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In that case, the comparison is between a capital-efficient tech company and a real estate management company where capital is tied up in real estate around the

• pgwhalen 6y ago
  > If there's a similar distinction between the business models of Coinbase and e.g. CME Group, I have yet to hear it. Traditional finance and crypto finance are often hard to compare, but here's a surface level comparison: Coinbase is an exchange, a brokerage, and a clearing house all wrapped into one. I'm not aware of entity in traditional finance that is all three, though plenty are two out of three (Robinhood is a brokerage and clearing house, CME is an exchange and clearing house).