Understanding Coinbase - The Diff
diff.substack.com/p/understanding-coinbase
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.