Coinbase CEO: Coinbase has custody of about 90% of the $37 billion Bitcoin ETF assets

ChainCatcher news, Coinbase CEO Brian Armstrong stated today that 2023 has been a great year for Coinbase, with the company's financial situation being very robust. This year, costs were reduced by 45%, and products were delivered faster with a more streamlined team, resulting in a positive net profit of $95 million. The Bitcoin ETF is now the second-largest commodity ETF in the U.S. (after gold), and as the custodian for 8 out of 11 ETF issuers, Coinbase holds about 90% of the $37 billion in Bitcoin ETF assets. Since the launch of the ETF, Coinbase's retail and institutional products have maintained net inflows.

Additionally, Armstrong mentioned that in 2024, Coinbase will focus on increasing trading fee revenue through international expansion and derivatives, as well as enhancing payment options (for example, users can now send USDC instantly for free on Base) and developing Coinbase Wallet into an on-chain super app, emphasizing the practicality of cryptocurrencies. Finally, Coinbase will continue to advocate for clearer cryptocurrency regulation through the courts, standwithcrypto, bipartisan donations, and encouraging legislation in Washington, D.C.