Coinbase sees more revenue from subscriptions, services than fees 
Coinbase, the largest cryptocurrency exchange in the U.S., recorded more revenue from subscriptions and services than transaction fees in Q2 2023.
The pivot is evident in data from Kaiko that suggests a significant dip in transactional revenue from Q3 2022 onwards. Historically, Coinbase’s revenue model was heavily reliant on transaction fees, which constituted the majority of its earnings from 2020 to 2022.
According to Kaiko, Coinbase’s trading volume slid to its lowest ebb since Q4 2020, primarily due to a decrease in institutional trading.
Analyst 
Andjela Radmilac
Armed with a classical education and an eye for news, Andjela dove head deep into the crypto industry in 2018 after spending years covering politics.
In this insight
Coinbase
Coinbase is a digital currency exchange and wallet service that allows individuals to buy, sell, and store digital currencies, such as Bitcoin, Ethereum, and Litecoin.
