Post

The previous introduction mentioned that Coinbase is no longer just a US-compliant crypto exchange. But the phrase "not just an exchange" sounds simple, yet it's not so easy to explain clearly; after all, adding a few new products to an exchange doesn't prove it has completed a transformation. So for the first article in the Coinbase research notes, I want to start with a very basic question: What exactly are the business boundaries of Coinbase? I think it can be understood from three perspectives: what Coinbase wants users to trade, who it wants to serve, and which parts of an asset's lifecycle from issuance to settlement it wants to participate in. 1. Asset boundaries: What exactly does Coinbase want us to trade? When mentioning Coinbase, most people's first reaction is still buying and selling Crypto like BTC and ETH. This is easy to understand. What Coinbase initially solved was how ordinary people could compliantly buy and sell crypto assets using US dollars. Users transfer US dollars into Coinbase, buy BTC or ETH, and Coinbase charges a fee on each transaction. This logic is very simple, and precisely because it's so simple, Coinbase has long been regarded by the market as a crypto cyclical stock: trading volume rises in a bull market, Coinbase makes money; trading volume falls in a bear market, Coinbase's revenue shrinks accordingly. But now, when you open Coinbase, you will find its trading range