Bermuda

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	<p>The cryptocurrency industry is buzzing with excitement as Coinbase (COIN), a leading global cryptocurrency exchange, reports a remarkable Q1 performance for 2023.</p>
<figure id="attachment_21326" aria-describedby="caption-attachment-21326" style="width: 792px" class="wp-caption alignnone"><img decoding="async" class="wp-image-21326 size-full" src="https://crypto.ro/en/wp-content/uploads/2023/05/Coinbases-share-price.webp" alt="Coinbases share price" width="792" height="686" srcset="https://crypto.ro/en/wp-content/uploads/2023/05/Coinbases-share-price.webp 792w, https://crypto.ro/en/wp-content/uploads/2023/05/Coinbases-share-price-300x260.webp 300w, https://crypto.ro/en/wp-content/uploads/2023/05/Coinbases-share-price-768x665.webp 768w, https://crypto.ro/en/wp-content/uploads/2023/05/Coinbases-share-price-750x650.webp 750w" sizes="(max-width: 792px) 100vw, 792px" title="Coinbase saw significant revenue in Q1 2023, total revenue rose by 22% 1"><figcaption id="caption-attachment-21326" class="wp-caption-text">Coinbase’s share price | Google Finance</figcaption></figure>
<p>Surpassing analysts&#8217; predictions of $655 million, <a href="https://www.coinbase.com" rel="nofollow noopener" target="_blank">Coinbase</a> has achieved a staggering revenue of $773 million, up from $629 million in Q4.</p>
<p>Additionally, the company has made a significant stride towards profitability, reducing its adjusted per-share loss to $0.34, a vast improvement from the anticipated $1.45 loss and Q4&#8217;s $2.45 loss.</p>
<p>The trading volume for Q1 2023 came in at $145 billion, which was lower than the analyst&#8217;s estimate of $147.7 million. The previous quarter&#8217;s trading volume was roughly in the same range of $146 billion.</p>
<p><a href="https://crypto.ro/en/dictionary/coinbase/">Coinbase</a>&#8216;s strong results have reverberated throughout the market, with an 8% increase in share value during after-hours trading.</p>
<p>The exchange&#8217;s shares have also followed Bitcoin&#8217;s upward trajectory this year, with a 40% rise accompanying Bitcoin&#8217;s approximate 74% increase.</p>
<h2 id="global-expansion-and-regulation">Global expansion and regulation</h2>
<p>As anticipated, Coinbase remains focused on international expansion, with specific interest in potential revenue from fees coming from Bermuda where its derivatives exchange was recently unveiled.</p>
<p>Coinbase has also made an effort to advocate for better regulations in the US for cryptocurrency, seeing them as an opportunity to push for clarity and a rules-based industry.</p>
<blockquote><p>Coinbase&#8217;s CEO Brian Armstrong said, &#8220;This is the fourth crypto cycle that Coinbase has been through and we&#8217;ve emerged stronger after each one. We&#8217;ve shifted the business to operate more efficiently in this down market driving positive adjusted EBITDA in Q1.&#8221;</p></blockquote>
<h2 id="profitability-progress-and-net-loss-reduction">Profitability progress and net loss reduction</h2>
<p>The exchange has, in fact, received a significant boost from retail investor trading activity that helped cut down the company&#8217;s net loss in the first quarter to $79 million, from $557 million in Q4 2022.</p>
<p>Transaction revenue from retail investors increased by 14.1% to $352.1 million, and transaction revenue from institutional investors increased by 66% to over $22.3 million according to Coinbase&#8217;s shareholder letter on May 4.</p>
<p>Interest income and blockchain rewards from staking were the top earners for Coinbase during this quarter.</p>
<p>Coinbase&#8217;s percentage of revenue from <a href="https://crypto.ro/en/bitcoin/">Bitcoin</a> and <a href="https://crypto.ro/en/cryptocurrencies/ethereum/">Ether</a> trades remained almost identical over the quarter. The company hopes to build a more &#8220;efficient&#8221; and &#8220;financially disciplined&#8221; firm. They have already reduced costs, doubled down on operational excellence and risk management, and continue to drive product innovation and regulatory clarity.</p>

Coinbase saw significant revenue in Q1 2023, total revenue rose by 22%

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