On the custodian service of the Coinbase exchange, the volume of stored assets is growing. At the end of 2020, crypto assets were stored there for 11% of the total market capitalization.
If in the third quarter of 2020 the volume of digital assets in the Coinbase custodian service was estimated at $ 38 billion, then at the end of the fourth quarter the amount increased to $ 90 billion. At the same time, the capitalization of the entire cryptocurrency market at the end of 2020 was estimated at $ 780 billion.
Coinbase supports the storage of 90 different cryptocurrencies. However, the most popular cryptocurrencies in the service remain bitcoin and ether – these coins account for 83% of the total volume of stored assets. The share of bitcoin remained stable in 2019 and 2020 – 70%, but the share of ETH increased from 9% to 13%.
The report also states that 95% of Coinbase’s profits come from retail traders.
Recall that at the end of 2020, the Coinbase exchange stopped trading in pairs with XRP in connection with the lawsuit of the US Securities and Exchange Commission (SEC) against Ripple. However, the Coinbase Custody service and Coinbase Wallet continued to support XRP.
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