NFT could be “bigger or bigger” than all cryptocurrencies on Coinbase, says CEO
As cryptocurrency exchange Coinbase prepares to launch its own Non-Traceable Token (NFT) platform soon, CEO Brian Armstrong assessed the importance of the company’s upcoming Non-Traceable Token offering.
On Tuesday, Coinbase released its financial results for the third quarter, with revenue of $ 1.2 billion, mainly from the platform’s transaction fees for cryptocurrencies like Bitcoin (BTC) and Bitcoin (BTC) Ether (ETH). The company is the largest cryptocurrency exchange in the United States, with COIN shares publicly traded on the Nasdaq.
Coinbase’s Non-Traceable Token offering will significantly increase the operations of the exchange as the NFT platform has the potential to expose all of Coinbase’s existing crypto business. Armstrong made the statement during a conference call Tuesday, Bloomberg reported.
“We are very excited about Non-Traceable Token, which will be a very large field for crypto in the future and it is today,” said the Coinbase CEO, adding that it could be “bigger or bigger” than the crypto business from Coinbase.
Coinbase has officially announced that it will launch its own Non-Traceable Tokenplatform in mid-October that will allow users to create, buy, discover, and recommend Ethereum-based NFTs. The service offers a social media-like experience that allows users to follow different profiles and receive updates.
With Coinbase slated to launch its Non-Traceable Token platform later this year, many people have expressed their willingness to try the service out. Days after Coinbase launched the NFT waiting list in October, more than 1 million people signed up for the platform.
Subscriber numbers continue to grow rapidly as Coinbase has reportedly received over 2.5 million emails to date trying to sign up for the market. That’s just a fraction of Coinbase’s 68 million total verified users and 8.8 million monthly active users in the second quarter of 2021.
OpenSea, the world’s largest NFT marketplace, has processed more than $ 1.7 billion in transactions in the past 30 days, with more than 230,000 users interacting with its smart contracts during the reporting period, according to data from industry data provider DappRadar.
Related: “Outside of business hours, we should see the NFT market expand,” said David Schwartz, CTO of Ripple
Coinbase is just one of many global crypto exchanges planning or launching their NFT platform amid the parabolic growth of the NFT industry. In September, the Sam Bankman-Fried crypto exchange FTX announced the launch of a native NFT marketplace as the newest crypto platform. Binance, the world’s largest cryptocurrency exchange, launched its own NFT platform in June.