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During its Q2 2021 earnings call on Tuesday Coinbase revealed its ambitions to be “the Amazon of assets”. The cryptocurrency exchange says it wants to list every available legal crypto asset.
According to Coinbase Chief Executive Officer, Brian Armstrong, the Nasdaq listed exchange has outlined two long-term trends the business needs to consider. “We at Coinbase always think about longer-term cycles of crypto … We’re always looking at the long-term trends,” he said. The CEO described those trends as being:
“The first one is that we’re continuing to see this trend of people using crypto for more and more things beyond trading. For example, we now have 1.7 million users doing staking in crypto, which is a way to earn a yield on your assets.”
Armstrong continued:
“The second big trend we’re seeing is this idea of Coinbase embracing decentralization,” as he further detailed:
“We want to be the Amazon of assets, list every asset out there in crypto that’s legal. There are thousands of them today. There are eventually going to be millions of them. This is all under the theme of embracing decentralization.”
Armstrong said: “We have a very rigorous process we’ve created on the compliance and the legal and cybersecurity evaluation of these assets to make sure they comply with those standards, but once we get comfortable with that, we want to list various assets that meet those listing criteria.”
The Coinbase head went on about trading dynamics:
“Bitcoin and Ethereum still make up about 50% of our trading volume and the other 50% 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 so it’s really starting to become quite a diverse set of assets out there.”
Following the platform’s introduction of 22 new tokens to their platform in the second quarter this year, the CEO commented as he did not make any predictions on “winners” or “losers”:
“Our overall approach is we’re agnostic about which assets are going to win, we really just want to support every asset that’s legal for our customers.”
Coinbase’ ambitions of following Amazon’s example are not something new and the company likes to refer to other successful examples in the space of technology. In June, the trading platform said it is interested to launch a crypto App store, similar to the Apple.
Coinbase Q2 results were better than expected and shares rose 7% on Wednesday. The exchange brought in $1.6 billion in net profit for the quarter, accounting to earnings per share of $3.45. Coinbase trading volumes also jumped 38 percent to $462 billion during the second quarter.