The Nasdaq-listed cryptocurrency exchange Coinbase says that it desires to be “the Amazon of assets” and lists each legal crypto asset out there. The company has outlined two main long-term trends affecting its enterprise.
Coinbase Wants to List All Legal Cryptocurrencies
Coinbase revealed its plan in the course of the Q2 2021 earnings call Tuesday. CEO Brian Armstrong explained: “We at Coinbase always think about longer-term cycles of crypto. We’re at all times trying on the long-term trends.” He described two key trends affecting Coinbase.
“The primary one is that we’re continuing to see this development of individuals utilizing crypto for increasingly issues past buying and selling,” Armstrong detailed. He added that “For instance, we now have 1.7 million customers doing staking in crypto, which is a way to earn a yield in your assets.”
The CEO continued, “The second massive development we’re seeing is this concept of Coinbase embracing decentralization,” elaborating:
We want to be the Amazon of assets, listing each asset on the market in crypto that’s authorized. There are literally thousands of them right now. There are eventually going to be millions of them. That is all under the theme of embracing decentralization.
Armstrong emphasized: “Now we have a really rigorous course of we’ve created on the compliance and the authorized and cybersecurity analysis of those belongings to verify they adjust to these requirements, however as soon as we get comfortable with that, we need to list numerous belongings that meet these listing criteria.”
He is further noted: “Bitcoin and ethereum still make up about 50% of our buying and selling quantity and the opposite 50% is the lengthy tail of all the opposite belongings that we assist. No single type of long-tail assets accounts for more than 10% of our buying and selling quantity so it’s really beginning to turn into fairly a various set of belongings on the market.”
The Coinbase executive talked about that within the second quarter, his platform listed 22 new coins, including dogecoin (DOGE). He opined:
Our general method is we’re agnostic about which belongings are going to win, we actually simply need to support every asset that’s authorized for our prospects.
In Q2, the corporate raked in $2 billion and formed partnerships with notable folks and companies together with Elon Musk, SpaceX, and PNC Bank. At the finish of June, the corporate stated it wished to launch an Apple-like app store for cryptocurrencies.