margin: 16px 0px 0px; line-height: 1.6; word-break: break-word;">
      <strong>
       Why it matters…
      </strong>
      While the odds of Balaji’s bet are incredibly long, his now-highly-publicized wager has refocused attention on Bitcoin as a safe haven against inflation, a narrative that was
      <a rel="noopener noreferrer" target="_blank">
       called into question
      </a>
      as global and crypto markets sank last year. As for the more severe financial system outcomes of his argument, we’ll have a better idea in about three months' time.
     </p>
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        Learn BTC basics
       </strong>
      </a>
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       <tr style="vertical-align: top;">
        <td style="word-break: break-word; vertical-align: top; min-width: 100%; text-size-adjust: 100%; padding: 48px 0px;" valign="top">
         <table align="center" border="0" cellpadding="0" cellspacing="0" role="presentation" style="table-layout: fixed; vertical-align: top; border-spacing: 0px; border-collapse: collapse; border-top: 2px solid rgb(222, 224, 226); width: 100%;" width="100%">
          <tbody>
           <tr style="vertical-align: top;">
            <td style="word-break: break-word; vertical-align: top; text-size-adjust: 100%;" valign="top">
             <span>
             </span>
            </td>
           </tr>
          </tbody>
         </table>
        </td>
       </tr>
      </tbody>
     </table>
     <div style="margin-bottom: 16px;">
      <table style="margin: 0px; padding: 0px;">
       <tbody>
        <tr>
         <td style="margin: 0px; padding-right: 11px; vertical-align: middle;">
          <img height="12" src="https://inboxflows.com/_/image/https%253A%252F%252Fd15k2d11r6t6rl.cloudfront.net%252Fpublic%252Fusers%252FIntegrators%252F669d5713-9b6a-46bb-bd7e-c542cff6dd6a%252F3aca56371967418192255878e9689713%252Fdot-1.5x.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZkMTVrMmQxMXI2dCJ9:1pf4am:JXr3YeRqr-GCOFlwdUoBvVoYIo0nYnXZVUXAtIneVXU" style="display: block; width: 12px; height: 12px;" width="12"/>
         </td>
         <td style="margin: 0px; padding: 0px; vertical-align: middle;">
          <p style="margin: 0px; font-size: 16px; letter-spacing: 0.075em;">
           <strong>
            NUMBERS TO KNOW
           </strong>
          </p>
         </td>
        </tr>
       </tbody>
      </table>
     </div>
     <p style="margin: 16px 0px 0px; font-size: 32px;">
      <strong>
       $4 billion
      </strong>
     </p>
     <p style="margin: 4px 0px 0px; line-height: 1.6; word-break: break-word;">
      The amount of
      <a rel="noopener noreferrer" target="_blank">
       digital asset deposits
      </a>
      at Signature Bank that were not included as part of the shuttered financial institution’s sale to Flagstar Bank by U.S. regulators, adding weight to the
      <a rel="noopener noreferrer" target="_blank">
       claim
      </a>
      that the bank was closed over its connection to crypto.
     </p>
     <p style="margin: 16px 0px 0px; font-size: 32px;">
      <strong>
       $2.2 billion
      </strong>
     </p>
     <p style="margin: 4px 0px 0px; line-height: 1.6; word-break: break-word;">
      The amount of
      <a rel="noopener noreferrer" target="_blank">
       money
      </a>
      that former FTX CEO Sam Bankman-Fried received, in the form of payments and loans, from Alameda Research and other parts of the firm’s crypto businesses, according to a recent court filing from FTX’s new administrators. They also noted that for creditors, the “amount and timing of eventual monetary recoveries cannot be predicted at this time.”
     </p>
     <p style="margin: 16px 0px 0px; font-size: 32px;">
      <strong>
       15%
      </strong>
     </p>
     <p style="margin: 4px 0px 0px; line-height: 1.6; word-break: break-word;">
      The percent
      <a rel="noopener noreferrer" target="_blank">
       increase
      </a>
      in downloads of the top 10 crypto apps for exchanges and wallets, according to app data provider Apptopia, following the collapse of Silicon Valley Bank, which suggests that consumers were looking for alternatives to traditional banks amid the current turmoil.
     </p>
     <table role="presentation" style="table-layout: fixed; vertical-align: top; border-spacing: 0px; border-collapse: collapse; min-width: 100%; text-size-adjust: 100%;" width="100%">
      <tbody>
       <tr style="vertical-align: top;">
        <td style="word-break: break-word; vertical-align: top; min-width: 100%; text-size-adjust: 100%; padding: 48px 0px;" valign="top">
         <table align="center" border="0" cellpadding="0" cellspacing="0" role="presentation" style="table-layout: fixed; vertical-align: top; border-spacing: 0px; border-collapse: collapse; border-top: 2px solid rgb(222, 224, 226); width: 100%;" width="100%">
          <tbody>
           <tr style="vertical-align: top;">
            <td style="word-break: break-word; vertical-align: top; text-size-adjust: 100%;" valign="top">
             <span>
             </span>
            </td>
           </tr>
          </tbody>
         </table>
        </td>
       </tr>
      </tbody>
     </table>
     <div>
      <table style="margin: 0px; padding: 0px;">
       <tbody>
        <tr>
         <td style="margin: 0px; padding-right: 11px; vertical-align: middle;">
          <img height="12" src="https://inboxflows.com/_/image/https%253A%252F%252Fd15k2d11r6t6rl.cloudfront.net%252Fpublic%252Fusers%252FIntegrators%252F669d5713-9b6a-46bb-bd7e-c542cff6dd6a%252F3aca56371967418192255878e9689713%252Fdot-1.5x.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZkMTVrMmQxMXI2dCJ9:1pf4am:JXr3YeRqr-GCOFlwdUoBvVoYIo0nYnXZVUXAtIneVXU" style="display: block; width: 12px; height: 12px;" width="12"/>
         </td>
         <td style="margin: 0px; padding: 0px; vertical-align: middle;">
          <p style="margin: 0px; font-size: 16px; letter-spacing: 0.075em;">
           <strong>
            AROUND COINBASE
           </strong>
          </p>
         </td>
        </tr>
       </tbody>
      </table>
      <p style="margin: 5px 0px 0px; font-size: 32px; line-height: 1.26; word-break: break-word;">
       <strong>
        Tips to protect against phishing, Coinbase’s crypto advocacy campaign, and more company news
       </strong>
      </p>
     </div>
     <!--[if mso]><ul style="line-height:1.6;mso-line-height-alt:26px;"><![endif]-->
     <!--[if !mso]><!-- -->
     <ul style="margin: 10px 0px 0px; padding-left: 24px; line-height: 1.6;">
      <!--<![endif]-->
      <li style="margin: 0px; padding: 6px 0px;">
       Coinbase’s new
       <a rel="noopener noreferrer" target="_blank">
        crypto advocacy campaign
       </a>
       , Crypto435, aims to grow the crypto community in all 435 Congressional Districts across the U.S. As part of the initiative, Coinbase will empower the Crypto435 community with information about how to contact specific politicians in their local districts, what those politician's records on crypto are, tips for making your voices heard in D.C., and more. Become an advocate today by joining
       <a rel="noopener noreferrer" target="_blank">
        here
       </a>
       .
      </li>
      <li style="margin: 0px; padding: 6px 0px;">
       The upcoming Shanghai and Capella Upgrades to the Ethereum network (collectively known as Shapella) will enable unstaking for the first time since ETH staking was introduced in December 2020. Here’s what you
       <a rel="noopener noreferrer" target="_blank">
        need to know.
       </a>
      </li>
      <li style="margin: 0px; padding: 6px 0px;">
       If you’re due for some digital spring cleaning to improve your password hygiene and help protect your online presence, check out some
       <a rel="noopener noreferrer" target="_blank">
        security tips
       </a>
       and a
       <a rel="noopener noreferrer" target="_blank">
        new guide
       </a>
       about how to best protect yourself from phishing attacks.
      </li>
     </ul>
     <p style="margin: 0px; padding: 0px;">
     </p>
     <table role="presentation" style="table-layout: fixed; vertical-align: top; border-spacing: 0px; border-collapse: collapse; min-width: 100%; text-size-adjust: 100%;" width="100%">
      <tbody>
       <tr style="vertical-align: top;">
        <td style="word-break: break-word; vertical-align: top; min-width: 100%; text-size-adjust: 100%; padding: 48px 0px;" valign="top">
         <table align="center" border="0" cellpadding="0" cellspacing="0" role="presentation" style="table-layout: fixed; vertical-align: top; border-spacing: 0px; border-collapse: collapse; border-top: 2px solid rgb(222, 224, 226); width: 100%;" width="100%">
          <tbody>
           <tr style="vertical-align: top;">
            <td style="word-break: break-word; vertical-align: top; text-size-adjust: 100%;" valign="top">
             <span>
             </span>
            </td>
           </tr>
          </tbody>
         </table>
        </td>
       </tr>
      </tbody>
     </table>
     <div>
      <table style="margin: 0px; padding: 0px;">
       <tbody>
        <tr>
         <td style="margin: 0px; padding-right: 11px; vertical-align: middle;">
          <img height="12" src="https://inboxflows.com/_/image/https%253A%252F%252Fd15k2d11r6t6rl.cloudfront.net%252Fpublic%252Fusers%252FIntegrators%252F669d5713-9b6a-46bb-bd7e-c542cff6dd6a%252F3aca56371967418192255878e9689713%252Fdot-1.5x.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZkMTVrMmQxMXI2dCJ9:1pf4am:JXr3YeRqr-GCOFlwdUoBvVoYIo0nYnXZVUXAtIneVXU" style="display: block; width: 12px; height: 12px;" width="12"/>
         </td>
         <td style="margin: 0px; padding: 0px; vertical-align: middle;">
          <p style="margin: 0px; font-size: 16px; letter-spacing: 0.075em;">
           <strong>
            TOKEN TRIVIA
           </strong>
          </p>
         </td>
        </tr>
       </tbody>
      </table>
      <p style="margin: 5px 0px 0px; font-size: 32px; line-height: 1.26; word-break: break-word;">
       <strong>
        What is the most secure form of two-factor authentication?
       </strong>
      </p>
     </div>
     <div style="margin-top: 16px;">
      <table style="line-height: 1.6; word-break: break-word;">
       <tbody>
        <tr>
         <td style="padding-right: 12px;">
          <strong>
           A
          </strong>
         </td>
         <td>
          Authenticator apps
         </td>
        </tr>
        <tr>
         <td style="padding-right: 12px; padding-top: 12px;">
          <strong>
           B
          </strong>
         </td>
         <td style="padding-top: 12px;">
          Hardware keys
         </td>
        </tr>
        <tr>
         <td style="padding-right: 12px; padding-top: 12px;">
          <strong>
           C
          </strong>
         </td>
         <td style="padding-top: 12px;">
          SMS codes
         </td>
        </tr>
        <tr>
         <td style="padding-right: 12px; padding-top: 12px;">
          <strong>
           D
          </strong>
         </td>
         <td style="padding-top: 12px;">
          Face ID
         </td>
        </tr>
       </tbody>
      </table>
     </div>
     <p style="margin: 16px 0px 0px; line-height: 1.6; word-break: break-word;">
      Find the answer at the end of the email.
     </p>
     <div class="cta_button" style="margin: 24px 0px 0px; padding: 0px; width: 50%;">
      <!--[if mso]><table width="100%" cellpadding="0" cellspacing="0" border="0" style="border-spacing:0;border-collapse:collapse;mso-table-lspace:0pt;mso-table-rspace:0pt;"><tr><td style="padding:0;" align="left"> <v:roundrect xmlns:v="urn:schemas-microsoft-com:vml" xmlns:w="urn:schemas-microsoft-com:office:word" ses:no-track href="https://links.coinbase.com/a/click?_t=3aca56371967418192255878e9689713&_m=f97b0ebf74f741fab8b37f6043925758&_e=x6hxtYTDEqI2uEnj8VFFjnmZfgzTQG-yM7HksTYdoPuJAFSq6vyYsNZxzauj-d1xYLkZu1YPcRUAnpDmofrIAWzScrInVTbNhxUj6hdKfdvSUYOjpFQW1aXz7afJlhca9NOpKu_4VjkCnW3ZbJkB-HsNnmhrT_HgVRLt2c7sC2GhyR2sYP9c4YLAZ7Ai67DYJsm4A0M2tthQ6ElwgIxTmo42SRF9k4Qefg8mHwrNNfPFQJqhG7Kqra22UpOT06g0bm5G_ElBioDqpWqQEUbtfwZkog9dvkTsZlamVybw1gLNJVQiiSoahSVe8IBsFyLgouTzolNCh8-by8jNKimt4fb9kmpTlgL3yp59fTZ4jZhkenEtJAAhsOeQO8uamX1cF1JE7O3qOZPyiFawMei_mA%3D%3D" style="width:350pt;v-text-anchor:middle;" arcsize="17%" stroke="false" fillcolor="#0052ff"> <w:anchorlock/><v:textbox inset="0,0,0,0"><center style="font-family: Helvetica Neue, Helvetica, Arial, sans-serif;"><![endif]-->
      <a rel="noopener noreferrer" style="display: block; margin: 0px; line-height: 1.2; font-size: 16px; text-decoration: none; color: rgb(255, 255, 255); background-color: rgb(0, 82, 255); border-radius: 30px; text-align: center; padding: 18px 0px;" target="_blank">
       <strong>
        Read security tips
       </strong>
      </a>
      <!--[if mso]></center></v:textbox></v:roundrect></td></tr></table><![endif]-->
     </div>
     <table role="presentation" style="table-layout: fixed; vertical-align: top; border-spacing: 0px; border-collapse: collapse; min-width: 100%; text-size-adjust: 100%;" width="100%">
      <tbody>
       <tr style="vertical-align: top;">
        <td style="word-break: break-word; vertical-align: top; min-width: 100%; text-size-adjust: 100%; padding: 48px 0px;" valign="top">
         <table align="center" border="0" cellpadding="0" cellspacing="0" role="presentation" style="table-layout: fixed; vertical-align: top; border-spacing: 0px; border-collapse: collapse; border-top: 2px solid rgb(222, 224, 226); width: 100%;" width="100%">
          <tbody>
           <tr style="vertical-align: top;">
            <td style="word-break: break-word; vertical-align: top; text-size-adjust: 100%;" valign="top">
             <span>
             </span>
            </td>
           </tr>
          </tbody>
         </table>
        </td>
       </tr>
      </tbody>
     </table>
     <p style="margin: 0px; line-height: 1.6; word-break: break-word;">
      <strong>
       Trivia answer
      </strong>
     </p>
     <table style="margin: 12px 0px 0px; line-height: 1.6; word-break: break-word;">
      <tbody>
       <tr>
        <td style="padding-right: 12px;">
         <strong>
          B
         </strong>
        </td>
        <td>
         Hardware keys
        </td>
       </tr>
      </tbody>
     </table>
     <table style="margin: 48px 0px 0px;">
      <tbody>
       <tr>
        <td style="text-align: left;">
         <img alt="Coinbase" height="26" src="https://inboxflows.com/_/image/https%253A%252F%252Fd15k2d11r6t6rl.cloudfront.net%252Fpublic%252Fusers%252FIntegrators%252F669d5713-9b6a-46bb-bd7e-c542cff6dd6a%252F3aca56371967418192255878e9689713%252FRebrand%2520Assets%252Fcoinbase_footer_wordmark.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZkMTVrMmQxMXI2dCJ9:1pf4am:JXr3YeRqr-GCOFlwdUoBvVoYIo0nYnXZVUXAtIneVXU" style="display: block; height: 26px; margin-bottom: 24px;"/>
        </td>
       </tr>
       <tr>
        <td>
         <a rel="noopener noreferrer" target="_blank" title="coinbase ios app">
          <img alt="Download on iOS App store" height="46" src="https://inboxflows.com/_/image/https%253A%252F%252Fd15k2d11r6t6rl.cloudfront.net%252Fpublic%252Fusers%252FIntegrators%252F669d5713-9b6a-46bb-bd7e-c542cff6dd6a%252F3aca56371967418192255878e9689713%252FIcons%252Fapp_apple.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZkMTVrMmQxMXI2dCJ9:1pf4am:JXr3YeRqr-GCOFlwdUoBvVoYIo0nYnXZVUXAtIneVXU" style="display: block; height: 46px; margin-right: 8px;"/>
         </a>
        </td>
        <td>
         <a rel="noopener noreferrer" target="_blank" title="coinbase android app">
          <img alt="Download on Google Play" height="46" src="https://inboxflows.com/_/image/https%253A%252F%252Fd15k2d11r6t6rl.cloudfront.net%252Fpublic%252Fusers%252FIntegrators%252F669d5713-9b6a-46bb-bd7e-c542cff6dd6a%252F3aca56371967418192255878e9689713%252FIcons%252Fapp_google.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZkMTVrMmQxMXI2dCJ9:1pf4am:JXr3YeRqr-GCOFlwdUoBvVoYIo0nYnXZVUXAtIneVXU" style="display: block; height: 46px;"/>
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      <p style="font-size: 12px; line-height: 1.8; word-break: break-word; color: rgb(91, 97, 110);">
       Disclaimer: This material is the property of Coinbase, Inc., its parent and affiliates ("Coinbase"). The views and opinions expressed herein are those of the author and do not necessarily reflect the views of Coinbase or its employees and summarizes information and articles with respect to cryptocurrencies or related topics that the author believes may be of interest. This material is for informational purposes only, and is not (i) an offer, or solicitation of an offer, to invest in, or to buy or sell, any interests or shares, or to participate in any investment or trading strategy, (ii) intended to provide accounting, legal, or tax advice, or investment recommendations or (iii) an official statement of Coinbase. No representation or warranty is made, expressed or implied, with respect to the accuracy or completeness of the information or to the future performance of any digital asset, financial instrument or other market or economic measure. The information is believed to be current as of the date indicated on the materials. Recipients should consult their advisors before making any investment decision. Coinbase may have financial interests in, or relationships with, some of the entities and/or publications discussed or otherwise referenced in the materials. Certain links that may be provided in the materials are provided for convenience and do not imply Coinbase's endorsement, or approval of any third-party websites or their content. Coinbase, Inc. is not registered or licensed in any capacity with the U.S. Securities and Exchange Commission or the U.S. Commodity Futures Trading Commission.
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