Coinbase earning - what really stands out is the revenue hit both in retail & institutional didn't impact their revenue. They made up for the loss of volume with interest income tripling & reward services.
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Not sure that's really right -- think it's mostly maybe pass-through ETH staking rewards to customers:
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that's under "blockchain rewards", I kind of assumed they account for their fee cut, not the entire staking yield.
BTW u think most of the tx expenses are staking costs offloaded on trading revenue?
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