Major Blockchain firms and crypto exchanges have been one of the biggest beneficiaries of the crypto market boom. Coinbase, currently valued at about $100 billion, has also been of the crypto exchanges that bolstered the image of the Blockchain space and re-writing history. Coinbase is set to be the first exchange to go public in barely a week, and the excitement within the firm is at the optimum. However, it appears that the excitement is not alone at the top, as the foremost crypto exchange has just announced a record-breaking revenue of $1.8 billion before its public listing.
Coinbase’s trading volumes have also surged
In the new quarterly report, published by the exchange, it announced that it had generated at least $1.8 billion in revenue since the start of 2021. However, despite boasting such an impressive figure, the exchange has also announced that its trading volume has surged up by almost 300%. The crypto exchange’s Chief Financial Officer- Alesia Haas, believes that the firm had been one of the biggest beneficiaries of the bull run of Bitcoin from last year.
In his speech to the press, Haas believes that the exchange had been able to profit off the Bitcoin boom by surpassing the $190 million revenue it boasted in the same time frame last year. The exchange report has also shown that more than four million new users have joined the firm since the beginning of the year, which is also a record-breaking figure.
According to Haas, that figure has now placed the gross value of assets under the exchange’s custody, at an all-time high of $223 billion, from the $18 billion at the beginning of the year.
According to Haas, the financial executive believes that the momentum around the crypto exchange’s public listing is also one reason behind its recent progress.
Coinbase set to increase its monthly new customers by more than 33%
Haas also believes that the crypto market boom is also one of the driving forces behind its success. Coinbase currently has at least 55 million customers, and Haas believes that the exchange will likely end the year with at least 120 million users by the end of December 2021. She believes that the company’s marketing efforts are set to increase its average monthly new customer numbers from the five million it is to about seven million.
However, those figures are expected to be thwarted when the exchange goes public next week. There is an incredible amount of expectation surrounding Coinbase as to when it finally goes public, and Haas believes her firm will live up to those expectations, as she feels that it is normal.
The crypto exchange, before its listing, had resorted to several fundings in a bid to meet up with the required valuation to go public. However, Haas believes that these investors have trusted the exchange so much by committing huge funds into its project, and she is confident that the faith will be repaid with rewards.