Cryptocurrency

Coinbase to compete with e-commerce giant Amazon with new cloud platform

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Coinbase is establishing its own cloud computing platform, Coinbase Cloud, to compete with e-commerce giant Amazon.

Surojit Chatterjee, Coinbase’s chief product officer, told Forbes that the company aspires to be the Amazon Web Services of cryptocurrency.

“We’re launching the Coinbase Cloud suite of products, which you can think of as crypto computing services, to streamline the development process for developers,” Chatterjee said.

AWS is a subsidiary of the parent company that provides on-demand cloud computing platforms and APIs to individuals, organizations, and governments. 

AWS generated $13.5 billion in yearly operating profits last year, accounting for almost 63% of Amazon’s total, indicating that it is easily the most profitable slice of the overall corporate pie.

Coinbase Cloud

Coinbase now makes most of its money through transaction fees, which are among the highest in the business. 

The corporation recorded $1.2 billion in quarterly sales in Q3, largely due to those exorbitant fees.

The exchange definitely wants a piece of the cloud and wants to be the first. It also plans to add subscription services to its trading revenue.

Coinbase already provides institutional custody, staking, e-commerce checkout programs, and Visa debit cards to qualifying consumers.

In January, it announced the acquisition of Bison Trails, a prominent blockchain infrastructure platform. 

Coinbase Cloud is now led by co-founders Joe Lallouz and Aaron Henshaw. “Our goal is to be the principal financial account of the crypto market for our customers,” Chatterjee said.

Its Cloud platform now has over $30 billion assets staked over 25 protocols with 60,000 nodes. But, according to Forbes, it didn’t report Cloud’s revenue.

NFT marketplace plans

The Cloud infrastructure would also work well for its NFT marketplace plans, which drew a million waitlist registrations in October.

Per the MarketWatch, Coinbase stock fell from roughly $320 on Monday to $295 in after-hours trading on December 1.

COIN achieved a new high of $357 on Nov. 9 but has since fallen along with the market.

 

Image courtesy of Cointelegraph News/YouTube

Jet Encila

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Jet Encila

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