Coinbase Q2 Revenue Surpassed $2 Billion

by in Cryptocurrency News

Coinbase Q2 report and revenue

Leading crypto exchange Coinbase published a shareholder letter on August 10 reporting the results of the second quarter, 2021. The numbers are higher than estimates made by analysts.

Related: Coinbase expects Bitcoin ETF approval by end of 2021

As Coinbase announced, the interval was strong with progress and diversification. The firm's net profit was $1.6 B compared to last year's $32 M for the same interval. This means an increase of 4.900%. The number of verified users reached 68 mln.

A significant point to note in the report is that for the first time in 9 years of the crypto exchange's history, Ether outperformed Bitcoin in trading volume. The entire trading volume in Q2 was $462 B, a growth of 38% compared to Q1. 26% of the amount was concentrated in Ethereum and 24% in BTC. BTC's trading volume in Q1 was 39%. Coinbase mentioned 3 possible reasons for Bitcoin's volume decline:

  • Total BTC volume decline as a part of global exchange spot compared to Q1
  • Demand in Ether2 staking along with DeFi and NFT markets advancement
  • High activity in trading of other crypto assets

In the letter, Coinbase mentioned it will keep growing and presenting new features. The team sees significant opportunities for progress and aims to get 1 billion people into crypto.

It plans to add more assets, ship more products in the international market and integrate self-custody to make the application more accessible to users.