Coinbase released a quarterly report that showcases large growth and strong performance. Q1 2021 earnings are already on track to exceed all of 2020.
The Coinbase Exchange in San Francisco reported a profit of Q1 2021, twice that of 2020 as a whole. The exchange reported in its quarterly statement that it anticipated a profit of $730-$800 million in the first quarter of 2021. This is a significant step forward for an exchange that takes place in a week’s time on NASDAQ.
The massive increase in revenue was partly due to the rallying of the crypto market and the increased adoption of Coinbase. The public should also help legitimize the exchange of crypto-assets for those who are still concerned about this.
Additional statistics in the report also show the growth of Coinbase. The company has a verified 56 million user base, which is likely to increase as it plans to grow globally. For instance, despite a potential ban on the crypto market where the famine of crypto is high, Coinbase is investigating the opening of an offices in India.
This quarter’s revenues total is 1,8 billion dollars – around 500 million dollars higher than the entire year 2020. Combined with a $335 billion volume in trading, there is a clear indication of the highly competitive growth of Coinbase.
The report also provides an overview of the potential monthly MTUs for 2021. The optimistic result is seven million MTUs on average, with an average lower end of four million MTUs. This final figure is based on the capitalisation and volatility of the crypto market.
Coinbase on the verge of becoming even bigger
Coinbase’s decision to go public was one of the most important headlines in recent months. The direct listing of the exchange, which will take place on 14 April, was highly anticipated. As much as 90 billion dollars has been valued by investors.
Despite unfavorable incidents last year, the growth of Coinbase has taken place. A report alleging racial discrimination was published by the New York Times, while Brian Armstrong, CEO’s open letter, was condemned.
Coinbase was one of the first to seek a public listing from many crypto companies. The majority seek to reinforce their high interest in space and thereby gain more legitimacy.
