Proactive Investors – The cryptocurrency market’s infamous volatility played in Coinbase Global Inc (NASDAQ:)’s favour in the last quarter.
Nasdaq-listed Coinbase reported net revenues totalling $1.59 billion for the quarter ended March 31, 2024, compared to $736.4 million for the same period last year.
This significant growth was driven by increases in both transaction revenue and subscription and services revenue alongside bitcoin’s 58% rally in the reporting period.
Net income came to $1.18 billion, a notable turnaround from a net loss of $78.9 million in the previous year.
As usual, bitcoin brought in the lion’s share of trading volumes at 33%, with contributing 13% and the stablecoin adding 11%.
Coinbase underlined three main priorities going forward: “First we plan to drive revenue growth by expanding our transaction and stablecoin revenue…
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