A week prior to its direct listing on NASDAQ, Coinbase has posted preliminary Q1 data indicating a massive increase in its userbase and revenue. The trading volume has increased by nearly 300%, the revenue is about $1.8 billion, and more than 11% of all crypto assets are stored on the platform.
Coinbase’s Record-Breaking Q1
The largest US-based cryptocurrency exchange published its Q1 results yesterday, showing a substantial growth in every area compared to previous quarters.
Starting with the monthly transacting users (MTUs) – the increase is roughly 117% since the last three months of 2020. At the time, the number of the company’s user base was about 2.8 million, and it has expanded to 6.1 million in Q1 2021.
Naturally, this has also impacted the revenue, which has reached $1.8 billion. For comparison, this means a near 10x surge from the Q1 last year when it was around $190 million.
According to the preliminary estimations for this year’s first quarter, the net profit should be between $730 million and $800 million.
The company attributed a large part of its quarterly increase to the ongoing bull cycle in the cryptocurrency market. As bitcoin and numerous altcoins have exploded multi-fold in value since October 2020, it has garnered the attention of retail investors.
11.3% of Crypto Assets Held on Coinbase
Perhaps what’s even more notable for the entire cryptocurrency industry is the billions of dollars worth of digital assets held on the exchange. The report highlighted that as of March 31st, there were $223 billion stored on Coinbase.
With the entire market capitalization worth …
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