US crypto exchange Coinbase has just released its estimated financial results for the first quarter of 2021. According to them, the platform made $1.8B in revenues and $730-800M in profits, an increase of 207.6% and 312.9%, respectively, compared to the previous quarter's data. The information has been released ahead of Coinbase's debut on NASDAQ, scheduled for next April 14.
During the reporting period, the trading volume on Coinbase increased to $335B. By way of comparison, during the fourth quarter of last year the figure stood at $89B. Coinbase claims to have 56 million verified customers and 6.1 million monthly active customers. Compared to recent reports, the figures have increased by 13 million and 3.3 million, respectively. Coinbase has $223B in assets, of which $122B are related to institutional investors.
The Block analyst Larry Cermak noted:
"As expected higher revenue than in the entire 2020."
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The increase in the platform's earnings has coincided with the rebound in the Bitcoin price and the whole crypto market.
This strong financial results are expected to have a positive impact on Coinbase shares once the exchange goes public on NASDAQ.
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