Coinbase’s first-quarter profit expected to surpass last year’s overall earnings

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One of most sort after crypto exchange Coinbase’s first-quarter profit is expected to surpass last year’s overall earnings of $730 million and $800 million.

The pioneer crypto exchange said in a statement on preliminary results that Coinbase’s first-quarter profit of $1.8 billion in Q1 2021, up from $1.3 billion last year.

Coinbase currently expects the following for the three months ending March 31, 2021 in the first quarter of 2021:

  • Verified Users of 56 million
  • Monthly Transacting Users (MTUs) of 6.1 million
  • Assets on Platform of $223 billion, representing 11.3% crypto asset market share, including $122 billion of Assets on Platform from Institutions
  • Trading Volume of $335 billion
  • Total Revenue of approximately $1.8 billion
  • Net Income of approximately $730 million to $800 million

Coinbase has approximately 56 million authenticated users as of Q1 2021, despite the fact that it is not currently open to residents of Africa’s largest crypto market (Nigeria).

There is however a plan to make its direct listing debut at Nasdaq on April 14, the first of its kind for a major Crypto exchange.

Read also: 5 things to watch out for in Bitcoin $60K hodl this week.

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