Coinbase has recorded a large influx of users in the first quarter amounting to an over 120% in revenue increase.
The US-based cryptocurrency exchange platform had filed its documents to the US Securities and Exchange Commission which indicated a revenue of $1.8 billion with each of its shares earning up to $3.05. The current shares rate of the company has however fallen short of an expected $3.07 per share.
A recent estimation concluded that 94 percent of the exchanges’ revenue originates from crypto-asset trading fees. In dissimilar fashion, the company despite the massive Bitcoin rallies that has sent the leading cryptocurrency to fresh all-time highs repeatedly generated $585 million in revenue during the last quarter of 2020 and just $191 million in the first quarter one year ago.
The number of active users on the Coinbase platform has surged from 2.8 million to 6.1 million thereby increasing the trading volume much higher than the previous quarter. The net profit of the company has also peaked with reports mentioning a 24X increase in a Q1 profit of $771 million.
Adding More Assets and Features
The popular exchange has gone ahead to disclose plans to list dog-themed Dogecoin within two months to add more assets and make bigger investments.
Coinbase CFO, Alesia Haas, who appeared on the CNBC Mad Money Show on May 13, stated the intentions of the platform to increase its speed in the addition of assets and making bigger investments.
Haas went further to share the firm’s preparations to expand the categories of financial services it offers to its users in the hopes to become the primary financial account in the crypto economy.