In a new innovative development, American cryptocurrency exchange Coinbase has created the released Q4 earnings report in the form of a Non-fungible token (NFT).
Coinbase Sets NFT Reporting Precedence
Coinbase earnings reports are now on-chain, per the published statement on the website. The reports are now available as NFTs which can be minted by interested individuals. Usually, these earnings reports are released at the end of every quarter, therefore, potential holders can mint digital collectibles every quarter to commemorate each milestone.
According to Coinbase, these milestones are an effort geared towards bringing economic freedom to the world. It is worth noting that these NFTs are open mint and therefore, do not have any intended monetary value. By adopting this NFT-like report format, Coinbase has successfully set a precedent for other crypto exchanges in the industry.
It wouldn’t come as a surprise if in the coming days Coinbase counterparts begin to release their earnings report as digital collectibles that can be minted by their users.
Per data from the earnings report, it was declared that Coinbase currently occupies a strong position. For 2023, the firm cut cost by up to 45% year-over-year (YoY) and also increased the speed of its product delivery globally with lesser manpower. This triggered Coinbase’s cumulative net income to hit $95 million.
Coinbase also recorded $964 million in positive Adjusted EBITDA, while its total revenue was $3.1 billion.
Spot Bitcoin ETFs the Key Trigger
The recent pivot of traditional financial institutions towards digital assets has been beneficial to many crypto-inclined firms and Coinbase attested to be one of them. Firms like BlackRock, Fidelity, WisdomTree, and Invesco recently plunged into Bitcoin ETFs, a crypto based product.
Spot Bitcoin ETFs have now become a global sensation and even ranks as the second largest commodity ETF in the United States after gold. Many of the spot Bitcoin ETF issuers adopted Coinbase Custody service for their launched product. Precisely, 90% of Bitcoin ETF issuers have up to $37 billion worth of BTC ETF assets in Coinbase Custody.
This development boosted the outlook of the exchange to a large extent. “We’ve seen net inflows across our retail & institutional products since the ETFs launched,” the exchange confirmed.
Moving forward, Coinbase plans to keep up with its compliance with regulations in every jurisdiction where its business is located.
