• Coinbase CEO says the exchange wants to list all legal crypto assets in order to become the “Amazon” of cryptocurrency

  • The Nasdaq-listed cryptocurrency exchange Coinbase claims to want to be the “Amazon of assets,” listing every legal crypto asset available. The company has identified two major long-term trends affecting its operations.

    Coinbase Is Considering Listing All Legal Cryptocurrencies

    During the Q2 2021 earnings call on Tuesday, Coinbase revealed its strategy. “We at Coinbase always think about longer-term cycles of crypto…,” said CEO Brian Armstrong. We are constantly looking at long-term trends.” He outlined two major trends affecting Coinbase.

    “The first is that we continue to see this trend of people using cryptocurrency for more and more things other than trading,” Armstrong explained. He continued, “For example, we now have 1.7 million users doing crypto staking, which is a way to earn a yield on your assets.”

    “The second big trend we’re seeing is this idea of Coinbase embracing decentralization,” the CEO continued, elaborating:

    We want to be the Amazon of assets, listing every legal asset in crypto. Today, there are thousands of them. There will eventually be millions of them. All of this falls under the umbrella of embracing decentralization.

    Armstrong emphasized, “We have a very rigorous process that we’ve created on the compliance, legal, and cybersecurity evaluation of these assets to ensure they comply with those standards, but once we’re comfortable with that, we want to list various assets that meet those listing criteria.”

    He went on to say, “Bitcoin and Ethereum still make up about half of our trading volume, and the other half is the long tail of all the other assets that we support.” No single one of those long-tail assets accounts for more than 10% of our trading volume, indicating that there is a growing diversity of assets available.”

    According to the Coinbase executive, his platform listed 22 new coins in the second quarter, including dogecoin (DOGE). He expressed his thoughts as follows:

    Our overall strategy is that we are agnostic about which assets will win; we simply want to support every asset that is legal for our customers.

    In the second quarter, the company made $2 billion in revenue and formed partnerships with notable people and companies such as Elon Musk, SpaceX, and PNC Bank. The company stated at the end of June that it intended to launch a cryptocurrency app store similar to Apple’s.

    What's your reaction?