Coinbase generated $ 1.8 billion in revenue in the first quarter of this year, according to new figures released a week before the company’s public offering on Nasdaq.
Coinbase announced impressive first-quarter results a week before the exchange was listed directly on Nasdaq, indicating that its trading volume increased 276% and quarterly revenue reached $ 1.8 billion.
The generous revenue that arose in the company’s first-quarter earnings call overshadowed last year’s $ 190 million revenue, and the company attributed some of that explosive growth to Bitcoin’s bull market.
The bull market saw monthly active users increase from 1.3 million to more than 6 million users in the first quarter, and crypto assets on the platform increased by 1200% year-on-year from $ 17 billion to $ 223 billion.
Alesia Haas, CEO of the US-based exchange, said:
“We’ve seen the all-time highs for crypto prices lead to higher user activity and trading volume on our platform.”
Boasting 56 million verified users, Haas suggested that active monthly users could rise to a maximum of seven million this year, but warned that if a bear market occurs this year, it could drop to four million.