By Tom Blitzer
Key Insights:
- Coinbase, a US-based cryptocurrency exchange, must be noticed despite its exceptional growth potential and achievements.
- Coinbase has achieved what many banks aspire to attain, with top-notch tech products and an exceptional institutional team.
- Hunter Horsley, the CEO of Bitwise Asset Management, believes Coinbase is constructing a modern, tech-first, institutional financial services firm that is quickly innovating in every aspect.
According to a recent tweet by Hunter Horsley, the CEO of Bitwise Asset Management, Coinbase, a US-based cryptocurrency exchange, is not getting the attention it deserves. Horsley expressed his frustration with people “sleeping” on the crypto business.
Horsley compared Coinbase and large financial institutions such as Goldman Sachs, who attempt to stave off a “slow death” by investing in technology, application programming interfaces (APIs), and retail services. On the other hand, Coinbase has already accomplished what many institutions want to do in the future.
Coinbase’s top-notch tech and clients
Horsley highlighted the exchange’s exceptional institutional team, which boasts 25% of the largest hedge funds as clients, over 50% institutional volume, and a suite of top-notch tech products. Additionally, Horsley claimed that Coinbase co-invented the USDC payment rail, which facilitated $2 trillion in transfers in Q4 of 2022 alone.
Rant —
People are sleeping on Coinbase.
Big banks like GS are working to avoid slow death by getting into technology, APIs (Apple deal), more retail services (Marcus), while grappling with the heft of legacy biz, rate exposure, and unbundling.
Meanwhile Coinbase already is…
— Hunter Horsley (@HHorsley) April 28, 2023
Coinbase’s retail app users have overtaken Charles Schwab’s monthly active users, as noted by Horsley, and the company is seeing a rising amount of income from subscriptions and services. In contrast to typical financial companies like Goldman Sachs (with a market capitalization of 115 billion) and Charles Schwab (with a market capitalization of 110 billion), Coinbase’s market capitalization is just 12 billion dollars.
Horsley feels that investors need to fully realize Coinbase’s potential despite the company’s remarkable development potential and accomplishments. This is because Coinbase’s market capitalization is now rather low.
Coinbase: Redefining financial services technology
Horsley believes that people’s perspectives about cryptocurrencies may be preventing them from seeing that Coinbase is becoming a cutting-edge, technology-first, institutional financial services organization that is rapidly innovating in all areas. Horsley encourages people not to disregard Coinbase for certain reasons but rather to acknowledge and value the business’s wonderful opportunities.
In conclusion, Horsley invites everyone to recognize that Coinbase is fast constructing Goldman 2.0 and begs them not to dismiss the enormous potential of this forward-thinking organization. Coinbase was founded in 2012 and is headquartered in San Francisco.
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