# Understanding Coinbase - The Diff

<https://diff.substack.com/p/understanding-coinbase>

- Host: [diff.substack.com](https://links.thingelstad.xyz/hosts/diff.substack.com/)
- Saved: March 18, 2021 (2021-03-19T02:39:43Z)
- Record: https://links.thingelstad.xyz/links/ac0d463011f3/
- JSON: https://links.thingelstad.xyz/links/ac0d463011f3.json

## What Jamie wrote

Good read on the various aspects of Coinbase.

> 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.

They have **43 million customers**.

## Facts

- Kind: [Newsletter](https://links.thingelstad.xyz/kinds/newsletter/)

## Appears in

- [WT178: Weekly Thing #178 / Reverse Meetings, OODA Loop, Hockey Goalies](https://weekly.thingelstad.com/archive/178/), Recommended Links

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## Elsewhere

- Wayback Machine: https://web.archive.org/web/*/https://diff.substack.com/p/understanding-coinbase