Coinbase has revealed that Ethereum trading volume on its platform has exceeded that of Bitcoin for the first time in its recent shareholder letter. The letter, which is the first the crypto exchange would release since it went public earlier in the year, revealed some interesting information about the firm and its businesses.
According to the letter, the focus of the crypto firm during the second quarter was the diversification of its businesses. It also showed that Coinbase saw an improved performance during the said period.
One major takeaway from the letter is the growth of Ethereum transactions on the platform. Per the letter, transactions of the second largest crypto asset by market cap took 26 percent of the total transactions while Bitcoin stood at 24 percent. Other crypto assets accounted for the remaining 50 percent.
Another interesting stat from the letter is that the Brian Armstrong led exchange also recorded growth in its monthly transacting users. According to the firm, it recorded a 44 percent increase in the numbers of its users. This reinforces Coinbase as one of the most popular exchanges crypto traders are using for their businesses.
As one of the biggest exchange platforms in the US, Coinbase’s approach to the popular infrastructure bill is like many other crypto companies, friendly and subtle with the hope of a favourable regulation in the end. The crypto outfit’s goal is to draw at least a billion people into the crypto world via their platform.
In a bid to achieve this goal, they’re employing strategies like asset listing, expanding their markets, integrations, regulatory conversations, and so much more. Integrating Google Play and Apple Play is also part of their plans to reach the goal.
The lengthy letters and the great numbers it carries might be a step towards achieving this goal. Although it’s still too early to make predictions, however; Coinbase is stopping at nothing until it reaches its set objective.
Finally, Coinbase has been making grand rounds of revenue since its establishment. It generated about $2 billion with a $1.6 billion net income. Its Q2 2021 trading volume hits $462 billion, a massive increase from the $28 billion made in Q2 2020. The exchange platform also hired more hands to help it meet up with the increased demand for its services.