- Coinbase record remarkable profit in Q2
- Coinbase sees more institutional clients
- Exchange acquires Zabo, another crypto startup
Coinbase exchange also acknowledged in the letter that it recorded bumper profits in Q2, describing it as a strong one for growth on the back of a crypto market bull run. The exchange recorded Q2 net revenue of $2 billion, reportedly its highest quarter ever.
Profits Coinbase exchange recorded more than double that of the previous quarter, which saw the company net $771 million. Coinbase’s earnings per share came in at $3.45, much higher than analyst estimates of $2.33.
However, the figures are expected as the exchange makes almost all its profits from trading fees which are among the highest in the industry. It reported $1.9 billion in transaction revenue and over $100 million in subscription and services revenue.
Coinbase exchange sees more retail traders
In the letter, Coinbase exchange stated that monthly transacting users on the platform grew to 8.8 million, up 44 percent from Q1 2021, with verified users totaling 68 million at the end of the period.
Similarly, there was an increase in coinbase institutional clients. The exchange reveals they now have over 9,000 institutions that continue to deepen and broaden their activities in the crypto economy.
On 30th June, assets in Coinbase exchange totaled $180 billion, 11.2 percent of the total market capitalization of crypto assets.
Coinbase continues to expand its crypto tentacle
Recently, Coinbase added another acquisition to its list with the purchase of a new cryptocurrency startup.
The exchange acquired Zabo, a Dallas-based cryptocurrency startup that focuses on connecting users to any crypto exchange, wallet, protocol, or account via an official blog post announced its acquisition by Coinbase.
The acquisition will give Coinbase customers a higher view of their crypto investments and further boost Coinbase’s mission to increase digital currency adoption.