Coinbase surpasses $1.9 billion in revenue in Q2 2021
Coinbase surpasses $1.9 billion in revenue in Q2 2021 By Angel Di Matteo @shadowargelIn addition to

the increase in revenue volume, Coinbase

currently records some 8.8 million users actively trading on its trading platform.

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U.S.-based

international exchange Coinbase

recorded revenues of more than USD $1.9 billion in trading operations during the second quarter of this year.

This was revealed by Coinbase

in its earnings report presented for the period between April and June this year, which details that this USD $1.9 billion capitalized is due to its more than 8.8 million users actively trading on the platform, which constitute the most active sector of the total 68 million people registered through its platform.

Indicators increased from last quarter

According

to the report published by Coinbase, the exchange

also recorded an increase in the purchase rate, which grew by 1.24% from the 1.21% increase capitalized in during the first quarter of 2021.

But most notable is the net income of USD $1.6 billion, which exceeded the USD $771 million recorded last quarter. This figure surpassed the projections presented by the team’s analysts, which established minimums close to USD $569 million.

Other highlights include the following:

  • Revenue of USD $2.2 billion, with USD $1.9 billion from transactions and USD $103 million from subscriptions and services. Analysts expected revenue of $1.78 billion.
  • Retail transaction revenue of $1.8 billion, up 26% from the first quarter.
  • Institutional transaction revenue of $102.4 million, up 20% compared to the first quarter.
  • Custody fee income of $31.7 million, up 35% from the first quarter.
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Coinbase

and its expansion plans

The release of this report comes just a day after the departure of Brett Redfearn, who served as vice president of capital markets for Coinbase, was made public ,

in what appeared to be a shift in focus by the

exchange for now pressing the line of services associated with the DeFi

ecosystem.

Coinbase recently announced the integration of Apple Pay as a mechanism for the exchange.

Coinbase reported that Google Pay will be on its way once certain outstanding issues are resolved.

Coinbase previously reported an increase in trading volume associated with Ethereum (ETH), the second largest market cap digital currency, on which there is increased interest from investors trading through its platform.

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Source: CoinDesk , Coinbase

Version by Angel Di Matteo / DiarioBitcoin

Image by Unsplash