Cryptocurrency trading platform Coinbase made a net profit of $ 771.4 million (€ 638 million) in the first quarter of the year, compared to earnings of $ 31.9 million (€ 26 million) posted at the same period of the previous year.
On the other hand, the revenues recorded between January and March totaled 1,801.11 million dollars (1,491 million euros), compared to 190.6 million dollars (158 million euros) in the first quarter of 2020.
Likewise, at the end of the quarter, Coinbase had 56 million verified users, compared to 43 million in the previous quarter and 34 million in the first three months of 2020.
“Our strong results for the first quarter of 2021 reflect the strength of the cryptocurrency price cycle,” explained the company, which debuted on the Nasdaq electronic market on April 14.
So far in the second quarter, the platform highlighted the continuation of the strength of the cycle for crypto, with high prices for most assets and high levels of volatility and interest among institutional and individual investors.
In this way, the company highlighted that its activity in the platform’s main businesses aims to equal or exceed the results of the first quarter.