Crypto exchange Coinbase has surpassed two major securities exchanges, the Nasdaq and the Stock Exchange of Hong Kong, in terms of transaction revenue, according to a crypto analyst from Coutts. Coinbase generated $5.75 billion in transaction revenue over the past year, while the Nasdaq generated $4.54 billion and the HKEX generated $2.67 billion. However, in terms of transaction volume, Coinbase still lags behind the Nasdaq. The analyst predicts that Coinbase will continue to overtake traditional exchanges in revenue and has the potential to become the largest global exchange in terms of both volume and trading revenue in the future. Coinbase's sales fell in Q3 2024, but the company is expected to see growth internationally in regions such as Latin America, Africa, and Europe.



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