Sign up for myFT Daily Digest and be the first to learn about cryptocurrency news.
Coinbase’s revenue increased by more than 1000% year-on-year in the second quarter of 2021 Cryptocurrency The market has experienced some of the most dramatic volatility, although the exchange has warned of declining volatility because it lowered expectations for the coming year.
In the second quarter performance since becoming the first major U.S. cryptocurrency exchange listed in April, Coin Bank Net income was US$2.03 billion, an increase of 27% from the previous quarter and a year-on-year increase of 1,042%. Net income increased from US$32 million in the same period last year to US$1.6 billion.
As speculators continue to bet feverishly on the volatile cryptocurrency market, digital assets including Bitcoin and Ethereum set record highs earlier in the quarter, then fell sharply, and then expanded again, thus gaining more than analysts Expected substantial performance.
Coinbase said that in the three months to the end of June, the number of retail monthly trading users or MTUs (retail traders who trade at least once a month) exceeded 8.8 million, an increase of 44% from the first quarter.
But it warned that July MTU and transaction volume had fallen because of “significant decline in volatility relative to the level of the second quarter” and that August levels were still “lower than earlier this year”.
The exchange lowered its estimate of the average annual number of users from 9 million MTU to 8 million MTU.
Coinbase shares rose 1.6% in after-hours trading.