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0 pointskgwgk5y ago0 comments

> They have a reasonable sized moat then no?

Do they? I'd rather own a couple of major exchanges in today's financial system for the same price.

  ICE   net income $2.1bn  market cap $63bn
  NDAQ  net income $0.5bn  market cap $23bn
  CME   net income $2.1bn  market cap $72bn
  CBOE  net income $0.4bn  market cap $11bn

0 comments

dannyw5y ago

You've listed exchanges, but Coinbase is much more than just an exchange. They are also a broker, as well as bank (provision of loans), custody-provider, etc.

here are some brokers...

Charles Schwab (SCHW): $119.81bn

Interactive Brokers (IBKR): $32.47bn

andy_ppp5y ago

I mean if they get their mission done they’ll be worth more...

colinmhayes5y ago

Coinbase's real value seems like it'll be its ability to use deposits to provide loans. Big money in banking.

kgwgkOP5y ago

Most banks do not have a $100bn valuation though.

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