If you often invest in cryptocurrency, then you are bound to have heard about Coinbase. After all, it is the biggest crypto-exchange platform in the United States in terms of the trading volume. Founded in 2012, Coinbase doesn’t have any dedicated headquarters. All employees, including the founders, Brian Armstrong and Fred Ehrsam, work remotely. The company deals in various popular cryptocurrencies, including Bitcoin and Ethereum.
|Status||Public, Independent Company|
|Industry Sector||Cryptocurrency Trading|
|Trading Symbol||NASDAQ: COIN|
Coinbase similar companies:
ZenGo, Bitcoin IRA, Gemini, Binance, Paxful, FTX, CEX.IO and Robinhood Crypto.
Coinbase generates revenue of nearly $1.15 billion, and it has a healthy presence in over 100 different countries. Given that many people around the world are rapidly catching up to the cryptocurrency phenomenon, the company has quite a few competitors. But are they good enough?
Robinhood Markets, IDEX, Bitfinex, Crypto.com.
Who is Coinbase Biggest Competitor?
The biggest competitor of Coinbase is Robinhood Markets. It was founded in 2013 by Vladimir Tenev and Baiju Bhatt. It is primarily a financial services company that also provides a cryptocurrency trading platform. For every trade, it charges a minimal fee of around $8. The company produces revenue of around $680 million.
How Coinbase makes Money
Coinbase doesn’t offer any in-house cryptocurrency of its own. It makes profits out of the spreads on crypto exchanges made, card payment transaction fees, and staking and conversion fees. Unlike most other cryptocurrency trading platforms, it oversees each transaction, immediately notifying the IRS of any suspicious activity.
Users are given a personal dashboard free of cost to start trading in virtual currencies on the Coinbase platform. Simply buy a currency, analyze its statistics, and sell it whenever you want to.
Robinhood promotes commission-free trades of stocks and digital currencies. Instead, it makes profits out of consulting services, cash balance interests, and margin lending. The company is based in Menlo Park, CA.
While Robinhood provides a number of financial services, its cryptocurrency exchange platform is its best earner.
Self-stylized as the most advanced crypto-exchange platform in the world, IDEX was established in 2016 but is one of the fastest-growing companies in the world. It is based in the San Francisco Bay Area and has a number of investors in seed funding.
IDEX has already started generating millions in revenue every year since its inception. It is, indeed, the dark horse in this list of reputable crypto-exchange firms.
Bitfinex was founded in 2012 in Hong Kong, and it currently has customers in more than 50 countries around the globe. It mostly deals in Bitcoin and Ethereum, but it also has an in-house cryptocurrency called Tether.
Bitfinex may have had a checkered past, but it has finally found its footing. It generates revenue of about $300 million.
Crypto.com is the largest, legit crypto-exchange company that has been launched recently. It was founded in 2016, and it presently has a customer base of a whopping 10 million traders!
Active in the industry for just about five years, it is a wonder that Crypto.com has revenue of close to $190 million. With over 900 employees and counting, it is slated to grow even more in the coming years.
Top 4 Coinbase Competitors: Robinhood Markets, IDEX, Bitfinex, Crypto.com. Together, they have raised over $2.3 billion in revenue to the crypto exchange industry between their estimated 4400 employees.
|Robinhood Markets||2013||Menlo Park, CA, US||1281|
|IDEX||2016||San Francisco Bay Area, CA, US||25|
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