Ripple Exec Hints Coinbase’s Next Move

Also Read: Coinbase Legal Head Meets Ripple Chief Legal Officer

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Coinbase Moving Ahead Of Being Just A Crypto Exchange

Asheesh Birla, Board Member at Ripple commented on the recent actions taken by the Coinbase lately. He stated that Coinbase is transitioning from a crypto exchange to a crypto enabled banking service.

Birla mentioned that Coinbase has updated its mission in order to build a crypto economy that will be a more fair, efficient, accessible, and transparent financial system for digital assets. However, Coinbase in a blog stated that it is dedicated to partnering with high bar regulators across US and Non US jurisdictions in order to update the financials system. Read More Ripple News Here…

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Coinbase recently shared its quarter 1 2023 earnings. As per the data, its revenue on deposits via interest income, custodial fees and blockchain rewards are now making a huge part of its revenues. Birla mentioned that interest generated on the USDC deposits is alone generating $199 million which is 18% of all the Coinbase’s revenue.

This directly depicts that Coinbase revenues are now shifting from consumer to high margin institutional customers. Its institutional trading revenue has increased by 67% over the last quarter. Ripple board member added that the U.S. biggest crypto exchange is benefiting from banking like revenues that are less dependent on the crypto market.

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