As the leading US-based cryptocurrency exchange, Coinbase has positioned itself as the reliable on-ramp to the cryptocurrency space for new and experienced cryptocurrency traders. The company’s reputation and record as a custodian have allowed it to maintain transaction fees above many of its peers despite operating in a crowded field. Unlike traditional exchanges in the US, Coinbase fulfills multiple roles in the trading ecosystem by acting as an exchange, asset custodian, and broker. The firm’s custody business has benefited from the approval of bitcoin and ethereum exchange-traded funds, as Coinbase was selected for custody services by the majority of approved funds. Coinbase has also continued to branch off into adjacent businesses offering the stablecoin USDC through its partnership with Circle, a crypto debit card, blockchain infrastructure, and data analytics services. We like this move for Coinbase since it helps reduce its reliance on cryptocurrency transaction revenue, which is inherently volatile.