Crypto exchange Coinbase's net profit in the second quarter of 2021 rose to $1.6 billion, according to the company's financial statements. This is almost 50 times more than during the same period in 2020.
Second-quarter revenue rose to $2.03 billion, up from $186.4 million last year. Earnings per share rose to $6.42, according to the company's financial statements.
Coinbase's strong data could be driven by an increase in the number of users as well as trading volumes. The value of transactions on the crypto exchange reached $462 billion, while during the first quarter the figure stood at $335 billion (+38%). Retail customers with monthly transactions grew by 44% year-on-year to 8.8 million.
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During the second quarter, the company's staff grew by 450 people, bringing it to 2,176 employees.
Coinbase has reported that it has teamed up with several major companies and hedge funds over the past few months, including PNC Bank, SpaceX, Tesla, Third Point, WisdomTree and Point72. According to Coinbase, over 9,000 different organizations use the platform's services.