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‘Big or Bigger’ Than Crypto Trading: Coinbase Bets Large on NFTs

Nov. 10, 2021, 9:43 PM

Coinbase Global Inc. co-founder Brian Armstrong says the market for non-fungible tokens could rival or even be larger than the company’s cryptocurrency business.

That was a bold statement from Coinbase’s chief executive officer, made on a conference call Tuesday after the largest U.S. digital-asset exchange reported third-quarter revenue of about $1.3 billion. The declaration helped to ease concern that revenue was below forecast even after a more than fivefold increase from a year earlier.

Coinbase plans to open its own NFT marketplace, where people will be able to trade digital art and other items, in the next quarter or ...