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  "url": "https://diff.substack.com/p/understanding-coinbase",
  "title": "Understanding Coinbase - The Diff",
  "note": "Good read on the various aspects of Coinbase.\n\n> Coinbase has been growing as crypto has gotten more popular, but it's been growing its share of crypto, too, from 4.5% at the end of 2018 to 11.1% today. While this is impressive, it also means that Coinbase's custody economics will have to change as it grows; in 2020, the company earned $18.6m in custodial fee revenue in 2020, and their average share of all crypto asset custody was 10.6% for the year.\n\nThey have **43 million customers**. ",
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      "title": "Weekly Thing #178 / Reverse Meetings, OODA Loop, Hockey Goalies",
      "date": "2021-03-21T12:00:00Z",
      "section": "Recommended Links",
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