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Coinbase is aiming to be “the Amazon” of crypto. CEO says Exchange would like to list all legal crypto assets. Bitcoin News

Coinbase, a Nasdaq-listed cryptocurrency exchange, said it wants to be “the Amazon for assets” and list all legal cryptocurrency assets. Two long-term trends that will affect its business were highlighted by Coinbase.

Coinbase would like to list all legal cryptocurrency

Coinbase unveiled its plan on Tuesday’s earnings call. CEO Brian Armstrong explained, “At Coinbase we always think about longer term crypto cycles… We always look at long term trends.” He described two key trends affecting Coinbase.

“The first is that we continue to see this trend of people using crypto for more and more things beyond trading,” Armstrong detailed. Armstrong said that there are now 1.7million users who have started to stake crypto. This is a way for you to earn a return.

The CEO continued, “The second big trend we’re seeing is this idea that Coinbase is embracing decentralization,” adding:

We want to be known as the Amazon of crypto assets. There are thousands. There will soon be millions. All this is related to decentralization.

Armstrong pointed out, “We have created a very rigorous process on the compliance and legal and cybersecurity assessment of these assets to make sure they are up to these standards, but once we are comfortable with that , we want to list various assets that meet these listing criteria.

He further noted, “Bitcoin and ethereum still make up around 50% of our trading volume and the remaining 50% is the long tail of all the other assets we back. It’s starting to grow into a variety of assets, with none of these long-tail assets accounting for more than 10% of our trading volume.

The Coinbase executive stated that 22 new coins had been added to his platform during the second quarter. He nods:

Our holistic approach is to assume that we don’t know which assets will win. We just want to take over any legal asset for our clients.

The company made $ 2 billion in the second quarter and formed partnerships with prominent people such as Elon Musk, Spacex, and PNC Bank. The company announced that it was planning to launch an Apple-style App Store for cryptocurrency.

What do you think about Coinbase’s plan for becoming the Amazon of crypto? Comment below to let us know your thoughts about Coinbase’s plan to become the Amazon of crypto.

Credits for the image: Shutterstock. Pixabay. Wiki Commons

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