Over $1 billion Crypto trades for world’s biggest clients performed by Coinbase

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Coinbase performs $1 billion Crypto trades
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Coinbase is one of the world’s greatest cryptocurrency exchange platforms, however, It has revealed that it has performed over $1 billion Crypto trades for the biggest clients in the world.

According to a recently filed document with the U.S. Securities and Exchange Commission, it was obtained that Coinbase performed over $1 billion in Crypto trades for some of the biggest institutions in the world.

However, Coinbase which is a leading cryptocurrency exchange platform mentioned that its main aim is to provide reliable crypto services for both institutional and retail clients across the world as crypto continues to expand across financial sectors.

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In their words,

Our goal is to become the primary financial account for our retail users and the one-stop-shop for institutions’ crypto-asset investing needs. To achieve these goals, we are developing and launching innovative products and services across our platform to serve each customer’s distinct needs. For example, in 2020 we launched support for post-trade credit to enable institutional customers to instantly invest in crypto assets without pre-funding their trade. For retail users, we have added support for staking, offering our users a simple way to earn rewards on their crypto asset holdings.

Coinbase which is an American crypto exchange financials had earlier revealed that the crypto startup grew swiftly from 2019 to 2020.

The company was founded nine years ago which allows customers to buy and sell cryptocurrencies, however, the company also raised over $540 million in funding even as a private company.

Coinbase’s net income was $30.4 million against $533.7 million in revenue in 2019 and in 2020, the net income rose to $127.5 million against $1.28 billion in revenue.

In an IPO filing, Coinbase says “Address not applicable” however other companies usually list their headquarters in this spot.

In a footnote, it explains “In May 2020, we became a remote-first company. Accordingly, we do not maintain a headquarters.”

As a risk factor, it cites: “The identification of Satoshi Nakamoto, the pseudonymous person or persons who developed Bitcoin, or the transfer of Satoshi’s Bitcoins.”

Conclusion

Coinbase is one of the world’s greatest cryptocurrency exchange platforms that just revealed that it has performed over $1 billion Crypto trades for the biggest clients in the world.

Its net income was $30.4 million against $533.7 million in revenue in 2019 and in 2020, the net income rose to $127.5 million against $1.28 billion in revenue.

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