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ETH Transaction Volume Topped BTC in Q2: Coinbase Report

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Coinbase’s shareholder letter for Q2 2021 provides some interesting insights, including the fact that the exchanges’ ETH volumes surpassed BTC’s for the first time.

In a shareholder letter on its performance in Q2 2021, Coinbase revealed that transaction volumes for ETH exceeded BTC for the first time. The shareholder letter is brimming with interesting tidbits about its business operations, which is the first letter to arrive following its public listing.

The lengthy letter offers some key insights into how Coinbase is functioning in a growing market where it has a strong position. The exchange said that its performance in Q2 was strong, with growth and diversification being two themes seen across the period.

One of the most surprising statistics from the letter was the fact that ETH transaction volume exceeded that of BTC’s, at 26% compared to 24%. In the past, BTC volumes consistently overshadowed ETH’s.

Another key metric is the growth of monthly transacting users, which increased 44% to 8.8 million from Q1 2021. As one of the most popular exchanges in the U.S., this is a remarkable sustained growth, partly brought on by the renewed interest in the cryptocurrency market. Q2 was when the market’s bull run peaked, with BTC reaching $64,000.

The exchange also notes the much-discussed infrastructure bill, which did not pan out as many in the industry hoped it would. Coinbase is one of many companies entering the discussion on the matter and is hoping to sway the decision in favor of friendly regulation.

Coinbase aims to bring one billion people into the crypto market — a grand feat, but one that would require no small amount of effort. Some stated elements in its strategy to do this are highly scalable platform performance, token listings, market expansion, third-party integrations, and regulatory conversations.

Coinbase’s revenue and profit in Q2 look strong

Whether Coinbase will be able to achieve this is unpredictable, but the exchange is unquestionably using everything in its arsenal to get there. There is some indication that it could do so, suggested by its strong numbers in the shareholder letter.

In terms of revenue, Coinbase generated $2 billion, with a net income of approximately $1.6 billion. As for trading volume, Q2 2021 saw a staggering $462 billion — compared to a paltry $28 billion in Q2 2020. That kind of growth is a sure sign that the market is growing, as is the exchange itself, which saw a 500% surge in staff hiring.

Coinbase most recently announced that it would integrate Google Play and Apple Play, which will help its goal of reaching one billion users. Brian Armstrong, Coinbase CEO, has also said that it would “list every asset where legal.”

The post ETH Transaction Volume Topped BTC in Q2: Coinbase Report appeared first on BeInCrypto.

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All content in this article is for informational purposes only and in no way serves as investment advice. Investing in cryptocurrencies, commodities and stocks is very risky and can lead to capital losses.
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