Coinbase users convert their staked ETH into cbETH, a liquid ERC-20 token representing their staked ETH. Stakers receive a return on investment in the form of staking rewards (supply-side fees).

Coinbase Wrapped Staked Ether is a liquid staking derivative product offered by Coinbase. Coinbase was founded by Brian Armstrong and launched in 2012.

Coinbase governs wrapping and unwrapping staked ETH to cbETH. They currently take a cut of the total staking rewards earned by the product (revenue).

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Coinbase Wrapped Staked Ether - Financial statement