Cryptocurrency exchange Coinbase saw a whopping 117 quarteroverquarter increase in monthly transacting users, the firm revealed Tuesday in its voluntary earnings report. All those users helped Coinbase rake in 1.8 billion over the quarter, driving a net income of approximately 730 million to 800 million, according to a new filing that comes ahead of the companys Nasdaq listing next week.
All the numbers point to a business riding high as interest in cryptocurrency tracks upward with the price of bitcoin BTC, 1.84, ether ETH, 1.92 and other leading assets.
Active users on Coinbase jumped from 2.8 million in the fourth quarter of 2020 to 6.1 million in the first quarter of 2021. Verified users or the total number of people with Coinbase accounts increased from 43 million at the end of 2020 to 56 million at the end of Q1 2021. Trading volumes topped 335 billion in Q1. For all of 2020, trading volume was 193 billion. Total assets on Coinbases platform increased from 90 billion to 223 billion, nearly a 150 increase quarteroverquarter. Showing how solidly Coinbase has cemented itself at the center of the current bull run, some 122 billion of those assets were from institutions.
On the retail side, the company will be adding more assets and giving people more access to decentralized finance DeFi applications, Coinbase CEO Brian Armstrong said during Tuesdays earnings call. On the institutional side, the company will continue to build out its prime brokerage offering and…