Recently, industry insiders shared their thoughts on the business model of cryptocurrency exchanges. They mentioned that the current approach to operating trading platforms is undergoing a change.

In the traditional impression, exchanges are simply about matching—users place orders, and the platform earns commissions. This model is straightforward and crude, but it has a clear ceiling. However, some leading platforms are starting to change their mindset. They are referencing the operational logic of US stock brokers, where trading commissions are just one part of revenue, and data services and technology services have become the second and third largest sources of income.

The logic behind this is quite clear—users are not just here to trade; they also need market data, market analysis, API interfaces, and risk control tools. Offering these services as paid add-ons diversifies revenue streams.

In terms of capital, these platforms usually have ample reserves. Some have over 2 billion in liquid assets on their books, enough to support technological investments and business expansion. This confidence allows them to venture into more complex business modules—from basic trading to in-depth data ecosystems and institutional-level services.

What does this wave of change indicate? The infrastructure of the crypto market is upgrading. User demands are evolving, and the role of exchanges is shifting from simple matching platforms to comprehensive service providers.