The first quarter of 2021 has proven to be the best quarter for the crypto exchange Coinbase in its nine-year-old history. The company has reported a monumental increase of over 120% in their active users and a revenue worth of about $2 billion US Dollars.
Coinbase has revealed its preliminary Q1 statistics, just a week before they have their Initial Public Offering (IPO), and are listed directly on NASDAQ. The preliminary reports of the first quarter show that the company has experienced massive gains in both their revenues and their user base. The trading volume on the platform has increased by a staggering 300%, with its revenue topping near the value of $2 billion US Dollars. Out of all the crypto assets in the world, 11% of them are stored on the Coinbase exchange platform.
Coinbase Breaking Records in its First Quarter
Coinbase is the biggest crypto-asset exchange company based in the United States. The company posted its quarterly earnings for the first quarter of 2021, which indicated that the company had seen record-breaking growth in all areas compared to any past quarters in their history.
If we go into the details of the quarterly report, the first thing which stands out is the monthly transacting users (MTUs). The company has recorded a growth of around 117%, compared to the last quarter of the previous year. The user base of the company at the end of 2020 was around 2.8 million, and it has since increased to a massive amount of 6.1 million by the end of the first quarter of 2021.
This monumental increase in the user base of the company also had an evident effect on their revenue charts as the company has recorded a first-quarter revenue of $1.8 billion USD, to be precise. Cutting out the costs and the taxes, the net profit of the company should be between $730 to $800 million USD, which is a huge accomplishment.
Coinbase Holds More Than 11% of Crypto Assets
Another astonishing fact is that Coinbase is holding on to crypto-assets worth billions. A report suggests that crypto assets worth $223 billion are stored on the platform. This means that almost 11.3% of all crypto assets are stored on this platform.