Coinbase wants its Coinbase Cloud division to become the cryptocurrency equivalent of Amazon Web Services (AWS). The exchange’s infrastructure product “will help developers build their applications” faster, said Surojit Chatterjee – Chief Product Officer.
What does the future of Coinbase Cloud look like?
Founded almost 20 years ago, Amazon Web Services (AWS) – a subsidiary of e-commerce giant Amazon – is the company’s main profit driver today. It generated more than $ 13 billion in annual operating profits in 2020 on a revenue base of nearly $ 45 billion (64% of its parent company’s total).
Basically, AWS provides on-demand cloud computing platforms to individuals, businesses, and even governments on a pay-as-you-go basis. One of its services includes Amazon Elastic Compute Cloud (EC2), which provides users with a virtual cluster of computers available 24/7 over the Internet. Currently, AWS is the leader in the cloud industry, overtaking its closest competitors Microsoft Azure and Google Cloud.
That said, it’s no wonder that Coinbase wants one of its infrastructure products to look like AWS, as Surojit Chatterjee – CPO on the stock exchange – said in a recent interview with Forbes:
“We want to be the AWS of crypto. We’re building this whole suite of Coinbase Cloud products that you can think of as crypto-computing services to help developers build their apps faster.
Price fluctuations in the cryptocurrency market occur quite frequently. As such, the executive revealed that Coinbase is looking to increase trading revenue by providing subscription services that can withstand fluctuations. To this end, the site provides staking facilities, custody options, an online payment system and Visa debit cards to customers.
The acquisition of Coinbase Cloud (formerly known as Bison Trails) marked another vital step in Coinbase’s transition to a “mature financial system,” he added.
“Crypto isn’t just about buying and selling tokens, it’s building this whole financial system on top of the blockchain. We believe that we can play a big role in bringing our clients to the utility phase of crypto from this first phase, which is more focused on investing or speculating … our goal is to be the primary financial account of the crypto economy for our customers, ”Chatterjee concluded.
Currently, Coinbase Cloud supports funds, decentralized applications, custodians, and crypto holders. Some of his major clients include Current, the New York-based venture capital firm, Andreessen Horowitz (a16z) and Turner Sports.
Coinbase’s success in 2021
Perhaps the most significant achievement for Coinbase this year has been the public listing on the Nasdaq in mid-April. In doing so, it became the first major exchange with a presence in the global market.
When listed, a single COIN share peaked at close to $ 400, while at the time of this writing it hovers around $ 270.
Without a doubt, the development has caused massive excitement in the cryptocurrency space, as this could have been one of the reasons for the record bitcoin price (until then) of nearly $ 65,000 recorded a few days longer. late.
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