Connect with us


Coinbase scored $145B in trading volume, 23% revenue growth — Q1 report



The cryptocurrency exchange Coinbase in its quarterly report for Q1 revealed reaching a trading volume of $145 billion. The firm declared it was a strong quarter for them and represented a turning point.

The 2023 Q1 total trading volume was the same as the trading volume for 2022 Q4. Specifically, the consumer trading volume for Coinbase grew compared to last quarter, however, institutional trading volume showed a slight decline compared to Q4 (Q1 $124 billion and Q4 $125 billion). 

Crypto spot market trading volume consists of several groups of trading pairs. The significant pairs include fiat-to-crypto, crypto-to-crypto, stablecoin-to-stablecoin, and fiat-to-stablecoin. Coinbase’s quarterly roundup showed that advanced traders often engage with crypto-to-crypto and stablecoin-to-stablecoin pairs.

Coinbase stated that it concluded the first quarter of 2023 with approximately $1.2 billion USDC on the platform, comprising $0.9 billion in customer-owned USDC and $303 million in corporate-owned USDC.

Coinbase Q1 Total Revenue

The firm’s Q1 total revenue grew 23% to $773 million and net revenue grew 22% to $736 million. The net revenue topped its previous net revenue for the last two quarters. The analysis showed transaction revenue at $374.7 million and subscription and services revenue at $361.7 million. 

Moreover, Coinbase stated that its recurring operating expenses declined by 37% to $671 million and the total operating expenses fell by 24%. A net loss of $79 million was made and a return to positive adjusted EBITDA was $284 million. Overall, the firm assured that the company’s balance sheet remains strong with $5.3 billion in $USD resources.

Coinbase testified to experiencing no loss of corporate or customer funds and maintained business-as-usual operations. However, it confirmed losing two banking partners in Q1, which they claimed did not have a material impact on liquidity or execution. “We have onboarded new partners, rebuilt redundancy layers, and replaced the 24/7 instant settlement capabilities,” Coinbase added.

Read also; 

Bitget launches CandyBomb – A Crypto Airdrop Platform

What do you think of this article? Share comments below.

0 0 votes
Article Rating
1 Comment
0 0 votes
Article Rating
Notify of

1 Comment
Newest Most Voted
Inline Feedbacks
View all comments

Crypto News Update

Latest Episode on Inside Blockchain

Crypto Street



ALL Sections

Recent Posts

Would love your thoughts, please comment.x