According to CoinMeta, Wu said that he learned that the crypto investment institution CMS Holdings believes that for Coinbase to de-emphasize trading volume as a core factor and shift towards a broader focus on “everything exchange” could be a reasonable choice. CMS Holdings argues that relying solely on crypto trading operations for its current market value is difficult to sustain a long-term valuation. At the same time, the institution pointed out that the previously stricter KYC / AML and subsequent identity verification processes may become obstacles to its expansion into traditional financial services.