Coinbase sees more revenue from subscriptions, services than fees

Transactional revenue takes a backseat as Coinbase rides the wave of subscriptions and services.

Andjela Radmilac
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Andjela Radmilac
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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.

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coinbase revenue fees subscriptions
Chart showing Coinbase's revenue by source from Q1 2020 to Q2 2023 (Source: Kaiko)
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Andjela Radmilac
Andjela Radmilac
Senior Analyst CryptoSlate

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.

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