In the past 12 months, Coinbase's revenue reached $5.75 billion, surpassing Nasdaq and the Chicago Board Options Exchange (CBOE). Jamie Coutts, chief cryptocurrency analyst at investment firm Real Vision, said on December 17 that cryptocurrencies are eating into traditional finance (TradFi). In addition, Coinbase generates 11% of global exchange revenue, which is more than twice the share of the decentralized exchange (DEX) sector combined, even though the latter is still expanding rapidly.