Coinbase revenue in the first quarter of 2021, the major US-based crypto exchange, The results for the fourth quarter of 2020 have more than tripled.
According to filings with the United States Securities Commission Coinbase posted earnings of $ 3.05 per share and total revenue of $ 1.8 billion. However, the company fell slightly below its expected $ 3.07 per share.
Vice versa, The company had sales of $ 585 million as Bitcoin hit new highs in the fourth quarter of 2020and only $ 191 million in the first quarter of each year.
About 94% of the company’s quarterly net income came from commissions for trading crypto assets.
Coinbase’s net income also rose as the company reported a profit of $ 771 million., more than four times the result of the previous quarter and a 24-fold increase over the previous year.
The trading volume on the stock exchange has roughly tripled compared to the previous quarterCoinbase’s active users have more than doubled from 2.8 million to 6.1 million.
Failing to provide detailed guidance on its future results, the company stated:
“It’s important for investors to remember that our business is inherently unpredictable.”
However, The company was ready to predict that it will host between 5.5 and 9 million monthly users over the course of 2021.
Coinbase also announced that it plans to list the popular memecoin Dogecoin within the next eight weeks.and increase the speed at which the platform can create new offers. Speaking on CNBC’s Mad Money Show on May 13th, Coinbase CFO Alesia Haas said:
We are slow. We need to add more assets. We are investing a lot to improve the speed of our asset additions. “????
Haas also outlined the company’s plan to expand the types of financial services it offers to its users, stating: “We hope to be the main financial account in the crypto economy and attract our users with all kinds of possible transactions.”.
In addition to the services that most people are “very familiar with in a typical escrow system” such as “credit cards, loans, deposit accounts” Haas highlighted the unique services that enable crypto assets, such as: B. Stakeout and Governanceand added:
“I believe that cryptocurrencies will enable new transactions that we cannot even imagine today.”
Despite a solid first quarter of the year Coinbase shares have fallen about 30% since their direct listing on April 14, after last switching hands at around $ 265.