2024

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<p>Coinbase, a leading cryptocurrency exchange, has reported outstanding performance for the first quarter of the year, exceeding analyst’s expectations. According to broker JMP’s Research <a href="https://s27.q4cdn.com/397450999/files/doc_financials/2024/05/Shareholder-Letter-Q1-2024.pdf" rel="noopener noreferrer nofollow">report</a>, the company’s financial results showcased strong revenue growth and increased user activity during this period.</p>
<h2 id="b-details-on-coinbase-s-growth-b"><b>Details on Coinbase’s Growth</b></h2>
<p>Coinbase’s Q1 quarterly report indicates a total net income of $1.2 billion with diluted earnings per share (EPS) of $4.40. The earnings also consist of a market gain of $650 million on cryptocurrency assets held for investment.</p>
<p>Likewise, Canaccord Genuity in another report said Coinbase’s consumer and institutional transaction revenue increased by 101% and 133% respectively. The company also noted a substantial increase in its monthly transacting users. The company’s success has been attributed to its strategic initiatives and product expansions.</p>
<p>Likewise, the improved market activity from spot exchange-traded funds (ETFs) triggered the growth of the company. Looking ahead, analysts remain optimistic about Coinbase’s growth prospects, anticipating continued momentum field by ongoing market developments and increasing institutional adoption of digital assets.</p>
<h2 id="b-coinbase-roll-out-base-b"><b>Coinbase Roll-out Base</b></h2>
<p>At the beginning of 2023, Coinbase launched Base, its L2 protocol which <a href="https://thecoinrise.com/coinbase-incs-base-sees-bridged-asset-cross-100m/" rel="noopener noreferrer nofollow">saw more than $100 million in assets bridged to it </a>within a short period. The network launch triggered an upscale in Coinbase’s market share in the face of revenue stream diversification. Base utilizes OP Stack, from the team behind Optimism.</p>
<p>However, in Q3 of 2023, Coinbase’s Ethereum-based Layer-2 network hit a significant milestone in the Decentralized Finance (DeFi) ecosystem with a 25% TVL surge. Consequently, this increase moved the <a href="https://thecoinrise.com/base-blockchain-by-coinbase-witnesses-25-tvl-surge/" rel="noopener noreferrer nofollow">valuation of Base to $558 million</a>, exceeding <a href="https://thecoinrise.com/zksync-to-develop-layer-3-chain-called-opportunity/" rel="noopener noreferrer nofollow">Matter Labs’ zkSync Era</a>, which previously held $435 million.</p>
<p>Meanwhile, in March, the exchange <a href="https://thecoinrise.com/coinbase-starts-usdc-accounts-migration-to-ethereum-l2-blockchain/" rel="noopener noreferrer nofollow">revealed </a>its intention to migrate a significant portion of its customer and corporate USD Coin (USDC) stablecoin accounts to Base. the plan signifies a pivotal shift towards optimizing fund management and securing customer assets with reduced fees and faster settlement times.</p>
<h2 id="b-coinbase-expands-its-operations-in-the-uk-b"><b>Coinbase Expands its Operations in the UK</b></h2>
<p>Notably, <a href="https://thecoinrise.com/coinbase-taps-registration-license-to-operate-its-business-in-canada/" rel="noopener noreferrer nofollow">Coinbase aims to expand the adoption of cryptocurrencies</a> in the U.K., where over six million adults reportedly own crypto assets. By lowering entry barriers to digital assets, Coinbase hopes to increase this number and make crypto more accessible to a broader audience.</p>
<p>Last month, the exchange announced that users based in the U.K. can now purchase Bitcoin (BTC), Ethereum (ETH), and other <a href="https://thecoinrise.com/coinbase-enables-apple-pay-for-crypto-purchases-in-the-uk/" rel="noopener noreferrer nofollow">digital assets using Apply Pay on their iPhones</a>. The integration of Apple Pay will provide users with a more secure and private method of buying cryptocurrencies.</p>
<p>The post <a href="https://thecoinrise.com/coinbase-witnessed-outstanding-performance-in-q1-jmp-research/" rel="noopener noreferrer nofollow">Coinbase Witnessed Outstanding Performance in Q1 – JMP Research</a> appeared first on <a href="https://thecoinrise.com" rel="noopener noreferrer nofollow">Latest News and Insights on Blockchain, Cryptocurrency, and Investing</a>.</p>

Coinbase Witnessed Outstanding Performance in Q1 – JMP Research

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