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.
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.