Coinbase Executive Shares the Company’s ambition to be the “AWS of Crypto”

Coinbase Executive and the Chief Product Officer, Surojit Chatterjee has outlined the broad ambitions of the Nasdaq-listed trading platform to transition into the Amazon Web Service (AWS) of the fast-growing cryptocurrency ecosystem. Speaking in an interview with Forbes, Chatterjee outlined the need to diversify the company’s limited revenue stream in order to cushion the effects of periods of negative market drawdowns.

“We want to be the AWS of crypto,” said Chatterjee, adding that “We are building this whole Coinbase Cloud suite of products that you can think of as crypto computing services, to help developers build their applications faster.”

Besides being reviewed as one the best exchanges, Coinbase has many milestones up its sleeves as one of the very first trading platforms as it was established back in 2012. The company grew to become a publicly-traded company earlier this year in a move that signaled possibility to other competing trading platforms. Despite these growth records, Coinbase’s revenue is heavily hinged on transaction fees, and in a bid to change the narrative, it is looking at introducing a number of subscription-based services for users of its platforms.

While this implies introducing a number of value-added services, the impact is telling already as the company’s revenue is now 90% based on revenue fees, compared with the 97% as of the time it went public back in April.

Coinbase Executive on the Role of Bison Trail

Tagging the digital currency trading platform’s ambitions word for word, we would discover that AWS is a cloud-based infrastructure provider that powers many web applications in use today. Coinbase also hopes to power the growth of decentralized applications by creating an infrastructure that can aid developers to bring their ideas to life. 

The company is set to do this with the acquisition of Bison Trails, Brooklyn, a New York-based market infrastructure provider for an undisclosed sum. The startup’s co-founders Joe Lallouz and Aaron Henshaw became the new heads of Coinbase Cloud. Bison Trails is already living up to its potential as it is arguably powering the company’s transition into a more mature financial ecosystem.

“Crypto is not just buying and selling tokens, it’s building this whole financial system on top of blockchain. We think we can play a big part in leading our customers to the utility phase of crypto from this first phase, which is more investment or speculation driven…our goal is to be the primary financial account of the crypto economy for our customers,” Chatterjee added.  

Thus far, more than 25 protocols are hosted on Bison Trails with over $30 billion staked across the board. This sounds like a good headstart for the ambitions Coinbase is eyeing in the near term.