Stock exchanges have a central limit order book. Crypto exchanges are like foreign exchange brokers at airports: they act as market makers, earning the majority

Stock exchanges have a central limit order book. Crypto exchanges are like foreign exchange brokers at airports: they act as market makers, earning the majority of their fees from the bid/ask spread rather than some fixed comms afaik. So comparing NYSE to Coinbase revenues is apples to oranges. Coinbase is thus closer to a market maker like Citadel, both having similar revenues (7B)