Coinbase has now overtaken two of the world’s largest securities exchanges in terms of transaction revenue, according to a crypto analyst from the private bank Coutts.

The crypto exchange generated $5.75 billion in transaction revenue over the past 12 months, compared to just $4.54 billion for the Nasdaq, where many of the world’s most valuable companies, including Apple, Google, and Microsoft, are traded.

Coinbase also surpassed the Stock Exchange of Hong Kong, the HKEX, which generated $2.67 billion over the past year, as well as Brazil’s Bolsa Balcão, which generated $1.81 billion.

Keep in mind that these numbers are not directly comparable and depend on the fees exchanges charge per transaction—for example, when buying or selling stocks or Bitcoin—not just the sheer number of transactions or the platform’s popularity.

To put these numbers in context, all major crypto, stock, and commodity exchanges worldwide generated about $51.27 billion in transaction revenue, according to Coutts’ data.

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Author: Stacy Elliott