Coinbase breaks revenue record, brings in US$ 2 million in the second quarter

Charlie Taylor

Coinbase achieved a record $2 billion net income on transactions, enrollments, and services in the second quarter of 2022 as the number of MTU (Monthly Transacting Users) increased to 8.8 million – up to 44% more than than in the first trimester. In its shareholder letter on Aug. 10, the largest US cryptocurrency exchange says its retail market users are “deepening their involvement” with the platform, related to the digital assets they invest or trade and the products they use.

“Approximately 27% of our MTU retailers, or 2.4 million individuals, have invested and engaged in at least one other non-investment product. That's up 25% of our first quarter retail MTUs, or 1.5 million individuals.”

Coinbase currently contains 83 crypto assets for transactions and 142 for custody. The exchange says it plans to add more assets as the market continues to develop beyond the initial Bitcoin (BTC) transaction use case.

“Bringing more assets to Coinbase, faster, safer and fundamentally listing all legal assets is one way we will address this opportunity… Adding more assets is helping to spur diversification in the assets our clients are trading. ”

Coinbase says that new use cases such as decentralized finance (DeFi), non-fungible tokens (NFTs) and autonomous decentralized organizations (DAOs) represent the future of the crypto economy, even though it is still in the early stages of development.

"Similar to how Coinbase helped people access Bitcoin for the first time in a secure, reliable, and easy-to-use way, we need to do the same for the decentralized economy."

Coinbase, traded on Nasdaq under the ticker COIN, says it plans to list crypto assets faster, make more products available to the international market, and integrate with third-party interfaces and self-custody. The goal is to make decentralized applications more accessible to their users. Read too:Buy and sell Bitcoin and other cryptocurrencies on Coinext
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