Fintech & EM-focused Analyst, KT Capital Group

Alec Tseung

Alec is currently a partner in KT Capital Group and serving as the Chinese shareholder representative of a public P&C insurer in Kazakhstan/Central Asia. 

Previously, he served as the Research & Investments Partner at Re:base Ventures (rebase.vc), a Web3 and DeFi investment firm with a strong focus on building and incubation. 

Before that, he spent time with Tencent, where he was responsible for the group's investments in the overseas markets (Southeast Asia, the Middle East, and Europe). 

Prior to Tencent, he was in the Principal Investments team at Swiss Re, where he focused on driving the group's investments into financial services and Fintech sectors in APAC. 

He has been responsible for a wide range of investments and transactions (venture/growth, buyout, direct secondaries, etc.) totaling >$5 billion. Alec started his career with Bank of America Merrill Lynch.

Fintech & EM-focused Analyst

2022 High Conviction: Coinbase Is More Than Trading Coins

Crypto Exchanges: Is the Disruptor Being Disrupted?

KT Capital Group

Principal investments and advisory firm that focuses on connecting the CIS countries with East Asia.

Principal investments and advisory firm

Equity Bottom-Up

<ul>
<li>Coinbase reported strong Q4 results mainly driven by a significant increase in its transaction revenue.</li>
<li>Bearish outlook in Q1'22 and FY22 due to the higher expense guidance from the management and declining crypto asset price and volatility in Q1.</li>
<li>Albeit the bearish outlook, we continue to view that Coinbase represents one of the best ways for public equity investors to gain exposure to the growing crypto economy. </li>
</ul>


Coinbase reported strong Q4 results mainly driven by a significant increase in its transaction revenue.
Bearish outlook in Q1'22 and FY22 due to the higher expense guidance from the management and declining crypto asset price and volatility in Q1.
Albeit the bearish outlook, we continue to view that Coinbase represents one of the best ways for public equity investors to gain exposure to the growing crypto economy. 


Coinbase Global

Coinbase: Q4 Results KPI Deck