Coinbase has two things that are a solid moat, most important is network effects which lead to liquidity, second is trust in custody. There are literally hundre

Coinbase has two things that are a solid moat, most important is network effects which lead to liquidity, second is trust in custody. There are literally hundreds of cheaper and well run alternatives that can't get any traction due to deficits in the former (chicken egg liquidity problem) or latter (brand, reputation).