Having made the news in recent weeks, crypto giant, Coinbase, have announced their financial reports a display of some very impressive quarterly results.
This fresh information is most important on its own and would have been expected to be the exchange’s biggest news of the week, probably of May. However, this has been eclipsed by a somewhat obscure but far more significant update: an upcoming listing of dogecoin.
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Coinbase banks the bag in the first quarter of 2021
In its recurring report to the Security Exchange Commission (SEC), the US financial regulatory body, the recently listed crypto giant Coinbase, revealed their results for the first quarter of 2021 which is nothing short of breathtaking.
Between the lines of the austere financial document, even a layman could discern the upward trajectory in the operational results of the crypto giant. This results bode well with the crypto world at large, as it is testament to the meteoric advancement and revolutionary movement of digital assets, in the past 12+ months. The report reads as thus:
- +120% new users (6.1 million subscribers currently),
- Volumes of asset exchanges multiplied by 3,
- $771 million in profits (94% from pure exchange business)
Impressive results, which would be almost entirely eclipsed by another, more cyclical announcement: the upcoming listing of Dogecoin, thus joining the panel of cryptocurrencies available on the benchmark platform.
Doge’s Listing Just Weeks Away
Having recorded landmark achievements on their way to becoming one of the largest exchanges in the world, Coinbase CFO, Alesia Haas, has everything and every reason to be proud and even complacent on their laurels.
However, she and her team understand perfectly that in order to stay on trend and not to be left behind too quickly by the quickfire rise of the very currencies of the Tiktok generation, the platform had to become more flexible and responsive:
“We are slow. We need to add more assets. We are making big investments to improve the speed at which our assets are added. We hope to be the crypto-economy’s premier financial hub, and engage our users with all types of transactions.”
The company said in its official report:
“Despite our strong Q1 results, the rapid expansion of the cryptoeconomy also creates challenges for Coinbase.
“Competition is increasing as new market entrants join the cryptoeconomy every month. Our competitors are supporting certain crypto assets that are experiencing large trading volume and growth in market capitalization that we do not currently support, as well as offering new products and services that we do not offer.”
For this reason, the platform indicated that in the future, it would list tokens, sometimes even at the time of their creation (a real break and first for users of Coinbase) and that Dogecoin would be added “in the next 6 to 8 weeks.”
After eToro and Gemini, Coinbase has now joined the general dynamic by welcoming Dogecoin, an impulsive reaction uncharacteristic of the exchange.
Dogecoin, dubbed the people’s currency, and in recent times, the next Bitcoin, has flourished from significant endorsement from world’s richest and charismatic mogul, Elon Musk.
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