CoinbasecryptocurrencyCryptocurrency NewsNews

Coinbase’s Active Users Spiked 117%, Sending Q1 2021 Revenue To A Whopping $1.8B

Telling prospective investors that your cryptocurrency exchange made an insane $1.8 billion during the first three months of the year is certainly an optimal way of marketing your company just days before its Nasdaq listing.

Coinbase exchange released its first quarter results on Tuesday, noting that it raked in profits in excess of millions in Q1 2021. The blockbuster earnings are largely due to the parabolic rise of the underlying crypto industry.

Coinbase Posted Record Profits And Revenue In Q1 Ahead Of Its IPO

To say that Coinbase had a stellar first quarter performance would be an understatement.

According to a report on Tuesday, Coinbase’s user base increased by a staggering 117% from 2.8 million in Q4 2020 to 6.1 million in Q1 2021 quarter. As a result, the exchange’s revenue ballooned to $1.8 billion over the three-month period ending March 31, netting a profit of roughly $740 million to $800 million.

Additionally, Coinbase’s total assets surged from $90 billion to $223 billion during a single quarter; $122 billion of those assets originated from institutional investors.

The announced Q1 results come just days before Coinbase’s public listing on Wednesday, April 14. After a promising quarter, the price of the exchange’s shares could easily soar from the $343.58 a piece estimated from the period between January and March.

What To Expect For The Rest Of 2021

Currently, Coinbase admits that high volatility remains the Achilles heel of the crypto market, but the firm plans to do its best even when prices drop.

“This revenue unpredictability, in turn, impacts our profitability on a quarter-to-quarter …
Story continues on Zycrypto

Related posts
NewsNews 1RippleSocialTrading ViewXRP

XRP lawsuit update: Ripple scores point after Court grants access to SEC's Bitcoin, Ether documents

In what is a major victory for the San Francisco-based Ripple Labs, the blockchain firm has been granted access to the United States Securities and Exchange Commission’s documents and discussions abouThe post XRP lawsuit update: Ripple scores point after Court…
BitstsmpBlockchainCoinbaseSecurities and Exchange CommissionSolanaStellar NetworkValidatorsXLM

Stellar Network Faces Outage Following Offline Validators, Coinbase to Investigate

After a 2019 network freeze, the Stellar network has been hit by yet another crisis. According to data that has been made publicly available, it was unable to process transactions for hours. XLM Price is Plummeting  Stellar’s official update shows…
CoinGapeNews

Ripple price leaves dust in its wake as bulls focus on settling above $1

The flagship cross-border token hit a multi-year high at $1.1. The trend is in the bull’s hands despite the hunt for higher support. A correction under $1 would trigger declines likely to test $0.8 and $0.6. Ripple has been like…