F1 賽道上的每一圈都關鍵：Aston Martin、Pepperstone、Coinbase 談機會與資料

0:00新加坡夜賽與 F1 機會主題開場

0:00非常感謝大家，下午好。很高興能在新加坡的 TOKEN2049 舉辦地。新加坡對於 F1 來說是個很棒的場地，畢竟這裡是原創的夜間賽事。當你看到 F1 賽車在夜晚穿梭於街頭，真的是一場壯觀的盛會。我是 Rob Bloom，Aston Martin Aramco F1 車隊的行銷長。作為 Aston Martin，我們非常興奮能再次回到新加坡，期待這個週末精彩的賽事。今天的主題就是「機會」。F1 以機會著稱，正是那些微小的進步，才讓我們的運動產生巨大差異。而新加坡本身就是一個充滿機會的地方，在這裡你可以創造、突破、用不同方式做事。這種合作精神，正如我們在 TOKEN2049 所見。Thank you very much indeed, and good afternoon to everybody. It is great to be here at Token in Singapore. Singapore is an amazing venue for Formula One. It is, of course, the original night race. And it's an amazing spectacle when you see Formula One cars going around the streets at nighttime. So my name is Rob Bloom. I'm the Chief Marketing Officer of Aston Martin Aramco Formula One Team, and as Aston Martin, we are absolutely thrilled to be back here in Singapore and look forward to a really great weekend of racing. So the theme today is all about opportunity. And of course, Formula One is famous for opportunity. It's those incremental gains that really make the difference in our sport. And of course, in Singapore, it is a place of opportunity, a place where you make things, break things, do things a little bit differently. The collaboration, everything that we're seeing here in Token.

1:09今天我邀請到三位 Aston Martin F1 家族成員，兩位是我們的優秀合作夥伴，還有 2009 年世界冠軍 Jenson Button。這三位都是在職涯中善於把握機會的人。當然，機會總是伴隨風險，需要勇氣與膽識，才能把握每個來臨的契機。那我們直接切入主題，首先想聊聊 F1 與合作夥伴關係。Jenson，我們合作很久了，你也在這個運動圈很久。這幾年 F1 發展得非常迅速，這樣的成長和新贊助商的湧入，有讓你驚訝嗎？And I'm joined today by three people who are part of the Aston Martin Formula One family, two of our amazing partners and, of course, 2009 World Champion Jenson Button. And this is three people who have got a whole career of seizing opportunity. And of course, opportunity comes with risk. Opportunity requires the brave, courage, and all of the things in order to be able to maximize everything that comes your way. Right, let's get straight into it. The first area I want to talk a little bit about is Formula One and partnerships. Jensen, we've been working together for a long time. You've been around the sport for a long time. The sport is absolutely booming right now. Does that surprise you, the growth of the sport over the last five to ten years, and also the amount of new partners that are coming in to sponsor Formula One teams?

2:08F1 成長與人性面曝光

2:08大家午安，很高興來到新加坡，這是我們都熱愛來、熱愛競賽的地方。這幾年 F1 真的變化很大。我在 2016 年退休，然後運動就開始大幅成長。不是因為我離開，而是因為某個電視節目，真的讓大家聚焦在我們的運動。大家能看到人性面，看到賽車手在車外的樣子，不只是賽道上的表現，還有他們的個性與價值觀。這是運動成長很大的原因之一。當然，F1 的科技一直在突破極限，參與其中真的很刺激。希望大家都能理解這些技術，我相信你們可以。這些年來，這項運動成長非常驚人，也很開心看到來自世界各地的合作夥伴加入這個我從八歲就熱愛的運動。First of all, good afternoon, everyone. It's lovely to be here in Singapore, a place that we all love to come and love to compete. Yes, the sport has changed a lot over the last few years. I retired from Formula One in 2016, and then that's when the sport really grew. Not because I left, but because of a certain TV show, I think it really put the spotlight on our sport. And I think you were able to see the human element, really, the individuals, the racing drivers, you know, who they were out of the car, not just what they did on track, their personalities and what they really stood for as an individual. So it was a big part of why the sport grew so much. The technology, obviously, that we have in Formula One is we're always always pushing the boundaries of technology, which is really exciting when you're involved with it. Hopefully everyone else can understand what's going on. I'm sure you guys can. But the sport has had massive growth over the years, and it's really nice to see partners from all over the world come and be part of this amazing sport that I've loved since I was eight years old.

3:24沒錯。過去五年左右，Aston Martin 車隊其實是在 2021 年才成立的，我們的合作夥伴組合在科技與生活風格品牌上都有很大成長。F1 是個多層次、故事豐富的運動，重點就是為合作夥伴創造價值。那我們先來聊聊我們的合作夥伴之一，Tamas。你是全球交易平台 Pepperstone 的執行長，也是 Aston Martin F1 車隊的驕傲夥伴。這一切都關於機會，能不能談談你們加入 Aston Martin 的契機，以及是什麼讓你們決定成為團隊一份子？For sure. And over the last five years or so, you know, Aston Martin was only formed as a race team in 2021, and we've had a tremendous growth in our partnership portfolio across both technology and lifestyle brands. And it's such a rich, multi-layered story in Formula One, and the focus is really about driving value for our partners. Let's start with one of our partners, Tamas. Hi. CEO of a global trading platform, Pepperstone, a very proud partner of Aston Martin Formula One team. This is all about opportunity. Tell us about the opportunity of coming in to be a partner of Aston Martin and what it was that really encouraged you to sign up and be part of the team.

4:07Pepperstone 與 F1 的品牌共鳴

4:07我們多年來一直有參與贊助，之前也是 ATP 網球賽的主要贊助商之一。我親自去過幾場 F1 賽事，想感受一下現場氛圍，也和現場的人聊過，很快就發現我們的客戶族群就在這裡，這點完全符合需求。再來，正如 Jenson 說的，F1 是高度資料驅動的運動。我不確定該不該說「高辛烷值」，但它和金融市場有很強的共鳴。F1 容錯率極低，一個錯誤代價很大；金融市場也是，一失誤馬上知道損失多少。這種共鳴和我們做衍生性商品很契合。而且這也很符合我們的企業文化。當你帶著員工一起參與，真的會讓大家士氣大增。我們的品牌現在出現在 F1 賽車上，這讓我們有了更高的標準。你當然希望不是靠這個來建立標準，但當所有員工都覺得「我們是 F1 團隊一份子」，大家就會更認真、更想把公司做得更好。這是很重要的原因，當然還有很多附加效益。Sponsorship is something that we've been involved in for many years, and we were actually—One of the main ATP sponsors as well, the tennis tournament. I actually went along to a few Formula Ones and just to get a bit of a feel for it, spoke to some of the people there, and I just quickly figured out that, you know, my client base is sort of here. So big tick. And then you look at the sport itself, you know, as Jensen said, you know, it's highly data-driven. It's, it's, you know, I'm not sure high octane is the right word, but it's got a lot of affinity with financial markets. So it's totally unforgiving. You make a mistake in Formula One, it's pretty costly. You make a mistake in financial markets, you can see exactly how much that costs you. So that affinity, I think, really works with what we do in derivatives. So. And also, it really fits with the business. As soon as you bring your staff along the journey, it literally uplifts you. Like, we're on the side of a Formula One car. Like, we have now a proper standard. You hope that you don't need to do that to develop a standard, but it helps so much when all the staff are like, we're part of Formula One. We need to uplift this business. We can't mess around. We're serious. That, that was a big part of it, and there's lots of secondary benefits that have come in as well.

5:28Aston Martin 這個品牌已經有 113 年歷史，當你的品牌能和 Aston Martin 並列，信任度自然提升，這是我們從合作夥伴那裡常聽到的。但正如你所說，F1 是個極具價值的領域，特別能打中你想接觸的交易和加密貨幣受眾。Usman，換你來談談 Coinbase 加入 F1 的機會。你們是非常自信、聲量很大的品牌，是什麼讓你們選擇 F1 和 Aston Martin？Aston Martin's 113 years old as a brand, and I think there's a lot to be gained in trust when you have the brand adjacency next to Aston Martin, and we hear that a lot from our partners. But as you say, Formula One is such a rich territory that really over-indexes in that audience that in trading and in crypto that you want to speak to. Usman, let's go to you. Tell us a little bit about Coinbase and the opportunity of Coinbase coming into Formula One. You're a very loud and proud, very confident brand. What was it about F1 and Aston Martin that attracted you into the sport?

6:04Coinbase 的全球品牌策略與 F1

6:04我們在思考贊助和全球品牌定位時，會考慮品牌的核心原則：信任、高誠信、傳承。我們雖然只成立 13、14 年，但在加密圈這就像 113 年了。我們希望和有相同原則的品牌合作。像 Aston Martin 這樣的奢華品牌，完全符合我們的需求。正如 Tamas 所說，F1 的觀眾和我們的社群、交易者高度重疊。我們本身就是全球性品牌，而能帶來腎上腺素的全球贊助其實不多。像英國的足球雖然很熱門，但全年觀眾還是偏本地。F1 則能讓你走遍全球，接觸在地社群和交易者。這完全符合我們的需求，你們代表的價值也是我們想被認識的形象。So look, when we were looking at sponsorship and how we wanted to position our brand globally, we thought through what are the principles of our brand: trust, high integrity, legacy. We've been, you know, we've only been around 13, 14 years, but in crypto that's 113 years. Right. So we wanted a partnership with a brand which has the same principles as us. And you look at luxury brands like Aston Martin, and you're like, they tick all the boxes. And then the benefit is, as Thomas was saying, that the audience that F1 has has a huge overlap with our community and our traders. And also, we have a global presence, right? And there aren't many adrenaline-filled sponsorships that can be global. You know, coming from England, football is high up on the list, but it's a very domesticated sport for viewership throughout the year. Whereas F1, you can travel all around the world and meet local communities and meet local traders, so. It just ticked the box for us, and, you know, what you guys stand for is what we want to be known as as well.

7:14資料驅動與贊助效益衡量

7:14Tamas，F1 完全是資料的世界，這就是我們交易的貨幣。這五到十年來，體育贊助越來越重視投資報酬率（ROI）。Pepperstone 怎麼衡量贊助效益？我們是在 2025 年 1 月簽下這份贊助合約，之後我們的交易量成長了 85%。雖然不能全歸功於 Aston Martin，因為我們也做了很多努力，像是大幅投資科技。我們從 2010 年就成立了，也算是老字號了，現在努力追趕這些新夥伴。資料真的很重要，F1 的幕後運作讓人驚艷，大家應該都看過那個我們不能提名字的系列。去過 Aston Martin 總部，看過控制室，真的就像交易室一樣，兩者高度相似。資料、精準、零容錯，這些都和我們想給客戶的交易體驗一致。Amazing. And, Tamas, Formula One just swims in data. You know, it is the currency in which we trade. I think sports sponsorship has become very ROI-driven over the last five to ten years. What are you measuring by way of success at Pepperstone? In terms of the sponsorship or in terms— Yes. Yeah, so... Like, we signed this sponsorship deal in January 25. Our volumes have increased 85% since then. I'm not going to put it all down to Aston Martin, but because we've done a lot. We've had a major investment in technology. I mean, we've been around, you know, since 2010, so we've been around for a long time. So we're trying to keep up with these guys. So there's, you know. Data is so important, and, you know, looking at how F1 operates when you get behind the scenes, I think most people have seen behind the scenes now with the series that we're not allowed to mention, but anyway. It's, it's, it's quite amazing, and I've been to the Aston Martin campus, seen the control room, and it's like a trading floor. I mean, it's exactly like a trading floor. So the affinity is just there. Data, you know, unforgiving precision, and we try and give our customers, you know, what we can in terms of helping them trade effectively by data.

8:27這五到十年來，權利持有人在回報合作夥伴 ROI 上越來越專業，這也是 Aston Martin 必須做到的。Usman，你們和 Aston Martin 的合作，Coinbase 主要衡量哪些 ROI？我們希望在全球擴大對特定社群，也就是活躍交易社群，的影響力。我們一直在思考能給他們什麼「錢也買不到」的體驗。畢竟很多人能買 F1 門票，但能和 Aston 合作、進入維修區、見到車手和工程師，這是錢買不到的。這幫助我們建立關係。如果有幸能參加一整天甚至三天的 F1 賽事，會有很多時間可以交流，不只是看賽車，還有很多等待和聊天的時間。這讓我們能建立深厚關係，也能聊聊專業。F1 在整個行銷漏斗各階段都有價值，對消費品牌夥伴來說是極佳的曝光與觸及，還有參與度與轉換機會，像是在 Marina Bay 賽道旁的 Paddock Club，很多生意就是在那裡談成的，這對合作夥伴來說價值很高。And a lot of what we've seen in the last five to 10 years is the sophistication of rights holders in being able to report back that ROI to our partners. And I think that's what we are held to account as Aston Martin for. Usman, what is it in terms of ROI that you're measuring through the partnership with Coinbase and Aston Martin? So as we try and increase our presence globally for a certain type of community, the active trading community, we've always looked at what we can offer them to have, you know, money can't buy experiences because quite frankly, a lot of people can buy F1 tickets, but getting the sponsorship with Aston, being in the paddock with you guys and seeing the garage and meeting drivers and meeting the team and engineers, that's something that you can't just buy. So it helps us develop those relationships. And, you know, if anyone is fortunate enough to go to an F1 for the whole day or three days, there's a lot of time to talk, right? You get to see these cool things, but there's a lot of sit-down time, waiting around, talking. So, you know, you get to develop those relationships, but you also get to talk shop. What we see in F1 is it delivers all across the funnel. So an amazing awareness and reach play, particularly for our consumer brand partners, but then that engagement play through the funnel and, as you say, the conversion opportunities at a Formula One Grand Prix, in the Paddock Club, overlooking the marina bay street circuit. You know, that's where a lot of business is done, and we see a lot of value for our partners in that space.

9:57賽車手視角：資料、模擬與臨場判斷

9:57來聊聊科技，Jenson。但在談科技前，F1 賽車最重要的元件其實是駕駛本人。這場關於機會的討論，從車手角度來看，機會在哪裡？在 Marina Bay 賽道上，哪些細微進步是你會特別思考的？其實很多都來自於準備。我們的準備極度依賴資料，現在都用模擬器訓練，幾乎不再實際測試，所有事情都在模擬器裡完成。我們會跑數百萬次模擬，規劃比賽策略，像是什麼時候進站換胎、輪胎該怎麼用、油量怎麼分配、什麼時候該全力衝刺。這些模擬給我們比賽時的資訊。準備是關鍵，這也讓你對團隊有信心，知道怎麼把車發揮到極致，也能讓自己更放鬆，預判各種突發狀況。Let's talk a little bit about tech, Jenson. Before we go into tech, though, there's one really important component of a Formula One car, perhaps the most important component, and that's the driver in the seat. Incredibly complex machines, but if this is all about opportunity, where's the opportunity? Captured from a driver point of view, what are those incremental gains that you're thinking about as you're driving around Marina Bay Street Circuit? Well, a lot of it comes from preparation. It's obviously very data-driven, our preparation. We have a simulator that we drive. We don't even drive in reality anymore. There's no testing, so we do everything in a simulator. We run millions of simulations, which is to do with the strategy throughout a race. You know, when you're going to come in to change tyres, how hard you're going to push those tyres when you're driving, how much fuel you're going to use, when to push. This is all done through simulations that gives us the information when we actually go racing. So preparation is key, and that's key to your confidence in what the team are able to do how to get the maximum out of the car, but also then you're able to relax in yourself and preempt situations arising.

11:16我記得 2010 年在上海比賽，那是我那季第四場比賽，突然下雨了。所有資料都顯示應該進站換雨胎，大多數車手也都進站，團隊在無線電裡催我進站換雨胎。但我看到下雨，卻沒感覺到雨勢，我覺得賽道抓地力還夠，乾胎在濕地還能維持溫度。當時 20 位車手有 17 位進站，我是少數選擇留在場上的人之一。I remember racing in Shanghai, would have been 2010, my fourth race that season, and it started to rain. And all the data told us that we should come in and put wet tires on. Most of the drivers did, and the team were on the radio, Jensen, you've missed the pits. You've got to come in and put wet tires on. It's like, I see the rain, but I don't feel the rain. You know, I feel that there's enough grip on the racetrack to keep the tire temperature up. The dry tires are still working in these wet conditions. And I think 17 of the 20 drivers pitted, and I was one of the ones that stayed out.

11:53人機協作與 AI 浪潮

11:53我們又等了五六圈才進站，這是正確的決定。我們比其他車手多贏了三十秒，最後我贏得了那場比賽。這是對自己能力的信心，也是對團隊和事前資訊的信任。但最終，還是人要做決定，這也是我們熱愛運動的原因。我們可以盡量利用資料，這對 F1 很有幫助，但目前其實還只是剛起步。最後的結果還是要靠人的判斷，這才是重點。這就是人與機器合作的極致故事。We waited another five or six laps, pitted. It was the right call. We gained 30 seconds on the rest of the field, and I went on to win that race. And that was confidence in myself, in my ability, but also confidence in the team of people I had around me and the information that we were given beforehand. But in the end, the human has to make the call, and that's why we love sport. We can push data as much as we want, and it's so helpful for Formula One, and we're only scratching the surface really at the moment. But the last end result has to come from the human element, I think. It's the ultimate story of human and machine working together.

12:34來到 TOKEN2049，當然不能不聊 AI。你們在產品開發上投入多少 AI？AI 在 Pepperstone 目前扮演什麼角色？我們內部花了很多力氣在 AI 提升上，這是每個企業都在做的事。我們正朝向全 AI 原生的開發路線前進。至於面向客戶的 AI，我們採取觀望態度。其實客戶跟 AI 互動有兩種方式：一種是自己用 Claude 等工具寫交易機器人，直接連接供應商；另一種是由供應商提供工具。這之間的動態很有趣。我認為大多數人還不會放心把錢交給 AI 機器人交易，畢竟有過失控的案例。所以我們還在探索階段。不知道 Coinbase 怎麼看，也許他們更先進。不過我們對客戶端 AI 還是偏向觀望，但內部運用 AI 已經很成熟，讓效率大幅提升。Look, we couldn't be here at Token 2049 and not talk AI as well. Tell us about AI in your world. How much thinking is going into product development, and where does AI sit in Pepperstone's world right now? There's an awful lot of effort we're putting into AI from an uplift perspective internally, which every business is doing. Going down the path of full AI native from a development perspective, that's a path that we're undertaking. In terms of client-facing AI, we're taking a little bit of a watch-and-see approach because if you think about it, there's two ways a customer will ultimately interact with AI. One is they build their own trading bots or whatever using Claude, and they just plug into a provider. Or the provider provides the tools for them, right? And it's an interesting dynamic that's playing out. I don't think many people will happily give their money over to an AI bot to trade with because there's been examples of, you know, them going rogue and whatever else. So I think we're in a discovery phase. I'm not sure what, you know, Coinbase is going to say. They might be well more advanced than this, but— We are paying a little bit of a wait-and-see approach in terms of the client-facing aspect of it, but internally, I'd like to think we're pretty advanced in terms of using AI, you know, to make things so much more efficient.

13:54Usman，你覺得 Coinbase 目前 AI 發展到哪個階段？如果十分滿分，我們大概已經二十分了，AI 已經深度融入我們的開發流程。Coinbase 的很多開發工作都是 AI 驅動的。我們 CEO Brian 多次公開說，已經超過一年沒有人工推送程式碼了。我們在幕後每個環節都用 AI 來提升槓桿與生產力。至於面向客戶端，作為原生數位資產公司，我們天生就很適合 AI。我們最近也宣布了 agentic finance，讓使用者可以用 Claude、Grok 等 AI bot 連接 Coinbase，進行交易與支付。幾週前我們的 agentic 使用者數已經超過真人使用者，雖然交易量還很低，但這顯示未來趨勢。我們真的全力投入 AI。And Usman, where would you say you are on your AI journey right now at Coinbase? I mean, on a scale of one to ten, we're probably a 20 in how much we're deep in AI behind the scenes. A lot of the work that we do at Coinbase for development is all AI-driven. I think our CEO Brian has come out and said many times that it's been over a year since any code has been pushed by humans. So we use AI at every opportunity behind the scenes for leverage, for productivity. And on the client-facing segment, being a natively digital asset company. We kind of naturally fit into the AI world, and we've recently announced agentic finance as an opportunity for our users. And we can get all of the, you know, the Claude and Grok bots to have MCPs plugged into Coinbase to be able to trade and do everything and payments. And actually, as of a few weeks ago, we had more individual agentic users than human users. Which, I mean, transaction volumes are very low, but it shows you the way things are going. So we're really leaning in.

15:03高績效文化與反應力

15:03我們與 Aston Martin 的所有合作夥伴都強調共同價值觀與行為。越了解合作夥伴，就越發現 F1 的高績效精神也存在於我們合作的各個組織。Jenson，你在賽車界頂尖舞台有長期高績效經歷。反應力很重要，我很喜歡你講的中國站故事。你怎麼看？因為再完美的計畫，有時也撐不過 F1 比賽第一個彎。那種核心反應力和應變能力，在你世界裡是什麼樣子？All of our partnerships at Aston Martin are shared values and also shared behaviours. The more we get to understand our partners, we realise that that high performance ethos that is truly existing in Formula One really exists across the organisations that we partner with. Jensen, you've had a career in high performance at the pinnacle of motorsport. Reactivity, I love the story about China. Tell us what else, because on the basis that all the best plans, you know, sometimes don't survive the first corner on a Formula One Grand Prix. So that core behaviour of reactivity and being able to respond, what does that look like in your world?

15:45我再強調一次，一切都在於準備。你到賽道前已經做足所有功課，剩下的就是不要搞砸。F1 很多人都說，所有辛苦都在工廠完成，到了賽道只要別出錯就好。重點就是準備。如果你能在起跑線上掌握所有可能出錯的情境，你就能在燈號亮起時處於最佳狀態。賽車有很多腎上腺素和情緒，但其實贏家靠的是那些無聊的準備細節。As I'll say it again, like I did before, you know, it's all about that preparation. You arrive at the start of the race. You've done all the hard work. The rest, you've just got to try and not to mess it up. I think a lot of people in Formula One will always say that all the hard work is done at the factory, and you arrive at the racetrack and you've just not got to mess it up. That's basically it, because it's all in the preparation. And if you're able to get to the start line and you're fully aware of everything that could go wrong. And Kuger, right. I think you're in a much better place when the lights go out. There's so much adrenaline, there's so much emotion involved in motor racing, but it's the boring stuff that actually gets you the wins, and it's that prep.

16:29JB，現場的大家只能想像坐在 F1 賽車裡以時速 200 英里在新加坡街頭奔馳是什麼感覺。這是極致的壓力下表現。你怎麼在駕駛艙裡保持冷靜？這場比賽真的很瘋狂。2008 年第一次來新加坡時，我就覺得這太誇張了，開著 F1 在城市裡飆 200 英里，而且這賽道有些路段很快。這也是我們最長的比賽之一，因為有很多慢彎，幾乎要跑兩小時。又熱又濕，身心都很消耗，但真的很棒。新加坡街頭的腎上腺素超高，大家都愛來這裡比賽，因為我們喜歡挑戰極限。這對我們車手來說最重要，合作夥伴和贊助商也很尊重這點。他們和我們一樣，都想做到最好，會全力以赴。JB, the people in the room here today could only imagine what it's like to sit in a Formula One car doing 200 mile an hour around the streets here. It is the ultimate of performance under pressure. How do you keep yourself together in the cockpit when you're doing 200 mile an hour around the streets of Singapore? You're right, this is a crazy race for an F1 car. When we first came here back in 2008, I remember thinking, this is nuts. We're driving around a city in an F1 car doing 200 miles an hour, and there's some fast sections around this track as well. It's— The longest race that we have, because there's a lot of slow sections, so it's almost two hours. It's hot, it's humid. Mentally, physically, it's the most draining race, but it's awesome. You know, the adrenaline is so high on the streets of Singapore. It's a track we all love to come and race at because we like pushing the boundaries, and that's— That's what's the most important for us as racing drivers, and I think there's a lot of respect for that from the partners and sponsors that work with teams in F1. They have a common goal, which is to be the best, and they will push as hard as they can to achieve that.

17:41壓力下的表現與持續精進

17:41Tamas、Usman，你們代表的品牌都是各自領域的頂尖。我想壓力下表現已經是你們組織的 DNA。Tamas，我們聊過很多 Pepperstone 交易員和 Jenson Button 這類能在壓力下發揮的人之間的共通點。你怎麼看這點，無論是內部還是對交易員來說？Tomas Usman, you represent brands that are the pinnacle of your respective fields. I can only imagine that performance under pressure is inherent in your organisations. And Tomas, we've talked a lot about the parallels between traders who choose the Pepperstone platform and the likes of Jensen Button, who are able to perform under pressure. Tell us a little bit about that in your world, both internally and for your traders.

18:07交易本來就是高壓環境。我們盡量給交易員最多工具，讓他們交易更有效率。但最終還是看人。如果每個客戶拿到的資料都一樣，差別就在於人本身。像 Jenson 說的，我也很有共鳴。優秀交易員有紀律，會準備、做研究，不是只按個按鈕等機器決定一切。除非你有比別人更強的機器，否則還是要靠準備，因為那也是寫程式的過程。內部來說，我們團隊也很高效，座右銘是「永遠不滿足於現狀」，這和 Aston Martin 一樣。一直追求更好，沒有終點。我常自嘲 Pepperstone 還不夠好，雖然我們是業界頂尖，但還有很長路要走。Yeah, I mean, yeah, trading is a high-pressure environment. We give as many tools as we can to our traders to make their trading experience as efficient as possible. But it really ultimately boils down to the human, because if every single customer has the same set of data, then the difference there is the human. Like, that is, so some of the things that Jens was saying is so, again, I'm drawing parallels, but— A really good trader has discipline. They prepare, they research. It's not just about, you know, pushing a button and waiting for the machine to make all the decisions. That doesn't really work unless you've got a machine better than someone else's, which again is preparation because it's about coding that machine. So it's, you know, it is a high-pressure environment from an internal perspective. You know, we have a very high-performing team internally, and, you know, one of our mottos is better never settles, which I know is something that we share with Aston Martin. So constantly improving, even when there's no such thing as it's finished, it's ultimate, that will never happen. So always striving for better, better, better, better. So, I mean, I'm usually quite... Self-deprecating in terms of Pepperstone, because I just don't think we're as good as we need to be. But as you say, we're one of the best in our field, but we've got a long way to go.

19:25Usman，我想 Formula One 那種開發、迭代、學習、持續進步的流程，在 Coinbase 應該也很重要吧？沒錯，我完全認同你剛說的。我們每天都在實踐這一點。Coinbase 最近全面升級基礎設施，確保使用者連線速度最快。但更重要的是穩定性。因為我們身處極度波動的資產市場，市場劇烈波動時才是真正考驗表現的時候。行情好時小問題可以被忽略，但我們必須確保速度和穩定性都做到最好。我們最近做了大規模升級，所以在高壓下表現已經成為我們的日常。Osman, I would imagine that that process of develop, iterate, learn, continuous improvement, which is absolutely inherent in Formula One, we've heard how it exists in Pepperstone. I'm sure that exists in Coinbase too. Yeah, absolutely. And I resonate well with everything you just said. I think it's something that we live every day. But we've recently at Coinbase overhauled our whole infrastructure to make sure that all the users on our platform have the absolute fastest connectivity. And also, more importantly, more importantly than speed, is stability. Because it's when markets, I mean, we are, it is no surprise that we're in a hugely highly volatile asset class. And when things go bad, that's when you've really got to show up. You've really got to perform. So when times are good, then, you know, these blemishes can be overlooked. But we have to make sure we are the fastest and the most stable. And we've recently done a huge overhaul. So performing under high pressure is something that we're very, very used to.

20:19風險與獎勵的平衡

20:19JB，TOKEN2049 現場的品牌、加密貨幣、交易圈，F1 其實都在講風險與報酬。你怎麼看這種心態，怎麼達到 F1 頂峰並平衡風險與獎勵？一切都在於風險。我從八歲卡丁車開始就一直在挑戰極限。成功很大一部分來自我合作過的團隊。沒有責怪文化，讓我能盡情突破界線、犯錯並學習。2009 年我奪冠那年，關鍵是我們有好車，因為工程師和空力師能自由發揮，敢於挑戰規則灰色地帶，這都要歸功於領導力。Ross Brawn 當時是我們的領隊和老闆，正因為有這種自由，我們才能做出比其他車快 1.5 秒的車，最後以私人車隊身分奪冠。對我來說，關鍵就是有自由去冒險、勇敢，這樣才能得到回報。JB, Token 2049, the brands in the room today, the whole space around crypto, the space of trading, of course, in F1, you know, it's all about risk and reward. You know, tell us a little bit about that from a mindset point of view of how you reach the pinnacle of something like Formula One and being able to balance risk and reward. It's all about risk. It's pushing the boundaries is something I've done since I was eight years old, karting. And I think a big, big part of why it's worked is the people I've worked with over the years. There's not been really blame culture, and that for me has given me free rein to push the boundaries. Make mistakes and learn from them. And that's been a big part of my career. For me, 2009, the year I won the championship, the reason for us winning the championship was we had a good car. But the reason why we had a good car was because the engineers, the aerodynamicists, were able to have sort of free reign on what they did with the car. They pushed the boundaries of the regulations. They were in the grey area, and they weren't afraid to do that because of the great leadership that we had. We had Ross Brawn as our team principal and team owner at that moment. And I feel that because they had that freedom, they were able to achieve so much more. We built a car that was one and a half seconds quicker than everyone else that season, and we were a private team. And we went on to win the world championship. So yes, for me, it's about the freedom to excel and taking risks, being brave, and that's when you get the rewards.

22:08Tamas、Usman，最後請你們談談各自領域的風險與報酬。Usman 你先。你必須冒險，但要清楚知道下行風險，這樣才能評估報酬。所以我們要給使用者所有工具：衍生品、線性、非線性、交叉保證金，讓他們明確掌握風險。不然就像盲駕。交易金融市場本身就是風險的極致，尤其有槓桿時。你會知道自己冒什麼風險，也知道出錯會發生什麼事。速度很快，五秒內就可能虧錢，和 F1 很像。我們就是活在這種環境，也盡力給客戶最好的工具，因為沒人想用不穩的平台，這是最基本的，剩下就交給使用者。Tamas, Osman, one final line from you guys on risk and reward in your respective fields. Osman, maybe you first. You've got to take the risk, but with knowing what the actual downside is, so you can see what your reward is. So that's exactly why we want to make sure all of our users have the right tools: derivatives, linear, non-linear, cross margin, everything to be, like, to know exactly what your risk is. Otherwise, you're driving blind. Yeah, I mean, trading financial markets is almost the epitome of risk. I mean, it's exactly what it is, particularly when you've got leverage involved. So, you know, you generally know what risk you're taking, and then you know exactly what happens if you get it wrong. And it's so quick. I can place a trade; within five seconds I can lose money. So it's that fast. It's similar to Formula One. So, yeah, we live in this environment. And, you know, same as we provide the best tools we possibly can to our customers, because you don't want a platform that doesn't work. Like that, that's the base level of acceptance, and then it's over to the client.

23:10好，這就是我們這場的方格旗。很高興能和 Jenson、Usman、Tamas 同台，謝謝大家。Well, look, I think that's the checkered flag on our session. It's been a delight to share the stage with Jensen, Usman, Tomas. Thank you so much.