Coinbase Losing Its Dominance… Find Out Why!
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Answer Coinbase Losing Its Dominance… Find Out Why!
Coinbase, the largest cryptocurrency exchange in the United States of America, has fallen and quickly lost its dominance, according to data published by Mizuho Securities USA, an American subsidiary of Japanese investment banking and securities firm.
San Francisco-based cryptocurrency exchange Coinbase has fallen to 14th place in terms of trading volume.
For comparison, Queen Piece was fourth last year.
Its market share shrank from 5.3% in the first quarter of the year to just 2.9%.
Coinbase stock has collapsed more than 80% from its record peak.
In the first quarter of the year, the company posted a loss of $430 million in a major blow to its shareholders.Read:Former President Barack Obama’s “Hope” campaign poster is on sale as NFT
Having soared through the 2021 bull market with huge revenues, Coinbase announced that it will fire 18% of its staff in June.
Currently, Coinbase is facing increasing competition on its soil, as Binance.US, the US subsidiary of global cryptocurrency trading giant Binance, recently introduced fee-free trading to attract more customers and get rid of the fierce competition of Coinbase. .
Extremely high trading fees were Coinbase’s main resource but the platform is starting to lose its luster.
Especially in light of the fierce competition offered by other companies in the same field.
Coinbase charges some traders around 4%.
For comparison, FTX.US only charges 0.2% commission.
Coinbase’s competitors can afford very low fees by relying on other revenue streams unlike Coinbase which is trying to look for other sources of diversification as well.Read:Solana (SOL) Price Jumps 20% in the Last 24 Hours…Here’s Possible Reason Why?
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