> Coinbase should be viewed as a wealth & asset management company at this point. The real profit center of the company is Coinbase Custody, which is all about

> Coinbase should be viewed as a wealth & asset management company at this point. The real profit center of the company is Coinbase Custody, which is all about extremely secure holding of Bitcoins for extremely rich customers. The retail arm of Coinbase is more for free advertising - I think they make money off of it, but not huge amounts. As a casual observer, I believe you are dead wrong here. My guess is that the retail arm of Coinbase is the real profit center. Will be interesting to find out.