Bermuda

<div class="playHtListenArea" style="display:none;margin: 0;">
		<div id="playht-audioplayer-element" data-play-article="https://crypto.ro/en/?p=21320" data-play-audio="https://media.play.ht/full_-NUfgoaLOFsHq2g3AlDm.mp3?generation=1683286619538712&alt=media">
		</div>
	</div>
	<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%

Table of Contents

crypto.ro global

Andre artikler udgivet 5. maj 2023

ReneVerse Unlocks the Power of Multichain Technology for Web3 Gaming

LedgerX Sale Approved in FTX Bankruptcy Case

SYNTHR DeFi Joins The Shardeum Ecosystem to Provide Frictionless Interoperability and Slippage-Fr...

Bitcoin Price Analysis: Bulls Drive BTC Above$ 29,000, More Upside Likely?

What Is a Smart Contract Audit and Why You Need It

Shiba Inu Price Prediction Amid Meme Coin Rally, While SpongeBob Token is Backed to 1000%

Join our free newsletter for daily crypto updates!