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Coinbase revenue tripled in Q1, plans to add bank-like services and to list DOGE

May 14, 2021. Summarized by summa-bot.

Compression ratio: 49.9%. 1 min read.

Coinbase has reported a year-over-year increase in Q1 revenue of 850%.

The first quarter revenue of leading U. S. -based crypto exchange, Coinbase, more than tripled its Q4 2020 performance.

By contrast, the company generated $585 million in revenue amid Bitcoin’s rally into new all-time highs during the fourth quarter of 2020, and just $191 million in Q1 a year ago.

Approximately 94% of the firm’s quarterly net revenue came from crypto asset trading fees.

Coinbase’s net profits also surged, with the firm reporting profits of $771 million — more than quadruple its profits from the previous quarter and an increase of 24 times year-on-year.

Trading volume on the exchange roughly tripled compared to the previous quarter, with Coinbase’s active users more than doubling, from 2. 8 million to 6. 1 million.

Haas also noted the firm’s plan to expand the types of financial services it offers to users, stating: “We hope to be the primary financial account in the crypto economy, and engage our users with all the transaction types. ”

In addition to services most people “are very familiar with in a typical fiat system,” such as “credit cards, loans, deposit accounts,” Haas emphasized the unique services enabled by crypto assets such as staking and governance, adding:

by summa-bot

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