Ethereum transaction volume surpassed Bitcoin in Q2: Coinbase reports

Coinbase ‘s Q2 2021 shareholder letter provides some interesting insights, including the fact that the exchange’s Ethereum volumes surpassed Bitcoin

volumes for the first time. Sponsored Sponsored

In a shareholder letter regarding Q2 2021 results, Coinbase revealed that transaction volumes for Ethereum

surpassed

Bitcoin for the first time. The shareholder letter is full of interesting tidbits about the business, which is the first letter to appear after the IPO

.

The lengthy letter offers some key insights into how Coinbase is performing in a growing market where it has a strong presence. The exchange said its Q2 performance was strong, with growth and diversification being two themes evident throughout.

Sponsored Sponsored Ethereum transaction volume surpassed Bitcoin in Q2: Coinbase reportsEthereum transaction volume surpassed Bitcoin in Q2: Coinbase reportsTrading Volume: Coinbase’s Q2 Results

One of the most surprising statistics from the letter was that Ethereum’s trading volume exceeded Bitcoin’s, at 26% compared to 24%. In the past, Bitcoin volumes have consistently eclipsed Ethereum volumes.

Another key indicator is the growth in monthly users transacting, which increased 44% to 8.8 million compared to Q1 2021. As one of the most popular exchanges in the U.S., this is remarkable sustained growth, driven in part by renewed interest in the cryptocurrency market. Q2 saw the peak of the bull market in this market, with bitcoin

reaching $64,000.

The exchange is also paying attention to the much-discussed infrastructure bill, which didn’t work out as many in the industry had hoped. Coinbase is one of the many companies involved in the discussion on the topic and hopes to influence the decision in favor of friendly regulations.

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Coinbase aims to bring one billion people into the cryptocurrency market – a great feat, but one that would require no small amount of effort. Some stated elements in its strategy to achieve this include highly scalable platform performance, token listings, market expansion, third-party integrations and regulatory conversations.

Coinbase’s Q2 revenue and earnings look strong

Whether Coinbase will be able to achieve this is unpredictable, but the exchange is undeniably using everything in

his arsenal to get there. There are some indications that it may do so, suggested by the strong numbers in the shareholder letter.

In terms of revenue, Coinbase generated $2 billion and net income was around $1.6 billion. In terms of trading volume, Q2 2021 saw a staggering $462 billion. This compares to a modest $28 billion in Q2 2020. Such growth is a sure sign that the market is growing, as is the exchange itself, which saw a 500% increase in employee headcount.

Coinbase recently announced that it will integrate Google Play and Apple Play, which will help it reach its goal of 1 billion users. Brian Armstrong, CEO of Coinbase, also said that it will “deploy any asset that is legitimate.”

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