Binance, Nexo, Crypto.com and Coinbase have been operating in the same space and competing for the same customers for a few years now.
They're different flavours of the same soup. Like different versions of the same IPA from different Breweries.
On paper, all four provide staking/earning products, all four offer a debit card, all four are more or less user-friendly and all four require KYC. But having used all four for a while, I've come to believe they've got very little in common.
Let's start with Coinbase. It is the most user-friendly (imo) and the go-to place for crypto if you're just getting started BUT there's a long list of BUTs.
BUT. Coinbase says you can earn interests on a few cryptocurrencies through the website (not talking about the wallet) but I've tried with Tezos and it didn't really work so I ended up sending it to my Binance. BUT. It also has a debit card but the fees for using it abroad, as in outside the country where you're KYCed, are obscene.
Binance is the complete package because it does a bit of everything. You can earn higher interests for some coins on Nexo but Binance does staking, it has its own debit card, and it combines traditional exchange features with proper DeFi products. It also has relatively low fees when compared to other three.
The way I see it, Crypto.com spent way too much money on marketing and found themselves in a bit of a pickle. They offer a sign-up bonus, same as Coinbase and Nexo, but you can't actually use it unless you stake $350-400 worth of CRONOS, which is not exactly pocket change. On top of that, they've notoriously slashed cashback rewards, which means that they're base-level card is now just another card.
Nexo is probably my favourite. Their token is a lot more stable than CRONOS, and unlike other equivalent platforms they give you higher interest rates on your crypto if you allocate 10% of your portfolio to their token. And allocating a percentage point rather than a fixed mount makes more sense, especially for people who don't have hundreds of dollars to throw around.
They can coexist, and they can all keep thriving after this bear market phase is over. But when it comes to business decisions, mistakes outweight smart moves. In other words, there's no point coming up with one brilliant idea if you make ten mistakes right after.
Crypto.com certainly made more mistakes than the other three. Binance only made one mistake (Terra Luna) but it was damn near lethal. Coinbase and Nexo seem to be treading more carefully.
So who's gonna win?
I've crossposted this article on Bitcoinea and LeoFinance.