Coinbase Presently Holds 11% Of The Entire Crypto Market Cap.

Coinbase Presently Holds 11% Of The Entire Crypto Market Cap.

2021-03-02 | Mike Hallen

Coinbase Presently Holds 11% Of The Entire Crypto Market Cap.

Cryptocurrency data aggregator Messari has outlined that the number of cryptocurrency assets stored within custody on United States exchange giant Coinbase surged within the last year. Messari cryptocurrency has revealed that the max amount as 11% of the complete cryptocurrency market capitalization was held with Coinbase custody at the top of last year. Coinbase offers custody services for over 90 cryptocurrency assets, roughly half of which are tradable on Coinbase’s exchange. The value of assets custodied with Coinbase spiked to roughly $90 Bln within the fourth quarter of this year as the combined cryptocurrency cap over doubled to tag $780 Bln by 2021. Despite the big variety of assets supported by Coinbase Custody, Messari revealed that Bitcoin [BTC] & Ethereum [ETH] account for 83% of the crypto assets held with Coinbase. While the leading cryptocurrency Bitcoin [BTC], consistently represented 70% of the assets custodied with Coinbase earlier in 2019 as well as 2020, Ethereum [ETH] hiked from 9% to 13% over the same period of time. The findings were outlined within a report examining Coinbase’s anticipated public listing that was compiled by Messari researcher Mira Christanto. Christanto added that 95% of Coinbase trading revenues are from retail clients, who pay 30x times with institutional users. She also outlined a pre-IPO valuation at 7% of the entire cryptocurrency market capitalization that might equate to around $107 Bln consistent with the sector’s present market capitalization of $1.54 trillion. As per the S-1 report, Coinbase submitted to the SEC [Securities and Exchange Commission] on 25th Feb., the exchange posted an immediate revenue of $1.1 Bln earlier in last year mostly from the trading fees. Also earlier within an official 25th Feb. web-blog post to its clients, Coinbase revealed that Bitcoin [BTC] and other cryptocurrency assets have comprised a serious share of its corporate treasury since the firm's founding earlier in 2012.

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