Coinbase Global Inc. (Coinbase) is a provider of end-to-end financial infrastructure and technology for the cryptoeconomy. Its platform enables buying and selling of crypto assets for retail and institutional customers while also serving as a custodian for crypto assets. We regard the company's very low leverage, strong liquidity, a solid market share of crypto assets on its platform, and a strong track record of avoiding security breaches since inception as rating strengths. These are balanced by its reliance on retail transaction revenue, elevated volatility in the asset class, and competitive risk in a nascent asset class from centralized and decentralized cryptocurrency exchanges, financial technology, and brokerage firms, which we view as ratings weaknesses. We assigned a 'BB+' issuer credit rating
