A week to its direct listing on Nasdaq, Coinbase has released its preliminary Q1 data, which reveals massive growth in its userbase and revenue. Trading volume on the exchange has grown by about 300%, while the revenue has grown to $1.8 billion, and more than 11% of all crypto assets in existence are stored on the platform.
The US-based exchange’s recent quarterly report shows that this is the best quarter so far for the exchange.
The company reported that its monthly transaction users (MTUs) have grown by over 117% since the end of 2020. At that time, the total number of users on the exchange was 2.8 million, and it has grown over the months to 6.1 million in Q1 2021.
As expected, this surge in user base has also driven Coinbase’s revenue to $1.8 billion. For context, this figure was 10x lesser than its current standing in Q1 2020, where the company realized only about $190 million.
11% of all Crytpcurreny Is on Coinbase
That said, based on the recent performance, preliminary estimation for this year’s first quarter should have a net profit between $730 million and $800 million.
Nonetheless, the crypto exchange giant noted that a large part of this spike is triggered by the ongoing bull cycle in the cryptocurrency market.
Worth mentioning is the fact that the entire cryptocurrency market is the billion of dollars worth of digital assets held on the platform. Coinbase revealed that as of March 31, there were about $223 billion stored on the platform.
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