American major cryptocurrency exchange platform Coinbase reported results of the first quarter of 2021. It was the best quarter of the company as the revenue crossed $1.8 billion.report was filed with the US Securities and Exchange Commission (SEC) on April 6.
Compared to the first-quarter revenue of the last year which was $190.6 million, the exchange had a 900% growth. The number of verified users also saw a significant increase becoming 56 million from 34 million.
This progress is due to increasing interest in cryptocurrencies and their price surge.On April 1, Coinbase announced getting the SEC's approval for a direct listing on the stock market Nasdaq. It will begin trading on April 14 under the ticker symbol COIN.
As Coinbase keeps growing, it also expands the staff. In March the company announced plans of opening an office in an Indian city and hiring Indian specialists for that purpose. Later, came the news of hiring former officers of the SEC and Morgan Stanley.