Coinbase Smashes Revenue Record, Brings In $2,000,000,000 in Second Quarter

Coinbase generated a record net revenue of $2 billion from transactions, subscriptions, and services in the second quarter of 2021 as the platform’s monthly transacting users (MTUs) increased by 8.8 million – up 44% from Q1.

In its August 10th shareholder letter, the largest crypto exchange in the US says its retail users are “deepening their engagement” with the platform in terms of the digital assets they invest in or trade and the products they use.

“Approximately 27% of our Q2 retail MTUs, or 2.4 million individuals, both invested and engaged with at least one other non-investing product. This is up from 25% of our Q1 retail MTUs, or 1.5 million individuals.”

Coinbase currently supports 83 crypto assets for trading and 142 for custody. The exchange says that it plans to add more assets as the market continues to evolve beyond the initial use case of trading Bitcoin (BTC).

“Bringing more assets to Coinbase, faster, safer and ultimately listing all legal assets is one way we will tackle this opportunity… The addition of more assets is helping to drive diversification in the assets our customers are transacting in.”

Coinbase says new use cases such as decentralized finance (DeFi), non-fungible tokens (NFTs), and decentralized autonomous organizations (DAOs) represent the future of the crypto economy despite still being in the early stages of development.

“Similar to how Coinbase helped people access Bitcoin for the first time in a safe, trusted, and easy to use way, we need to do the same for the decentralized economy.”

Coinbase says it plans to list crypto assets faster, make more products available for the international market, and integrate with third-party interfaces and self-custody to make decentralized applications more accessible to its users.

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Featured Image: Shutterstock/Mia Stendal

Source: https://dailyhodl.com/2021/08/12/coinbase-smashes-revenue-record-brings-in-2000000000-in-second-quarter/