Coinbase has announced its earnings estimates for the first quarter of 2021. The company states that the estimated revenue for this period is nine times the amount generated in the same period last year. In addition, the crypto platform claims to have 56 million verified users and a total trading volume of $ 335 billion.
Coinbase’s revenue in the first quarter grows 9 times
Cryptocurrency exchange operator Coinbase Global announced its estimated first quarter results and full-year 2021 outlook on Tuesday before the company goes public on Nasdaq next week.
For the first quarter ending March 31, Coinbase expects total revenue of around $ 1.8 billion, more than nine times the revenue of $ 190.6 million generated in the same quarter last year. In addition, the company expects net income of approximately $ 730 million to $ 800 million, compared to $ 31.9 million in the previous year.
Over the same period, Coinbase expects a total trading volume of $ 335 billion with total assets of $ 223 billion on the platform, which corresponds to a market share of 11.3% in crypto assets. This includes institutional assets of $ 122 billion.
Brian Armstrong, CEO of Coinbase, commented on his company’s user base during the first quarter earnings call on Tuesday: “We have announced 56 million verified users for the first quarter of 2021. We often talk about our addressable market as anyone with a smartphone, which is now 3.5 billion people and growing. “Additionally, Coinbase states that monthly transaction users (MTUs) are 6.1 million.
Armstrong added, “Coinbase will ultimately endeavor to support every legitimate cryptocurrency on the market. In the first quarter alone, we added support for 18 new assets, bringing the number of unique assets supported on our platform to 108. For comparison: This corresponds to an increase of over 40 assets at the end of 2019 and 90 assets at the end of 2020. “
What do you think of how much Coinbase has grown? Let us know in the comments below.
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