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Coinbase Report: Blockchain Can Help The US Save $74 Billion In Card Fees

According to Coinbase’s cryptocurrency state report released on Wednesday, US consumers can save at least $74 billion in credit card transaction fees by using blockchain technology.

The US exchange’s report pointed out the dissatisfaction with the fees, and the cryptocurrency exchange said, “At least three-fifths of Americans want to update the system to make it cheaper, faster, and easier to use.” Coinbase obtained this data from public data from the US Securities and Exchange Commission (SEC), the US Census Bureau, data analysis company Statista, and digital asset research, analysis, and news portal The Block Research.

Ethereum price still 50% lower than historical high: buy cheap? Coinbase believes that blockchain technology not only serves consumers, but also businesses. The company said in the report, “Merchants spend more than $126 billion on credit card transaction fees,” and added that this is equivalent to the second largest cost after labor. Coinbase said: “By using blockchain technology, they hardly need to pay any fees.” The US exchange also said that it found that more than 70% of Americans want an “updated financial system” with lower fees and faster operation.

Although Coinbase is expanding its business to countries outside the US, such as Europe, Singapore, and Brazil, most of the company’s revenue is generated in these countries. The trading platform continues to lobby the US government to increase the transparency of regulation and digital asset access. Coinbase currently serves as the custodian of most spot bitcoin ETFs recently launched by traditional financial companies (including BlackRock, Franklin Templeton, and Grayscale Investments).

In the latest K-line chart updated by the digital asset research, analysis, and news portal The Block Research on January 31, 2024, it is obvious that on the above date, the cumulative trading volume of the spot bitcoin ETF that started trading last month, according to Yahoo Finance data, its value has exceeded $30 billion.

Sentiment: Positive

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