Coinbase, the world’s biggest cryptocurrency exchange by the number of users, has reported a significant jump in revenue for the second quarter of 2021. In its latest filing with the US Securities and exchange commission (SEC), the crypto exchange reported it generated $2.23 billion in revenue for the three months ending June 30.
Another important fact that the Coinbase Q2 report confirms is that the trading volume of Ethereum surpassed the trading volume of Bitcoins for the first time on the platform. Coinbase explains the rise in the trading volume of Ethereum to an increase in the trading volume of Ethereum-based DeFi protocols which also saw institutional players entering the market.
Coinbase revenue has topped all forecasts by a long shot. The crypto exchange was expected to generate $1.78 billion in expected revenue according to Refinitiv forecasting.
However, smashing all records, Coinbase posted a $162 million net profit for Q2 2021. The figure represents a whopping 4,900% year-over-year increase in net profit when compared with the profits for the same period, the previous year.
“Retail Monthly Transacting Users (MTUs) grew to 8.8 million, up 44% from Q1 2021. Verified Users were 68 million. We now have over 9,000 institutions who continue to deepen and broaden their activities in the crypto economy.”
