Former RippleNet General Manager: Coinbase's revenue structure is shifting from a cryptocurrency exchange to supporting cryptocurrency banking services

2023-05-07 10:47:39

Collection

ChainCatcher news, former RippleNet General Manager Asheesh Birla tweeted that Coinbase is transitioning from a cryptocurrency exchange to a bank service that supports cryptocurrencies.

Coinbase's latest mission is to build a crypto economy: a more equitable, convenient, efficient, and transparent financial system supported by cryptocurrencies. According to its Q1 2023 financial report, deposit revenue generated from interest income, blockchain rewards, and custody fees now accounts for the largest share of Coinbase's revenue. Interest from USDC deposits alone generated $199 million, accounting for about 18% of Coinbase's total revenue.

Coinbase's revenue is slowly shifting from consumers to high-margin institutional clients, with institutional trading revenue growing by 67% compared to the previous quarter. Coinbase also benefits from bank-like revenue, which is less dependent on the overall crypto market. (source link)

Related tags

Coinbase Coinbase Mission Crypto Bank

ChainCatcher reminds readers to view blockchain rationally, enhance risk awareness, and be cautious of various virtual token issuances and speculations. All content on this site is solely market information or related party opinions, and does not constitute any form of investment advice. If you find sensitive information in the content, please click "Report", and we will handle it promptly.