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'We want to be the AWS of crypto,' says Coinbase exec

With Amazon Web Services (AWS) being one of the most popular cloud service providers on the planet, it's no surprise that Coinbase, a cryptocurrency exchange based in the United States, is attempting to capitalize on its success by developing its own cloud infrastructure solution, Coinbase Cloud.

"We want to be the AWS of crypto," said Coinbase chief product officer Surojit Chatterjee in an exclusive interview with Forbes. "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." 

Before becoming Coinbase Cloud, the service was named Bison Trails, a cloud-based staking infrastructure solution that Coinbase bought earlier this year for an undisclosed amount that was rumored to be above $80 million. According to Coinbase, Bison Trails is a non-custodial platform, which means it does not manage clients' staked assets.

Amazon Web Services (AWS) was once a secondary consideration for Amazon in Seattle, overshadowed by Amazon. Nevertheless, the Amazon subsidiary that debuted almost 20 years ago is now the firm's major profit engine. AWS earned $13.5 billion in annual operating earnings in 2020 on a revenue base of $45.3 billion, or 63% of its parent company's total.

Related: NFTs could be ‘as big or bigger’ than all crypto on Coinbase, CEO says

Coinbase officials have suggested that they need to become the "Amazon of cryptocurrencies" as soon as possible. The majority of its accolades are not due to its being the first major digital currency business to go public but to its achieving the greatest direct listing in history. As a result, its income stream is overly reliant on transaction fees.

This is often the case with line items that are dominated by a single category's revenue concentration. Facebook, for example, and Google are almost entirely reliant on advertising to make money. Therefore, their line items generally ...

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