Coinbase Is Transforming Into New Banking Service With Crypto Support

Key Points:

• Asheesh Birla, a Ripple Board Member, has remarked on Coinbase’s recent moves.
• He claimed that the exchange is evolving from a cryptocurrency exchange to a cryptocurrency-enabled banking business.
• Coinbase, on the other hand, indicated that it is committed to improving the financial system.

Former RippleNet general manager Asheesh Birla said that Coinbase is evolving from a cryptocurrency exchange to a banking institution that accepts cryptocurrencies.

Birla said that Coinbase’s purpose had been changed in order to develop a crypto economy that would be a more fair, efficient, accessible, and transparent financial system for digital assets. Coinbase, on the other hand, indicated in a blog that it is committed to collaborating with high-level authorities in both US and non-US nations to upgrade the financial system.

Coinbase’s most recent objective is to create the crypto economy, which is a more equitable, accessible, efficient, and transparent financial system driven by cryptocurrency. The exchange, on the other hand, indicated that it is committed to working with high-level authorities in both US and non-US nations to upgrade the banking system.

According to Coinbase’s first-quarter 2023 financial report, deposit income from interest, blockchain incentives, and custody fees now make up the majority of the company’s revenue. Birla said that the interest earned on USDC deposits alone generates $199 million, accounting for 18% of its total earnings.

According to Arkham’s recent report, Circle minted 140 million USDC and transferred it to the exchange on behalf of a large buyer.

The compnay’s income is gradually migrating from consumers to high-margin institutional customers, with institutional trading revenue increasing 67% year on year. Coinbase also profits from bank-like revenue that is less reliant on the entire cryptocurrency market.

Coinbase, the largest crypto exchange in the United States, has won the first court round against the Securities and Exchange Commission (SEC) in order to get regulatory clarity surrounding digital asset trading. In the midst of this victory, it also announced the creation of an international exchange trading Bitcoin (BTC) and Ethereum (ETH) perpetual futures, confusing consumers.

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Harold

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