According to ChainCatcher, according to Decrypt, crypto analysts at Coutts Private Bank revealed that Coinbase's trading revenue in the past 12 months has surpassed Nasdaq, one of the world's two largest stock exchanges. In the past 12 months, Coinbase's trading revenue reached US$5.75 billion, while Nasdaq's trading revenue was US$4.54 billion. At the same time, Coinbase also surpassed the Hong Kong Exchange (HKEX) and Brazil's B3 Exchange.
Although Coinbase's trading revenue has grown rapidly, there is still a gap compared with the world's largest exchanges. For example, the trading revenues of the London Stock Exchange (LSE) and the Intercontinental Exchange (ICE) are $10.82 billion and $9.16 billion, respectively, far exceeding Coinbase. Analysts point out that although Coinbase's trading volume is lower than other large exchanges, its trading revenue is still higher due to its higher trading fees. Analysts also predict that Coinbase may continue to surpass traditional exchanges and become the world's third largest exchange in 2025, but it may take 10 to 20 years to surpass Nasdaq in trading volume. In addition, Coinbase's expansion potential in international markets is also key to its future growth, especially in regions such as Latin America, Africa and Europe.