Amazon Web Services (AWS) is the largest cloud service provider globally and the platform is inspiring cryptocurrency-related businesses such as Coinbase to follow the same line.
Coinbase (NASDAQ: COIN), a U.S.-based company one is of the largest cryptocurrency exchanges globally. The exchange has been vocal about its plans to develop a cloud infrastructure solution, Coinbase cloud.
“We want to be the AWS of crypto,” said Coinbase chief product officer Surojit Chatterjee in an exclusive interview with Forbes. “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.”
Coinbase Cloud — formerly Bisons Trails — is a cloud-based staking infrastructure solution that Coinbase acquired early in 2021. The price of the deal wasn’t disclosed but it was reported that the price is higher than $80 million. According to the exchange, Bisons Trails is a non-custodial platform, meaning that it doesn’t manage clients’ staked assets.