Los exchanges de cripto más inteligentes están convirtiendo…
By Damilola Esebame
AI summary of the source article
Crypto exchanges are transforming their business models beyond trading fees by growing subscriptions, data products, and balance-based financial services. Coinbase reported $555 million in quarterly subscriptions and services, representing 48% of net revenue, while institutional exchange Bullish generated $62.7 million in non-trading income. Industry executives observe that balance-based services, such as USDC reserves and staking, make up the bulk of Coinbase's non-trading revenue, tying it to interest rates and token prices. Meanwhile, institutional demand is prioritizing auditable historical order book records and benchmark pricing over retail trading signals.
Why it matters
Revenue diversification beyond transaction fees helps crypto platforms survive cyclical bear markets, while institutional client adoption increasingly hinges on reliable, auditable benchmark data.
Key facts
- Coinbase reported $555 million in subscriptions and services revenue, representing 48% of its net revenue.
- Bullish generated $62.7 million in subscriptions, services, and other revenue, outpacing its $29.9 million in adjusted transaction revenue.
- Coinbase One surpassed one million paid subscribers, up from 600,000 reported in December 2024.