> 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 ar

> 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).