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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;">
   SVB, Signature Bank, and how crypto is holding up.
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           16/03/2023
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     <p style="margin: 16px 0px 0px; line-height: 1.5; word-break: break-word; font-size: 12px; color: rgb(91, 97, 110);">
      Silicon Valley Bank’s collapse kicked off a dramatic series of events that’s still playing out across financial markets, including crypto.
     </p>
     <p style="margin: 48px 0px 16px; font-size: 32px; line-height: 1.26; word-break: break-word;">
      <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:
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      <li style="margin: 0px; padding: 6px 0px;">
       <strong>
        Crypto prices have been resilient amid bank failures.
       </strong>
       A closer look at how the downfall of Silicon Valley Bank and Signature Bank impacted crypto markets.
      </li>
      <li style="margin: 0px; padding: 6px 0px;">
       <strong>
        Key cryptoverse quotes.
       </strong>
       An a16z executive says the SEC has gone off the rails, and one web3 expert warns that AI needs to be verifiable.
      </li>
      <li style="margin: 0px; padding: 6px 0px;">
       <strong>
        Noteworthy numbers.
       </strong>
       The size of Beeple’s massive new digital art studio, and other key stats to know this week.
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               <p style="margin:0;">
                <strong>
                 Bitcoin
                </strong>
               </p>
               <p style="margin:8px 0px;">
                £20,653.07
               </p>
               <p style="margin:0;font-size:12px;">
                +22.31%
               </p>
              </div>
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               <p style="margin:0;">
                <strong>
                 Ethereum
                </strong>
               </p>
               <p style="margin:8px 0px;">
                £1,382.24
               </p>
               <p style="margin:0;font-size:12px;">
                +15.55%
               </p>
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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;">
                £0.27
               </p>
               <p style="margin:0;font-size:12px;">
                +2.69%
               </p>
              </div>
             </td>
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               <p style="margin:0;">
                <strong>
                 Polygon
                </strong>
               </p>
               <p style="margin:8px 0px;">
                £0.95
               </p>
               <p style="margin:0;font-size:12px;">
                +11.00%
               </p>
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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>
                 Dogecoin
                </strong>
               </p>
               <p style="margin:8px 0px;">
                £0.06
               </p>
               <p style="margin:0;font-size:12px;">
                +7.65%
               </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>
                 Solana
                </strong>
               </p>
               <p style="margin:8px 0px;">
                £16.25
               </p>
               <p style="margin:0;font-size:12px;">
                +12.69%
               </p>
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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;">
                £20,653.07
               </p>
               <p style="margin:0;font-size:12px;">
                +22.31%
               </p>
              </div>
             </td>
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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=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZkMTVrMmQxMXI2dCJ9:1pcxMj:-IxlEhy8ySE5IFD_AP4v5HTPn9BgBlQPe9PzWgNS3tk" 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;">
                £1,382.24
               </p>
               <p style="margin:0;font-size:12px;">
                +15.55%
               </p>
              </div>
             </td>
            </tr>
           </tbody>
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         <td style="padding-top:40px;">
          <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=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZkMTVrMmQxMXI2dCJ9:1pcxMj:-IxlEhy8ySE5IFD_AP4v5HTPn9BgBlQPe9PzWgNS3tk" 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;">
                £0.27
               </p>
               <p style="margin:0;font-size:12px;">
                +2.69%
               </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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              <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=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZkMTVrMmQxMXI2dCJ9:1pcxMj:-IxlEhy8ySE5IFD_AP4v5HTPn9BgBlQPe9PzWgNS3tk" 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>
                 Polygon
                </strong>
               </p>
               <p style="margin:8px 0px;">
                £0.95
               </p>
               <p style="margin:0;font-size:12px;">
                +11.00%
               </p>
              </div>
             </td>
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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>
                 Dogecoin
                </strong>
               </p>
               <p style="margin:8px 0px;">
                £0.06
               </p>
               <p style="margin:0;font-size:12px;">
                +7.65%
               </p>
              </div>
             </td>
            </tr>
           </tbody>
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          <a style="text-decoration:none;color:#0A0B0D;" target="_blank">
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           <tbody>
            <tr>
             <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=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZkMTVrMmQxMXI2dCJ9:1pcxMj:-IxlEhy8ySE5IFD_AP4v5HTPn9BgBlQPe9PzWgNS3tk" 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>
                 Solana
                </strong>
               </p>
               <p style="margin:8px 0px;">
                £16.25
               </p>
               <p style="margin:0;font-size:12px;">
                +12.69%
               </p>
              </div>
             </td>
            </tr>
           </tbody>
          </table>
         </td>
        </tr>
       </tbody>
      </table>
     </div>
     <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 16, 2023 at 11:22 PM UTC
     </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" href="https://links.coinbase.com/a/click?_t=3aca56371967418192255878e9689713&_m=39a614bf4a0f42ad9f9892b898b2f816&_e=EsTEDKA0Sd5RUb2EfdHOXUng_w7EPsEFb-iSvb_rgrd9Vo5Msw7Uh_Av6slge8l6dPWLejZ6I1Avx4ZKba5nNFeZAKPTQ5oNb20y6PkmnUeHeTa5190QbWw2YtM1M_3XArnFfwd5ao1fibpAUEGUTwRsBf5rL8Y572dHcsqnjocYJl0M07nY2I9coGfEgbPh6EbRlTQ29ZAeePjG83NUiW5eOa62Sfusle06KX-i14TibHmYd30wRawdMvrS2ikR1aK7Q8aiwGOR5FInAW0xHCGxVByc83ThURbih3UWrNjIPytr7qkKVby1jOXcw-zuYBnU6tkyEw0DDYBM_1DqOw%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]-->
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       <strong>
        See the latest prices
       </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">
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          <tbody>
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            <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=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZkMTVrMmQxMXI2dCJ9:1pcxMj:-IxlEhy8ySE5IFD_AP4v5HTPn9BgBlQPe9PzWgNS3tk" 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>
            MARKET UPDATE
           </strong>
          </p>
         </td>
        </tr>
       </tbody>
      </table>
      <p style="margin: 5px 0px 0px; font-size: 32px; line-height: 1.26; word-break: break-word;">
       <strong>
        How crypto markets reacted to the collapse of Silicon Valley Bank and Signature Bank
       </strong>
      </p>
     </div>
     <p style="margin: 16px 0px 0px; line-height: 1.6; word-break: break-word;">
      No doubt you’ve seen the headlines by now: Silicon Valley Bank, which served much of the startup industry in the U.S., was
      <a rel="noopener noreferrer" target="_blank">
       closed
      </a>
      by the Federal Deposit Insurance Corporation (FDIC) after a
      <a rel="noopener noreferrer" target="_blank">
       bank run
      </a>
      led to an abrupt liquidity crisis last week. Days later, Signature Bank, which had been the one of the biggest banking providers to the crypto industry in the U.S., was also shuttered by regulators.
     </p>
     <p style="margin: 16px 0px 0px; line-height: 1.6; word-break: break-word;">
      But as the dramatic banking meltdowns continue to dominate the news, Bitcoin, after initially faltering, has gained about 15% since last Wednesday, when the trouble started at SVB. So, why is BTC rising in exceedingly choppy waters? We’re taking a closer look, and explaining the basics behind the collapse of SVB and Signature.
     </p>
     <p style="margin: 16px 0px 0px; line-height: 1.6; word-break: break-word;">
      <strong>
       What were Silicon Valley Bank and Signature Bank?
      </strong>
     </p>
     <p style="margin: 16px 0px 0px; line-height: 1.6; word-break: break-word;">
      Silicon Valley Bank was the 16th largest bank in the U.S., with a reported
      <a rel="noopener noreferrer" target="_blank">
       $209 billion
      </a>
      in assets when regulators shuttered it last Friday. Roughly
      <a rel="noopener noreferrer" target="_blank">
       half
      </a>
      of all venture capital backed startups in the U.S. held money at SVB. The bank had been preferred by startups because they often allowed easier
      <a rel="noopener noreferrer" target="_blank">
       access
      </a>
      to capital compared to traditional banks.
     </p>
     <p style="margin: 16px 0px 0px; line-height: 1.6; word-break: break-word;">
      Signature Bank, which had more than $110 billion in assets at the end of 2022, had some exposure to
      <a rel="noopener noreferrer" target="_blank">
       crypto companies
      </a>
      (including Coinbase, which expects to
      <a rel="noopener noreferrer" target="_blank">
       fully recover funds
      </a>
      ), offering them 24/7 instant settlement services, a key advantage for always-open crypto markets. Much of the bank’s growth in recent years had come from crypto industry-related deposits.
     </p>
     <p style="margin: 16px 0px 0px; line-height: 1.6; word-break: break-word;">
      <strong>
       What caused SVB and Signature to fail so quickly?
      </strong>
     </p>
     <p style="margin: 16px 0px 0px; line-height: 1.6; word-break: break-word;">
      SVB’s demise was tied to years of near-zero interest rates, a highly concentrated deposit base (VC-backed tech startups), and the speed of social media.
     </p>
     <p style="margin: 16px 0px 0px; line-height: 1.6; word-break: break-word;">
      With low interest rates and plenty of VC and tech company cash in hand, SVB
      <a rel="noopener noreferrer" target="_blank">
       poured money
      </a>
      into seemingly low-risk, long-term bonds to try and earn money. But when interest rates began to rise in 2022 (tanking bond prices) SVB’s bond holdings began to decline in value.
     </p>
     <p style="margin: 16px 0px 0px; line-height: 1.6; word-break: break-word;">
      Meanwhile, a slowdown in VC funding amid increasing macroeconomic pressure led companies to withdraw more money than normal from SVB, forcing the bank to try to meet demand by selling some bond investments at a $2 billion loss.
     </p>
     <p style="margin: 16px 0px 0px; line-height: 1.6; word-break: break-word;">
      Among tech industry circles across
      <a rel="noopener noreferrer" target="_blank">
       social media
      </a>
      , this news set off fears that SVB was in crisis. And since most deposits at SVB were uninsured due to exceeding the $250,000 FDIC insurance limit, clients rushed to withdraw their funds from SVB at the same time —
      <a rel="noopener noreferrer" target="_blank">
       $42 billion
      </a>
      in a single day — prompting the government to take control of the bank to protect depositors.
     </p>
     <p style="margin: 16px 0px 0px; line-height: 1.6; word-break: break-word;">
      Signature Bank’s closure was essentially contagion from SVB’s bank run. Since the vast majority of Signature’s deposits also vastly exceeded the FDIC’s $250,000 insurance limit, many depositors moved to get their funds out. This led regulators to seize the bank out of fear of broader contagion, despite Signature executives
      <a rel="noopener noreferrer" target="_blank">
       believing
      </a>
      they had enough capital to meet all withdrawal requests.
     </p>
     <p style="margin: 16px 0px 0px; line-height: 1.6; word-break: break-word;">
      <strong>
       How have crypto markets responded so far?
      </strong>
     </p>
     <p style="margin: 16px 0px 0px; line-height: 1.6; word-break: break-word;">
      Bitcoin quickly cratered last Thursday as fears grew about SVB’s collapse and the potential for larger contagion throughout the financial system. And USDC, the stablecoin run by Circle, also fell below its peg of $1 because more than
      <a rel="noopener noreferrer" target="_blank">
       $3 billion
      </a>
      of its reserves were held at SVB, leaving Circle unable to process some redemptions over the weekend.
     </p>
     <p style="margin: 16px 0px 0px; line-height: 1.6; word-break: break-word;">
      By Sunday night, after days of uncertainty, the federal government stepped in and promised to guarantee all uninsured deposits at SVB and Signature Bank. By the time markets opened on Monday morning, Bitcoin was already recovering, and USDC was back to its $1 peg.
     </p>
     <p style="margin: 16px 0px 0px; line-height: 1.6; word-break: break-word;">
      On Tuesday, the release of the latest Consumer Price index
      <a rel="noopener noreferrer" target="_blank">
       showed
      </a>
      that inflation fell slightly in February. This lower number, in combination with the banking failures, left some
      <a rel="noopener noreferrer" target="_blank">
       investors optimistic
      </a>
      that the Federal Reserve wouldn’t continue to aggressively raise interest rates, helping to send BTC above $26,500 – a nine-month high.
     </p>
     <p style="margin: 16px 0px 0px; line-height: 1.6; word-break: break-word;">
      As one analyst
      <a rel="noopener noreferrer" target="_blank">
       put it
      </a>
      to Bloomberg: “While dark clouds sit over Silicon Valley, Bitcoin is booming.”
     </p>
     <p style="margin: 16px 0px 0px; line-height: 1.6; word-break: break-word;">
      <strong>
       Why it matters…
      </strong>
      Despite the past week’s financial turmoil, BTC’s resilience amid a largely risk-off environment can be seen as affirming part of its original thesis. Bitcoin was developed in direct response to the 2008 financial crisis, in particular its bank bailouts, with the goal of providing anybody with a digital currency that can’t be controlled by any centralized financial institutions: “Bitcoin's beauty lies in its ability to store value in a decentralized manner backed by math, without requiring humans to validate or support it,” as Tatiana Koffman put it in an
      <a rel="noopener noreferrer" target="_blank">
       op-ed
      </a>
      for CoinDesk. “Bitcoin,” said Koffman, “was made for this moment, and it seems the market agrees.”
     </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" href="https://links.coinbase.com/a/click?_t=3aca56371967418192255878e9689713&_m=39a614bf4a0f42ad9f9892b898b2f816&_e=EsTEDKA0Sd5RUb2EfdHOXUng_w7EPsEFb-iSvb_rgrfE9TlvzgCH9nd2RSD7exmiuMvkkwSax8-R3y7m4tuCAlqWerzAWhWI3yCa272zfM1svn-AEGAa7y6Zk13HnbhGetNAlh_G5CabkfDdkLoPoGoRdL_uQhMCfVdT741RqoVaAIPoxzYzQfb-TbfdExOm6goqtipKZMI9aQRv-d51-kJWZuRMzR9xTyvIQu62dAl_yBTDVOZvQTardJwiF0_Vgumam1mCd2wU9nPjdJd3YdhZ5Vqqjb8C_34gFpSGMBbupei_WvApsi16ABhdcVY5RP0oAcTUeZxk_x5XFwrH1n7AVQB5LgD2WjPfiZRy3DFMvRGbWHPXe5tljdp8ASFw" 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]-->
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       <strong>
        Learn BTC basics
       </strong>
      </a>
      <!--[if mso]></center></v:textbox></v:roundrect></td></tr></table><![endif]-->
     </div>
     <a rel="noopener noreferrer" target="_blank">
      <!--[if !mso]><!-- -->
      <div class="desktop_hide" style="display: none; max-height: 0px; overflow: hidden;">
       <img src="https://inboxflows.com/_/image/https%253A%252F%252Fimages.ctfassets.net%252Fq5ulk4bp65r7%252F1Dn5HJqvZMyq3r0o39KA2k%252Fec2018a85783b993cc53520195089f95%252Fcoinbaseisdifferent_650x488px_grey__1_.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZpbWFnZXMuY3RmYSJ9:1pcxMj:hK1K6hFE-doLssCznVYD9jD8AloR-6VaZJQH2Wg1ITc" style="display: block; width: 100%; margin: 64px 0px;" width="100%"/>
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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%252Fdot-1.5x.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZkMTVrMmQxMXI2dCJ9:1pcxMj:-IxlEhy8ySE5IFD_AP4v5HTPn9BgBlQPe9PzWgNS3tk" 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>
            TAKES
           </strong>
          </p>
         </td>
        </tr>
       </tbody>
      </table>
      <p style="margin: 5px 0px 0px; font-size: 32px; line-height: 1.26; word-break: break-word;">
       <strong>
        Circle’s CEO on the irony of protecting crypto from the banking system and other key quotes from the week
       </strong>
      </p>
     </div>
     <p style="margin: 16px 0px 0px; line-height: 1.6; word-break: break-word;">
      <strong>
       ChatWEB3…
      </strong>
      “The consequences of an AI trained on malicious or inaccurate data could be disastrous,” Scott Dykstra recently
      <a rel="noopener noreferrer" target="_blank">
       told
      </a>
      Decrypt. The CTO of web3 data firm Space and Time issued the Skynet-esque warning while offering a web3 solution: “Web3 operates on transparency, traceability, and most importantly: verifiability… AI has to be verifiable.”
     </p>
     <p style="margin: 16px 0px 0px; line-height: 1.6; word-break: break-word;">
      <strong>
       Full circle…
      </strong>
      “It’s somewhat ironic that there has been a lot of talk of protecting the banking system from crypto, here we are in a situation where we are trying to protect a digital dollar from the banking system,” was how Jeremy Allaire, the CEO of Circle,
      <a rel="noopener noreferrer" target="_blank">
       characterized
      </a>
      having to navigate the fallout from Silicon Valley Bank’s collapse, which briefly destabilized the dollar peg of Circle’s USDC stablecoin.
     </p>
     <p style="margin: 16px 0px 0px; line-height: 1.6; word-break: break-word;">
      <strong>
       SECrazy…
      </strong>
      “The SEC is completely out of control,” was how Brian Quintenz, the head of policy at Andreessen Horowitz (a16z),
      <a rel="noopener noreferrer" target="_blank">
       described
      </a>
      the recent onslaught of enforcement actions by the government agency against the crypto industry. Quintenz argued that these moves risked putting the U.S. behind other jurisdictions when it comes to establishing regulatory clarity for crypto businesses. “The United States has to make a decision about whether or not it will embrace and support innovators in this country,” he said.
     </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" href="https://links.coinbase.com/a/click?_t=3aca56371967418192255878e9689713&_m=39a614bf4a0f42ad9f9892b898b2f816&_e=EsTEDKA0Sd5RUb2EfdHOXUng_w7EPsEFb-iSvb_rgrc_h3WRJTtwW9R4HtkxWWJT0GpbejbJYOLoVffofFtpHQJNALuwl3j1yJE4AiecTC_U7Vqq_0bDbTN0_BIFQz9EifdXYZcEEw_vq0nRCXfmBmWbcnD0wgpqZRBKIer9rp_5tMtW0x_D0h1ObscsOXESGce-fQk-V2Nin5eJ2SOixES6XnvuGIribsv5-D08HRhUTAKVm__1z7VNosCSzZkXSkCE2ig2Dumz0BGHC2bw88lNCLqhVpxplKUP1PlfOtC7CbA8xeYA7bxQpuIHlX0LAbAi31qiD5K50FrZ7RhH2z0qGs0rdKLiZL5WTQ9Dqmc%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>
        Learn about crypto policymakers
       </strong>
      </a>
      <!--[if mso]></center></v:textbox></v:roundrect></td></tr></table><![endif]-->
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        <td style="word-break: break-word; vertical-align: top; min-width: 100%; text-size-adjust: 100%; padding: 48px 0px;" valign="top">
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             <span>
             </span>
            </td>
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         </table>
        </td>
       </tr>
      </tbody>
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     <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=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZkMTVrMmQxMXI2dCJ9:1pcxMj:-IxlEhy8ySE5IFD_AP4v5HTPn9BgBlQPe9PzWgNS3tk" 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>
       50,000 sq ft.
      </strong>
     </p>
     <p style="margin: 4px 0px 0px; line-height: 1.6; word-break: break-word;">
      The size of pioneering NFT artist Beeple’s new art studio in Charleston, SC.
      <a rel="noopener noreferrer" target="_blank">
       Beeple Studios
      </a>
      is the artist’s creative headquarters and acts as a community-fostering gallery space to showcase work from other digital art luminaries. Beeple (real name: Mike Winkelmann) made NFT history when he sold his “Everydays: The First 5,000 Days” for $69.3 million at a Christie’s auction in March 2021.
     </p>
     <p style="margin: 16px 0px 0px; font-size: 32px;">
      <strong>
       10,000
      </strong>
     </p>
     <p style="margin: 4px 0px 0px; line-height: 1.6; word-break: break-word;">
      Number of roles the Meta will cut in its second round of layoffs since November. CEO Mark Zuckerberg made the
      <a rel="noopener noreferrer" target="_blank">
       announcement
      </a>
      a day after the company said it would be “
      <a rel="noopener noreferrer" target="_blank">
       winding down
      </a>
      ” NFT support. Zuckerberg noted that during Meta’s so-called “year of efficiency,” the company will focus heavily on AI, but that “building the metaverse … remains central to defining the future of social connection.”
     </p>
     <p style="margin: 16px 0px 0px; font-size: 32px;">
      <strong>
       20 minutes
      </strong>
     </p>
     <p style="margin: 4px 0px 0px; line-height: 1.6; word-break: break-word;">
      Time it took for Starbucks’ new “
      <a rel="noopener noreferrer" target="_blank">
       Journey Stamps
      </a>
      ” NFTs to
      <a rel="noopener noreferrer" target="_blank">
       completely sell out
      </a>
      last Thursday. Priced at $100 each, the coffee giant’s NFTs are part of its new web3 membership program called Starbucks Odyssey, which debuted in December and promised “immersive coffee experiences.” The program offers perks like virtual classes and exclusive merch, but notably, not free coffee.
     </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" href="https://links.coinbase.com/a/click?_t=3aca56371967418192255878e9689713&_m=39a614bf4a0f42ad9f9892b898b2f816&_e=EsTEDKA0Sd5RUb2EfdHOXUng_w7EPsEFb-iSvb_rgrfE9TlvzgCH9nd2RSD7exmiJpZFoPd17IIsxmurAeYjQAxGZU7pFEVwsdT9_Hwlbdyg7SGpZmBo5i_dvrB7HmOCPbWxIV6ydXyeszA7ILpDztVBbdt72-gxxX455KMiRv3T_LsI4zBY8VDo1KYUpwbMbrk9XOcTOaB45Cc44aDoio1sr-7S3b9VtlZQxgPg0ia8DWsEAZpK1h6Efmw9kTTeyyeFOuRk_zp0uLRhNJ6qk6TTqWH6_21tQeKfVW5EDHFDqyT-Tcn5RQeKYlbEQbr2yyhFaFLSFAAYguRWNbqmBBaM0i3Y7LPxXCcaw4zGbYk%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>
        Brush up on NFTs
       </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>
     <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=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZkMTVrMmQxMXI2dCJ9:1pcxMj:-IxlEhy8ySE5IFD_AP4v5HTPn9BgBlQPe9PzWgNS3tk" 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>
            TUNE IN
           </strong>
          </p>
         </td>
        </tr>
       </tbody>
      </table>
      <p style="margin: 5px 0px 0px; font-size: 32px; line-height: 1.26; word-break: break-word;">
       <strong>
        How web3 and NFTs could help filmmakers flip the script on crowdfunding movies
       </strong>
      </p>
     </div>
     <p style="margin: 16px 0px 0px; line-height: 1.6; word-break: break-word;">
      Coinbase is
      <a rel="noopener noreferrer" target="_blank">
       spotlighting stories
      </a>
      from the community about how crypto is solving real problems around the world. This week, we’re looking at how NFTs and crypto are helping filmmakers crowdfund the kinds of movies they want to make and empowering fans to fund the kinds of movies they want to see, while being more closely involved in the creative process. Join host Yusuf Omar as he travels to Hollywood and chats with filmmaker Julie Pacino about how NFTs could enable more storytellers to find new audiences.
     </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" href="https://links.coinbase.com/u/click?_t=3aca56371967418192255878e9689713&_m=39a614bf4a0f42ad9f9892b898b2f816&_e=EsTEDKA0Sd5RUb2EfdHOXa7_fIR_lT-62cnEU2KvSizoPtwJvDqMf9iH1gKjEXryDe1f6Xez5RO9l8ZZJC8kGacUBzpTyoxfH9Dnb1UofpPneVITLMfTwxS_p461NV7R6CF9IAggU5nJIC6_6DM6PDsve-TrYdI_jv0dWroeL-okHSNaN4R-YUnsihAL3ja6N5PO9A5NSaUboh8wUCjMW8OIIPyRFskfBMOPn-Ndq1ToMqG8gmhYdHRf2-dLtDDH0Tfun9CW9t0qGwYtebZvgjPAfmP1DB15_EKQONJRFVL4A-IalTXAJV84RG0FT4eTcvgNyrWBjeYqGsv9i8rd1Q%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>
        Watch the episode
       </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>
     <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=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZkMTVrMmQxMXI2dCJ9:1pcxMj:-IxlEhy8ySE5IFD_AP4v5HTPn9BgBlQPe9PzWgNS3tk" 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>
        Which cryptocurrency uses the Lightning Network?
       </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>
          BTC
         </td>
        </tr>
        <tr>
         <td style="padding-right: 12px; padding-top: 12px;">
          <strong>
           B
          </strong>
         </td>
         <td style="padding-top: 12px;">
          ETH
         </td>
        </tr>
        <tr>
         <td style="padding-right: 12px; padding-top: 12px;">
          <strong>
           C
          </strong>
         </td>
         <td style="padding-top: 12px;">
          SOL
         </td>
        </tr>
        <tr>
         <td style="padding-right: 12px; padding-top: 12px;">
          <strong>
           D
          </strong>
         </td>
         <td style="padding-top: 12px;">
          All of the above
         </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" href="https://links.coinbase.com/a/click?_t=3aca56371967418192255878e9689713&_m=39a614bf4a0f42ad9f9892b898b2f816&_e=EsTEDKA0Sd5RUb2EfdHOXUng_w7EPsEFb-iSvb_rgrfE9TlvzgCH9nd2RSD7exmiFnNh4tazChFjcxXwH4KUev9sMv_wZxbLnyywOAXv3h7fHf4jCCiApzC36O7a8rgP176BuOFlfQApis35wcrylrXAxqw9AvUMTb48vYMySX160Z0-vl6RI4mQf2UhhShjH-IWGOn2ldKEYzsXvgXMrIxQoGdIU19J7TN0neyq4B-BRtQzBsTu4xxcnUu1QR-7z0Ywua7XHUhtiLOqH5zsazJ9c3QhDKZt-MOqtVvSlCtwIdKveI7UtuFsfWQB2rlN98wdaoizDWY6lw6hhi5rJvu61LUzdU3J50iCcf7vliTI3_5bcI0NHu6OOuFle7Ja" 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>
        Learn about the Lightning Network
       </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>
     <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=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZkMTVrMmQxMXI2dCJ9:1pcxMj:-IxlEhy8ySE5IFD_AP4v5HTPn9BgBlQPe9PzWgNS3tk" 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>
            NOW TRADING ON COINBASE
           </strong>
          </p>
         </td>
        </tr>
       </tbody>
      </table>
     </div>
     <a rel="noopener noreferrer" style="color: rgb(10, 11, 13); text-decoration: none;" target="_blank">
     </a>
     <table style="margin: 16px 0px 0px; width: 100%;">
      <tbody>
       <tr>
        <td style="font-size: 32px; line-height: 1.26; word-break: break-word; vertical-align: middle; white-space: nowrap;">
         <strong>
          LSETH
         </strong>
        </td>
        <td style="vertical-align: middle; padding-left: 12px;">
         <img height="26" src="https://inboxflows.com/_/image/https%253A%252F%252Fdynamic-assets.coinbase.com%252F9b9902d5f68f4c95a2528db7327202a8a4100d391b226ffd17bc8ad3ad572d82d3dec6233a09451995aef91a2cbe8a4a092851320a30c3445acf087819469812%252Fasset_icons%252F6170ab4319ed8958c48803ada98044953f23cd954ead6bb56f5032166971ad05.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZkeW5hbWljLWFzcyJ9:1pcxMj:kYqQWUCRLtkgbFVFh0KngPHWHLpa0VfJRtAYM-YmcRM" style="display: block; width: 26px; height: 26px; vertical-align: middle;" width="26"/>
        </td>
        <td style="vertical-align: middle; text-align: right; width: 100%;">
         <img height="18" src="https://inboxflows.com/_/image/https%253A%252F%252Fd15k2d11r6t6rl.cloudfront.net%252Fpublic%252Fusers%252FIntegrators%252F669d5713-9b6a-46bb-bd7e-c542cff6dd6a%252F3aca56371967418192255878e9689713%252FNewsletter%2520Assets%252Fnewlistings_light.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZkMTVrMmQxMXI2dCJ9:1pcxMj:-IxlEhy8ySE5IFD_AP4v5HTPn9BgBlQPe9PzWgNS3tk" style="width: 21px; height: 18px; vertical-align: middle;" width="21"/>
        </td>
       </tr>
      </tbody>
     </table>
     <p style="margin: 0px; line-height: 1.6;">
      LsETH is an ERC-20 token that represents ETH staked through Liquid Collective’s liquid staking protocol.
     </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>
     <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>
          A
         </strong>
        </td>
        <td>
         BTC
        </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=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZkMTVrMmQxMXI2dCJ9:1pcxMj:-IxlEhy8ySE5IFD_AP4v5HTPn9BgBlQPe9PzWgNS3tk" 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=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZkMTVrMmQxMXI2dCJ9:1pcxMj:-IxlEhy8ySE5IFD_AP4v5HTPn9BgBlQPe9PzWgNS3tk" 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=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZkMTVrMmQxMXI2dCJ9:1pcxMj:-IxlEhy8ySE5IFD_AP4v5HTPn9BgBlQPe9PzWgNS3tk" style="display: block; height: 46px;"/>
         </a>
        </td>
       </tr>
      </tbody>
     </table>
     <div style="margin-top: 24px;">
      <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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