According to the first quarter report of the year, Coinbase’s 2021 has started with a bang.
The first figures emerging, updated to March 31st, 2021, say Coinbase boasts 56 million verified users, for an average of 6.1 million monthly active users.
The platform manages $224 billion, 11.3% of the total market cap. Of this, $122 billion belongs to institutions.
In the first quarter of 2021 Coinbase boasts:
- volumes of $335 billion,
- revenue of $1.8 billion,
- net revenues of between $730 million and $800 million.
While these numbers are impressive, it should be added that they are far superior to those of the same quarter of 2020 and in some cases even exceed the results of the whole of 2020.
For example, as of December 31st 2020, Coinbase boasted:
- 43 million verified users;
- 2.8 million monthly active users;
- $90 billion on the platform,
- $193 billion in volume,
- 322 million in revenues.
Remarkably, volumes for the first quarter of 2021 are already almost double those for the whole of 2020. Revenues have also already doubled.
The reasons for Coinbase’s growth in 2021
In the current year, Coinbase expects to have an average of between 4 and 7 million monthly users depending on what the market scenarios will be. From 2021 onwards, Coinbase also expects growth due to institutional investors.
Anthony Pompliano commented on Coinbase’s results. According to the founder of Morgan Creek, the exchange’s growth is synonymous with a bull market.
Speaking of Coinbase, his comment was rather emblematic:
“What an absolute beast of a company”.
It’s a safe bet that the listing, coupled with the performance of the crypto sector, will lead Coinbase to even more amazing results.