When Coinbase Exchange was about to launch its own NFT platform, CEO Brian Armstrong assessed the importance of the move to the company.
On Tuesday, Coinbase released its financial results for the third quarter, with revenue of $ 1.2 billion, mainly from the platform’s Bitcoin and ETH transaction fees. The company is the largest cryptocurrency exchange in the United States, with shares publicly traded on the Nasdaq.
The NFT offering will significantly boost Coinbase’s operations as the NFT platform has the potential to shut down all of Coinbase’s existing crypto business, Armstrong said.
“We are very excited about NFT, which will be a huge area for crypto going forward, and that future starts today. It could be as big or bigger than Coinbase’s crypto business. “
Coinbase has officially announced that it will launch its own NFT platform in mid-October that will allow users to create, buy, discover, and recommend Ethereum-based NFTs. The service offers a social media-like experience that allows users to follow different profiles and receive updates.
At the time of the announcement, many people expressed their willingness to try the service. Days after Coinbase launched its NFT waiting list in October, Coinbase already has over 1 million subscribers and continues to grow rapidly with over 2.5 million emails wanting to sign up for the market so far. That’s just a fraction of Coinbase’s 68 million total verified users and 8.8 million monthly active users in the second quarter of 2021.
Coinbase is just one of many global crypto exchanges planning or launching an NFT platform amid the parabolic growth of the industry. In September, the Sam Bankman Fried Exchange FTX announced the launch of a native NFT market as the newest crypto platform. At the beginning of June, Binance also launched its own NFT platform.
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According to Cointelegraph