Coinbase’s $1.5bn revenue shows thinning volume as the ‘crypto superapp war’ wages on – DL News
- Coinbase reported $1.5 billion in revenue.
- The company is nestling itself into crypto’s center.
- There’s a “crypto superapp war” going on.
Coinbase took a haircut in revenue last quarter just as competition in crypto is mounting.
On Thursday, the biggest crypto exchange in the US reported income of $1.5 billion, a 25% drop from last quarter, and about 6% below expectations. Shares for the company plunged 9% in after hours trading.
All of this comes at a time of impressive competition for Coinbase — pushing the company to expand its product line well beyond retail trading.
“Coinbase must win the crypto superapp war,” Robert Le, head of research at Kiln, told DL News. “This goes beyond dominating exchange volumes, it means…
