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Cryptocurrency exchange giant Coinbase recently held its earnings call as they revealed how they fared this period. Alongside this is tackling crypto-related topics as one of them includes what’s ahead for the realm of digital currencies.
Coinbase CFO’s vision
Alesia Haas – Coinbase’s Chief Financial Officer touched on the said subject during the said event. She revealed that competition on trading fees will not be the crypto exchange platform’s business structure in the long run. She also stated that Coinbase does not consider itself as some sort of a trading firm.
The CFO told financial pundits that they do not think of themselves as competing on fees due to the fact that trading is essentially a form of business that is commoditized.
Further, she commented that on the crypto market’s retail side, Coinbase is competing on what she calls “access to assets.”
Haas also believes in stuff like making transactions with products like the firm’s Visa debit Coinbase Card, the utilization of future staking, and the interaction with decentralized finance (DeFi) will, later on, become more massive business makers for the crypto platform, and not a particular quarter’s earnings of even trading volume.
She also revealed that they’ve already started zeroing in on making their revenue diversified. Additionally, Coinbase is wagering on the idea that by the time the realm of cryptocurrency delves into what Haas calls a “utility phase,” its users will no longer just come to make transactions on the platform.
In line with this, the CFO claims that their user base is also engaged in other activities like earning, borrowing, lending, and staking, adding that they’re just getting started.
However, despite the above-mentioned, investors are still having their qualms that competition in those additional markets would still be intense. For the uninitiated, Coinbase has also encountered blowback from regulators over a lending program that they planned in the past.
ETF plans
Haas also touched on the topic of bitcoin (BTC) ETFs as she stated that Coinbase already has plans of introducing a so-called futures trading business within the United States, not to mention that they have already filed an application for it.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
