Bitcoin’s price surge has attracted plenty of new investors in the first quarter of 2021. The numbers in a report by Coinbase tell the tale of growing interest in crypto.
The number of active users on the US-based crypto exchange, Coinbase, grew by 117% in 2021. Moreover, the company generated a revenue of whopping $1.8 Billion. The growing interest in the crypto market is attracting new members.
Coinbase published a report of its first-quarter 2021 results, ahead of the public listing on April 14th. The filing mentions the approx net income of the company close to $800 million.
The number of active users on the Coinbase platform has surged from 2.8 million users in the last quarter of 2020 to 6.1 million users in the first quarter of 2021. Whereas the number of verified users grew from 43 million in 2020 to 56 million in the first quarter of this year.
Coinbase Taking Advantage of Market Situation
Coinbase is a widely known crypto exchange. It offers crypto services of buy/sell and trade. The increased crypto trading activities in 2021 meant that more people would leverage the services of the platform. Coinbase has successfully taken advantage of the opportunity by listing new currencies like ADA for trading.
Coinbase is also set for listing on Nasdaq. Many people are calling it an “Amazon moment for cryptocurrencies”.
2020 saw a financial downtrend as a result of the coronavirus pandemic. The plunging value of fiat currencies disheartened investors. Many saw cryptocurrencies, and especially bitcoin, hedge against inflation. Therefore, the demand for cryptocurrencies grew in the financial industry.
Bitcoin, Ethereum and all other major cryptocurrencies have surged significantly in 2021. We ushered into a bull market with the start of the year. Bitcoin went beyond $60K to hit the all-time high. Altcoin followed the suit. The price speculation and hype around digital assets made it to the news and other circles. Many corporate companies including Tesla and MicroStrategy have invested in bitcoin this year. Collectively, these factors have contributed towards making bitcoin famous.