Selling sholvels during the crypto rush: the business model of crypto exchanges. Examples of coinbase, crypto.com, and binance

Abstract

[EN] Leaving aside the discussion of cryptocurrencies as a trustworthy monetary standard while acknowledging their speculative power, this study aims at providing an in-depth understanding of the business model of some of the main cryptocurrency operators. What is their business model, what are their mid and long-term expected growth and market. A thorough analysis of their business models is proposed via three main techniques: The business model canvas, along with PESTLE and Porter’s five forces model to assess the competitive positions of the main operators in cryptocurrency markets. With them, we will depict how, in such a volatile market as it is the crypto one, companies are able to take profit by providing exchange services to consumers and merchants alike.