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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.

Amazon Web Services debuted more than 20 years ago. The subsidiary of Amazon is currently the firm’s major profit maker. AWS made $13.5 billion in annual operating earnings in 2020 on a revenue base of $45.3 billion. That’s roughly 63% of the parent company’s total.

Coinbase wants to be the next Amazon of crypto

Meanwhile, Coinbase officials believe that they need to become the “Amazon of cryptocurrencies” as soon as possible. Most of the company’s awards are due to its great direct listing in history. As of this moment, Coinbase’s income stream is reliant on transaction fees.

According to Chatterjee, the acquisition of Bisons Trails was a major step in the transition of Coinbase into a more seasoned financial system. The exchange supports crypto custodians, funds, decentralized apps, and token holders. Some of its customers are Andreessen Horowitz (a16z), New York-based fintech firm Current, and Turner Sports.

As of November 2021, Coinbase Cloud has $30 billion in crypto assets staked on its platform.  Meanwhile, the Coinbase cryptocurrency exchange has over 73 million customers, 10,000 organizations, and 185,000 ecosystem partners in over 100 countries. According to Coinbase, the exchange has handled transactions worth over $700 billion since its founding.