Coinbase, one of the largest players in the crypto space, has just announced that its newly acquired Coinbase Cloud product (formerly known as “Bison Trails”), responsible for the company’s infrastructure-as-a-service arm, now holds more than $30 Billion dollars worth of crypto assets on its servers.
This is a very impressive number for the company, who as “Bison Trails”, was an early pioneer in fully managed blockchain infrastructure whose platform has helped to accelerate the adoption of blockchain technology.
Coinbase Cloud is a fully-managed, non-custodial service, acting as an ‘infrastructure-as-a-service’ solution for clients who wish to manage their own staking setup, in a way where Coinbase doesn’t control the staked assets.
“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.”
In addition to the usual suspects such as Ethereum 2.0 (ETH), Cardano (ADA), Solana (SOL) and other big names like Tezos (XTZ), there are currently more than 25 Proof-Of-Stake blockchains currently supported and run by the Coinbase Cloud staking infrastructure.
Coinbase Buys Bison Trails
Coinbase aquired the crypto builder “Bison Trails” in January 2021, just weeks before going public. In a blog post announcing the move, Coinbase said
“The acquisition will enable Bison Trails to accelerate its mission to provide easy-to-use blockchain infrastructure that strengths the entire crypto ecosystem”
It seems like the acquisition is paying off for the US-based crypto giant, with the company now passing a number that’s getting close to capturing almost 7% of the entire crypto staking market cap (Dec 2021) which is valued at around $450 Billion dollars during the time of this publication.