The net revenue of the Coinbase becomes $1.2 billion in the third quarter.
Yesterday, the cryptocurrency exchange platform Coinbase released its financials for the Q3 of 2021. While the third-quarter numbers reached $327 billion, the overall volume of crypto trading is decreased dramatically.
The net revenue of the company touched $1.2 billion. The figure shows that there is $1.1 billion transaction revenue $145 million subscription revenue. Also, Net income reached $406 million and adjusted EBITDA touched $618 million.
The total number of users grew and the number of verified users become 73 million. Furthermore, the Monthly Transacting Users (MTUs) reached 7.4 million in the Q3 of 2021.
“While we entered Q3 with softer crypto market conditions, driven by low volatility and declining crypto asset prices, market conditions improved meaningfully later in the quarter which we have continued to see into early Q4. This backdrop led to global crypto spot trading volumes declining 37% in Q3 as compared to Q2, however, Coinbase outperformed the market with total trading volumes of $327 billion, a 29% decline in the same period,” Coinbase highlighted.
Coinbase made its debut on Nasdaq with the listing of COIN stock last year. The demand for COIN stock surged in the first few days. Though the price dropped between July and October, The recent price of COIN stock is around $358.
“We are in the early stages of the development of the crypto economy and are focused on investing for long-term growth. As our year-to-date results have clearly demonstrated, our business is volatile. Coinbase is not a quarter-to-quarter investment, but rather a long-term investment in the growth of the crypto economy and our ability to serve users through our products and services. We encourage our investors to take this point of view,” Coinbase added.
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