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Coinbase revenue tripled from last quarter as crypto prices skyrocketed

Coin based shares raised by 3% on Thursday during the after-hours trading. This happened after the report regarding the high rise in the revenue and net income in the first quarter if 2021 was published. The coinbase on April 6 delivered a estimate and the results largely matched. The company’s net profit for the quarter was over $771 million, more than fourfold over Q4 2020′s figure of $177 million and more than 24 times higher than the year-ago quarter’s profit. On the earnings call, the company said that it planned to list dogecoin in the next six to eight weeks.  The company noted that bitcoin prices nearly doubled during the quarter, and ether prices almost tripled. Coinbase fees, which account for the bulk sum of the company’s revenue, are higher than some rivals.  Coinbase’s 56 million verified users, along with record-breaking price moves in the crypto market, led trading volume to more than triple from the previous quarter.

Source: CNBC

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