Ripple Exec Hints Coinbase’s Next Move

Ripple News: Coinbase, the U.S. biggest crypto exchange won the first legal round against the U.S. Securities and Exchange Commission (SEC) to attain regulatory clarity around digital asset trading. Amid this win, it also announced the launching of an international exchange offering Bitcoin (BTC) and Ethereum (ETH) perpetual futures leaving people confused. However, one of Ripple’s board members has hinted at what could be the next move of Coinbase.

Also Read: Coinbase Legal Head Meets Ripple Chief Legal Officer

Coinbase Moving Ahead Of Being Just A Crypto Exchange

Asheesh Birla, Board Member at Ripple commented on the recent actions taken by the Coinbase lately. He stated that Coinbase is transitioning from a crypto exchange to a crypto enabled banking service.

Birla mentioned that Coinbase has updated its mission in order to build a crypto economy that will be a more fair, efficient, accessible, and transparent financial system for digital assets. However, Coinbase in a blog stated that it is dedicated to partnering with high bar regulators across US and Non US jurisdictions in order to update the financials system. Read More Ripple News Here…

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Coinbase recently shared its quarter 1 2023 earnings. As per the data, its revenue on deposits via interest income, custodial fees and blockchain rewards are now making a huge part of its revenues. Birla mentioned that interest generated on the USDC deposits is alone generating $199 million which is 18% of all the Coinbase’s revenue.

This directly depicts that Coinbase revenues are now shifting from consumer to high margin institutional customers. Its institutional trading revenue has increased by 67% over the last quarter. Ripple board member added that the U.S. biggest crypto exchange is benefiting from banking like revenues that are less dependent on the crypto market.