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Who Are Coinbase's Competitors?

Benzinga2021-04-15

Coinbase (NASDAQ:COIN) is one of the most highly anticipated IPOs the market has seen in some time. The company is going public with strong interest and an increased valuation for Bitcoin (CRYPTO: BTC), the largest cryptocurrency by market cap.

Coinbase reported year-over-year revenue growth of more than 800% in the first quarter. The company had 56 million verified users globally and 6.1 million monthly transacting users in the first quarter. The company's first-quarter revenue of $7.2 billion greatly outpaced the entire 2020 total of $1.3 billion.

Coinbase has a more than 11% market share of the entire cryptocurrency market capitalization, with $223 billion in customer assets.

The company offers 48 cryptocurrencies for trade and even more for its Coinbase Pro customers.

Here's a look at some of the biggest competitors to Coinbase.

Voyager: Voyager Digital (OTCQB:VYGVF) offers commission-free trading on over 50 cryptocurrencies. The company says it has more choices for its customers than Coinbase. Voyager also offers up to 9.5% interest APR on 17 of its leading digital assets through the Voyager app.

Voyager is available to residents in the U.S. and U.S. territories with planned expansion into Canada and Europe in the future.

In March, Voyager had over $2.4 billion in assets under management and $650 million in net deposits. Over 95,000 new accounts were opened in March and a total of 395,000 new verified users were recognized for the month. Voyager has over 1 million verified users.

Binance:Created in 2017, Binance is one of the world’s largest cryptocurrency exchanges. The company has over $2 billion in average daily volume and more than 1.4 million trades completed every second.

While Binance is not publicly traded, a digital token called binance coin (BNB) hasrisen14x in price in 2021. Binance coin offers no equity ownership rights but is an exchange token that many connect to the success of Binance.

Binance offers trading in 39 cryptocurrencies.

Gemini:Founded in 2014 by Cameron and Tyler Winklevoss, Gemini is one of the largest and most well-known cryptocurrency exchanges in the U.S. The platform offers access to over 20 cryptocurrency coins and tokens.

The company is expanding globally with plans to grow in Europe and Asia. Along with its trading platform, Gemini offers insured hot wallets to store tokens without worrying about digital asset theft.

Gemini customers can earn up to 7.4% APR on some of the crypto assets offered. Gemini is also the owner of the NFT marketplace Nifty Gateway.

eToro:In 2013, eToro launched Bitcoin trading on its platform. The social investment platform offers trading in Bitcoin,Ethereum (CRYPTO: ETH), Ethereum Classic, Dash,Litecoin (CRYPTO: LTC), Bitcoin Cash, Stellar Lumens, NEO, EOS, Cardano, IOTA, TRON, ZCASH and Tezos.

In 2020, 16% of eToro’s assets were in cryptocurrencies. The company added over 5 million new registered users in 2020. As of March 2021, eToro had over 20 million registered accounts, but not all were trading cryptocurrencies.

eToro is a large international social trading and cryptocurrency platform. The company plans to launch stock trading in the U.S. market in 2021 to complement its existing crypto and social trading, which could increase its customer count in the region.

eToro is going public in a SPAC merger with FinTech Acquisition Corp V (NASDAQ:FTCV) valuing the company at $10.4 billion.

Robinhood:Known for its commission-free stock trading, Robinhood also offers commission-free cryptocurrency trading. Robinhood launched cryptocurrency trading in 2018 with an initial rollout to five states.

Robinhood offers a limited number of cryptocurrency trading offerings. Customers can trade Bitcoin, Bitcoin Cash, Bitcoin SV, Dogecoin, Ethereum, Ethereum Classic and Litecoin. Robinhood doesn’t support ICOs.

The company provides real-time data on some of the digital assets that are not available for trading.

The ability to buy and sell Dogecoin is one of the things that sets Robinhood apart in crypto. Other large platforms like Coinbase do not currently support the meme cryptocurrency.

Robinhood is nearing plans to go public in an IPO.

Kraken:Kraken prides itself as being one of the oldest cryptocurrency exchange platforms, with its blockchain interests dating back to 2011. Kraken offers one of the largest selections of tradeable cryptocurrency customers.

In March, Kraken CEO Jesse Powell said the company could go public next year. A recent $10-billion valuation was described by Powell as too low and not worth going public. The company is in talks to raise additional capital in a new funding round.

Cash App:Launched in 2013 by Square Inc (NYSE:SQ), Cash App is one of the best-known platforms to send and receive money to other people.

In 2018, Cash App added the ability to buy and sell Bitcoin. The company reported that it had over 3 million customers buying and selling Bitcoin in the recent fourth quarter. In January, Cash App had over 1 million new Bitcoin customers.

Paypal:Online payments company Paypal Holdings (NASDAQ:PYPL) began offering a way for its customers to buy and sell cryptocurrencies in 2020. The company calls its offering “crypto for the people” and allows its users to get started with as little as $1.

Paypal customers can buy and sell Bitcoin, Ethereum, Litecoin and Bitcoin Cash. The company is working on integrating its cryptocurrency offerings with its merchants to allow customers and businesses to be able to utilize cryptocurrencies for transactions.

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

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Comment21

  • kino318
    ·2021-04-15
    So many .. which to choose? Pls like n comments
    Reply
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  • kevinlaisq
    ·2021-04-15
    Please comment and like
    Reply
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    • kino318
      yes
      2021-04-15
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  • Mason22
    ·2021-04-15
    Crazy night
    Reply
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  • Loolala
    ·2021-04-15
    Too many exchanges platform nowadays.
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  • skyel
    ·2021-04-15
    Binance, a potential competitor?? 
    Reply
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  • Jliang
    ·2021-04-15
    Crazy
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  • Porky9696
    ·2021-04-15
    Good
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  • Iamallama
    ·2021-04-15
    Cryptoooo 
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  • Lynny
    ·2021-04-15
    They don’t even mention KuCoin which is one of the largest in the world ... PayPal? CashApp? Are these really truely crypto exchanges? Or are they hoping to become one as well?
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    • Sumei
      Paypal has just recently allowed their US customers to trade crypto.
      2021-04-18
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    • MightyPooP
      Binance?
      2021-04-15
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    • Lynny
      Binance was mentioned. 2nd. It would be shocking if they did not
      2021-04-15
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  • kenong62
    ·2021-04-15
    Who are the regulator?
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    • 阿汉
      nobody?  danger
      2021-04-15
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  • missseason
    ·2021-04-15
    Carzy stuff last night
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    • Noxology
      Yah
      2021-04-15
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  • 发财虎猫
    ·2021-04-15
    Noted
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  • CherryPang
    ·2021-04-15
    Don't understand
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  • 发财虎猫
    ·2021-04-15
    Ok
    Reply
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  • Noxology
    ·2021-04-15
    Wild day yesterday
    Reply
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  • Ychwee
    ·2021-04-15
    Coinhako SG
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  • CHLDW
    ·2021-04-15
    Help to like please
    Reply
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  • HLPA
    ·2021-04-15
    Stay away
    Reply
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    • Dsd
      don't understand crypto
      2021-04-15
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    • Tatsuya
      agree
      2021-04-15
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  • HoSayBo
    ·2021-04-15
    Help to like pls. Thanks!
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    • ZEROHERO
      Here you go
      2021-04-15
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  • Dirui
    ·2021-04-15
    Oh man
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    • Leo_T
      too hot to handle
      2021-04-15
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