Coinbase announced its profit forecast for the first quarter of 2021. The company said its estimated revenue for the same period was 9 times higher than the revenue generated in the same period last year. In addition, the cryptocurrency platform said it has 56 million verified users and a total transaction volume of 335 billion U.S. dollars.
Coinbase’s first quarter revenue increased 9 times
Cryptocurrency exchange operator Coinbase Global announced its estimated first-quarter results and full-year outlook for 2021 on Tuesday. The company will conduct an initial public offering (IPO) on Nasdaq next week.
Coinbase expects total revenue for the first quarter ending March 31 to be approximately $1.8 billion, more than nine times the $190.6 million revenue in the same period last year. In addition, the company expects its net income to be approximately US$730 million to US$800 million, up from US$31.9 million a year ago.
Coinbase also expects a total transaction volume of 335 billion U.S. dollars during the same period, and total assets on the platform at 223 billion U.S. dollars, accounting for 11.3% of the market share of crypto assets. This includes $122 billion in assets from institutions.
Coinbase CEO Brian Armstrong (Brian Armstrong) commented on the company’s user base on Tuesday’s first quarter earnings conference call: “We announced that there will be 56 million verified users in the first quarter of 2021. We We often talk about our potential market because the number of people who own smartphones has now reached 3.5 billion and is growing.” In addition, Coinbase stated that its monthly trading users (MTU) are 6.1 million.
Armstrong added: “Coinbase will eventually work hard to support every legal cryptocurrency on the market. In the first quarter alone, we added support for 18 new assets, bringing the number of unique assets supported on our platform to 108. In comparison, this is an increase from more than 40 assets at the end of 2019 and more than 90 assets at the end of 2020.”
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