Crypto exchange Coinbase published its first quarter earnings since it went public earlier this year. In its earnings call, Coinbase announced that it had seen tremendous results since its public debut. “The wind is in our sails right now, and it feels good,” the investor letter read. The crypto exchange saw its revenue and net income surge thanks to the recent boom in crypto markets and interest from institutional and retail investors.
Coinbase reached $335 billion in total trading volume.
The crypto exchange Coinbase reached $335 billion in total trading volume, which was also a metric that was projected in the estimated report. This marks an approximate 300% increase from $90 billion from last quarter. In terms of breakdown, $120 billion came from retail activity, with the other $215 billion coming from institutions. Bitcoin, Ethereum, and other altcoins surged to new highs as crypto exchanges saw an influx of volume and users. Coinbase, in particular, reported an increase of 13 million verified users. Coinbase touted 43 million users in the last quarter, which has now grown to over 56 million. Its monthly transacting users grew by 217%, from 2.8 million to 6.1 million.
Coinbase may list Dogecoin soon on its platform.
Coinbase’s commission fees, which account for the majority of the exchange’s revenue, are significantly higher than its competitors. When asked, CFO Alesia Haas reiterated that its fees would remain high: “We’re not trying to win on fees. We’re not trying to compete on fees. We’re competing on being the most trusted,” she said. The meme-based cryptocurrency Dogecoin surged 10,000% this year and attracted millions of new users, other exchanges, and competitors swiftly capitalized on the action by adding DOGE. CEO Brian Armstrong addressed this by promising to add the meme coin by summertime: “We’re putting a lot of work and thought into how to accelerate our asset onboarding, including DOGE.”