Coinbase Bets on Crypto Cloud Services to Expand Revenue Sources

Coinbase Bets on Crypto Cloud Services

Coinbase has announced that it is growing its crypto cloud services under Coinbase Cloud in an expansion plan.

The US largest crypto exchange says that the division, comparable to Amazon Web Services, would offer crypto computing for developers.

Co-founders of Bison Trails, a company acquired by Coinbase in January, Joe Lallouz and Aaron Henshaw are leading the Coinbase Cloud unit.

The service is an addition to Coinbase services targeting institutional clients aside from the institutional custody service, staking, and Visa debit cards.

The exchange unveiled that its Cloud platform has more than $30 billion in staked assets in over 25 protocols and about 60,000 nodes. The platform is expected to support NFT marketplace plans that have attracted over a million signups on its waiting list.

Coinbase currently draws over 80% of its revenue from transaction fees. The exchange is planning to replicate AWS gains, which announced $13.5 billion annual operating profit last year, accounting for about 63% of the company’s total. 

Source: Beincrypto

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