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Coinbase chief executive officer Brian Armstrong said crypto related services would eventually be commoditized. He spoke about his company’s plans of making revenue from subscription models. Armstrong indicated that the company could get a major share of revenue from the subscription model. However, the plan is long term nature, with a vision for around 20 years.
In the last quarter, the crypto exchange reported a loss of $1 billion. The company’s revenue dropped over 64% during the second quarter year-over-year in the backdrop of a crypto market meltdown.
Coinbase Revenue Sources
Speaking to CNBC about the company’s revenues, Armstrong said there would be margins eventually. The Coinbase CEO said revenues generated from the subscription model would be a major part of its revenue. In the future, I would like to see more subscription revenues from the platform, he added.
“Everything we are building others will eventually build it and it will become more commoditized. We are realizing that trading fees is not going to be that thing. It’s still going to be a major part of our business. Ten years from now, even 20 years from now, I would like to get to a place where it’s more subscription and services.”
Partnership With Blackrock
In what could be a huge boost for its prospects, Coinbase had recently joined forces with Blackrock, the world’s largest asset manager. The Blackrock partnership is aimed at creating a new gateway for institutional investors in the crypto ecosystem. This will help Blackrock users manage their portfolios and manage risk with their investments. Coinbase already partners with some of the major hedge funds, asset allocators, corporate treasuries and financial institutions.
Announcing the partnership earlier this month, Blackrock said it saw a surge in interest in Bitcoin from its clients. The new deal provides BlackRock clients with direct access to crypto, starting with Bitcoin trading and custody.
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