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Coinbase Might Soon Offer Banking-Like Services, Claims Ripple Board Member

Ripple board member and an angel investor at PartyDAO, Asheesh Birla, predict Coinbase might offer crypto-enabled banking services. 

According to the angel investor, the second largest exchange aims at building the crypto economy. This financial system will be accessible, efficient, transparent, powered by crypto, and fair to all users. 

Birla further revealed that Coinbase’s 2023 quarter-one report showed that more of the exchange’s revenues came from deposits through interest income, custodial fees, and blockchain rewards. These revenue streams were classified under subscription and services.  

Based on the quarterly report, Birla pointed out USDC deposits interest at $199 million, representing 18% of all Coinbase revenue. 

Also, the exchange’s revenue gradually moves from consumer transactions to institutional consumers with high margins. Institutional trading revenue spiked by 67% from its 2022 Q4 amount. 

The Ripple board member also noted that Coinbase now benefits from banking-like revenues not entirely dependent on the crypto market. 

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