North America’s largest cryptocurrency platform, Coinbase, has major plans beyond just trading digital assets, according to a report by Beincrypto on Thursday.
- In a race with e-commerce giant Amazon, Coinbase is providing its own suite of cloud services, referred to as Coinbase Cloud.
- Coinbase chief product officer Surojit Chatterjee disclosed that the company was seeking to be the AWS of cryptocurrency.
- Chatterjee stated that the company was building a whole Coinbase Cloud suite of products to help developers build their applications faster.
- Coinbase now obtains a larger percentage of its revenue from transaction fees, which are the highest in the cryptocurrency industry.
- In the third quarter, the company posted the revenue of $1.2 billion, with 88% coming from hefty fees.
The exchange wants a proportion of the cloud and seeks to be the first cryptocurrency company to reach there. Coinbase is also looking to supplement its trading revenues with subscription services. COIN up +0.17%, pre-market trading.