The difference is that NYSE doesn't make that much in the end by operating the market. Coinbase is crypto first company, has lot of different things going for t

The difference is that NYSE doesn't make that much in the end by operating the market. Coinbase is crypto first company, has lot of different things going for them. The buy/sell ramp, exchange, they are the defacto listing platform for new coins, they hold assets, they provide custody of assets (which you need as a fund/company) and they are positioned to do almost anything that crypto does. More the crypto industry grows, the more they can grow.Now as a public company they are positioned to acquire companies much more cheaply. Most companies or banks offering crypto are not really built on it, they are just UI brokerages and buy the coins somewhere else. Same way they handle other assets. The trades are "free" because they take portion on off the spread. They buy a coin for $99 on the market and sell it to you for $100. It's easy to do but something Coinbase didn't want to do because it's not transparent and honest. Ironically finance and banking institution are the worst at tech. Building on top of crypto is hard. Crypto trading is hard. Crypto security is hard. Financial instigation security is based on the fact that you can always fix things manually, call and fax in changes. That doesn't work for crypto. And it's not like you can build all these capabilities and the legal framework over night or over months. Competition has been there from the very beginning but they are still the market leader in the western world. Overall bullish on Coinbase in the long run. It's more of a platform than it is bank or an exchange. Disclaimer: ex-Coinbase employee.