Coinbase, one of the leading cryptocurrency exchanges, recently announced its financial results for Q2 of 2021. The company reported a record jump in trading volume and revenue due to a surge in the adoption of digital currencies.
According to the latest Coinbase results, the retail transaction revenue in the last quarter reached $1.8 billion, which is 26% higher compared to the first quarter of 2021. The company’s institutional transaction revenue touched $102 million in Q2 of 2021.
In the latest quarter, subscription and services revenues reached a total of $103 million, which is 82% higher compared to Q1 of 2021. Coinbase also posted a significant jump in trading activity during the second quarter of this year.
“Trading Volume in Q2 was $462 billion, an increase of 38% compared to Q1. Total retail Trading Volume was $145 billion, an increase of 21% compared to Q1. Retail volume comprised 31% of total Trading Volume. Growth in retail Trading Volume was driven by higher MTUs, a strong crypto market environment, product innovation and our ability to support more assets for trading. Institutional Trading Volume was $317 billion, an increase of 47% compared to Q1. Institutional volume comprised 69% of total Trading Volume, up from 64% in Q1,” Coinbase mentioned.
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In April 2021, the stock of Coinbase (COIN) received a reference price of $250. COIN touched the high of more than $350 in April. Yesterday, the stock closed at a price level of $278.
In addition to the latest jump in trading volume and revenue, Coinbase reported strong growth in the total cryptocurrency assets on the company’s platform. “As of June 30, 2021, Assets on Platform totaled $180 billion. Crypto assets on the platform represented 11.2% of the total market capitalization of crypto assets. Despite price movements, we saw billions of dollars of net asset inflows and new customers added throughout Q2,” the exchange added.
In April 2021, Ark Invest, the US-based investment management firm, purchased a total of 749,205 COIN shares for nearly $250 million.