Coinbase Says Crypto Exchange Aims for Cloud Division To Be Blockchain’s Version of Amazon Web Services: Report

Crypto exchange Coinbase reportedly wants to make its infrastructure product, Coinbase Cloud, the Amazon Web Services (AWS) of blockchain. 

AWS, which provides on-demand cloud computing services and application programming interface (API) to individuals, businesses and governments on a metered pay-as-you-go basis, is the most profitable arm of Amazon. 

Forbes reports that AWS brought in $13.5 billion in annual operating profits from a revenue base of $45.3 billion in 2020 or 63% of the e-commerce giant’s total. 

Coinbase Cloud provides infrastructure and tools for products and services in the crypto space and currently supports custodians, exchanges, funds, decentralized applications (DApps) and token holders. 

Coinbase chief product officer Surojit Chatterjee tells Forbes,

“We want to be the AWS of crypto. We are building this whole Coinbase Cloud suite of products that you can think of as crypto computing services to help developers build their applications faster.”

Chatterjee says that the acquisition of blockchain infrastructure platform-as-a-service (PaaS) company Bison Trails, which now serves as the foundational team and platform of Coinbase Cloud, in January 2021 is part of the exchange’s transition into a more mature financial ecosystem. 

“Crypto is not just buying and selling tokens, it’s building this whole financial system on top of blockchain. We think we can play a big part in leading our customers to the utility phase of crypto from this first phase, which is more investment or speculation driven…our goal is to be the primary financial account of the crypto economy for our customers.”

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Featured Image: Shutterstock/Tithi Luadthong