Coinbase has announced earnings estimates for the first quarter of 2021. The company says estimated revenues for the period are nine times higher than the same period last year. Furthermore, the crypto platform claims to have 56 million verified users and a total transaction volume of $335 billion.
Sales of basic parts in Q1were 9 times higher than in Q1.
Crypto-currency exchange operator Coinbase Global on Tuesday announced its preliminary results for the first quarter and guidance for the full year 2021, ahead of the company’s IPO on Nasdaq next week.
For the first quarter ended Dec. 31, the company said it would be able to increase its revenue. With the month of March completed, Coinbase expects total revenue of approximately $1.8 billion, more than nine times the $190.6 million in revenue posted in the same quarter last year. In addition, the company expects net income of approximately $730 million to $800 million, compared to $31.9 million a year earlier.
Coinbase also expects total trading volume for the same period to be $335 billion, with total assets on the platform of $223 billion, or 11.3% of crypto assets in the market. This includes $122 billion in institutional assets.
Coinbase CEO Brian Armstrong commented on Coinbase’s performance during Tuesday’s first quarter earnings call: We announced 56 million verified users for the first quarter of 2021. We often talk about our addressable market, which is now 3.5 billion people with smartphones and growing. In addition, the monthly transaction volume (MTU) is 6.1 million users, according to Coinbase.
Mr. Armstrong added: Coinbase will ultimately strive to support all legitimate cryptocurrencies on the market. In the first quarter alone, we added support for 18 new assets, bringing the total number of assets supported by our platform to 108. By comparison : By the end of 2019 there were 40 assets and by the end of 2020 there were 90 assets.
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