In a new innovative development, US cryptocurrency exchange Coinbase has released its Q4 earnings report in the form of a non-fungible token (NFT).
Coinbase Sets NFT Reporting Priority
Coinbase’s earnings reports are now online, according to the statement published on the website. The reports are now available as NFTs that can be created by interested individuals. Normally these earnings reports are released at the end of each quarter. Therefore, potential holders can mint digital collectibles quarterly to commemorate each milestone.
According to Coinbase, these milestones are an effort aimed at bringing economic freedom to the world. It is worth noting that these NFTs are open minted and therefore do not have any intended monetary value. By using this NFT-like report format, Coinbase has successfully set a precedent for other crypto exchanges in the industry.
It wouldn’t be a surprise if Coinbase counterparts start releasing their earnings report in the coming days as digital collectibles for their users to mint.
According to earnings report data, it was stated that Coinbase is currently in a strong position. For 2023, the company reduced costs by as much as 45% year-on-year (year-on-year) and also increased the speed of its product delivery globally with less manpower. This caused Coinbase’s cumulative net revenue to reach $95 million.
Coinbase also recorded $964 million in positive Adjusted EBITDA total sales were $3.1 billion.
Discover Bitcoin ETFs as the main trigger
The recent shift from traditional financial institutions to digital assets has been beneficial for many crypto companies and Coinbase appears to be one of them. Companies like BlackRock, Fidelity, WisdomTree and Invesco recently jumped into Bitcoin ETFs, a cryptocurrency-based product.
Discover Bitcoin ETFs have now become a global sensation and even rank as the second largest commodity ETF in the United States after gold. Many of the spot issuers of Bitcoin ETFs adoption of Coinbase Custody service for their launched product. Exactly, 90% of Bitcoin ETF issuers have up to $37 billion in BTC ETF assets in Coinbase Custody.
This development greatly improved the stock market’s prospects. “We have seen net inflows into our retail and institutional products since the launch of the ETFs,” the exchange confirmed.
Going forward, Coinbase plans to keep pace with regulatory compliance in every jurisdiction where the company is located.
