I thought that the point of crypto is low fees? Nice that crypto has a $~1T market cap. But just one broker is going to have a market cap of one tenth of that. Makes no sense.
Especially given that this one exchange itself has only 11% of the top exchange's volume[0].
On the other hand, it's not as easy for institutional money to get into crypto directly as it is to buy Coinbase stock. Additionally, Coinbase is (likely) a less volatile investment in the future of the whole crypto market rather than picking specific winners.