Coinbase Reports Record Revenue and Says It Will List Dogecoin in 6 Weeks
Coinbase has had a spectacular 2021. The company announced $1.80 billion of revenue, $585 million more than the fourth quarter of 2020, and $191 million more than its results from a year ago.
Much of these numbers are driven by the growing interest in cryptocurrencies. 56 million users and 6.1 million monthly transactions put the company right on the money radar, primarily since Coinbase benefits from the fees generated by every trade made on its platform.
The IPO was also good news for Coinbase, which has benefited from increased confidence in its brand. Being fully regulated, Coinbase has become a benchmark for U.S. institutions and investors looking to increase their exposure to cryptocurrencies.
Coinbase Global, Inc. announced today the release of its first quarter 2021 shareholder letter. The letter, including the company’s financial results, can be found on the Investor Relations website at https://t.co/h2LGcznWvK
— Coinbase News (@CoinbaseNews) May 13, 2021
Coinbase shares rose 3% in after-hours trading session following the positive results. However, alarm over a possible investigation by the IRS and DOJ into Binance raised nervousness among traders, and the stock fell 6.5%.
Coinbase is the leading cryptocurrency exchange in the United States. It offers a trading platform, a wallet, a custody service, and blockchain analytics services.
Coinbase Sends Dogecoin To The Moon… With The Help of Elon Musk
In the same report, Coinbase announced its decision to list Dogecoin (DOGE) in a period of about 6 to 8 weeks.
The decision was in stark contrast to its previous image as a company that only listed serious projects with solid fundamentals; Dogecoin is definitely the absolute opposite of this philosophy. But the laws of competition in the markets can outweigh personal philosophies, and the CEO of Coinbase made it clear:
“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,”
The news was a breath of fresh air for traders of the meme cryptocurrency that had only been falling for the previous 5 days. Amid today’s bloodbath, Doge hodlers can boast a 20% return in the last 24 hours.
In fact, Coinbase is not the only pro-Dogecoin company out there. Dogecoin is once again benefiting from the actions of the one and only Dogefather, Elon Musk.
A few minutes ago, the Tesla CEO announced that his company would stop accepting Bitcoin as payment for its new electric cars. The news caused a general crash in the crypto markets. Still, Dogecoin has managed to emerge unscathed after a tweet in which Elon announced that he was working with Dogecoin developers to increase the efficiency of the network.
Working with Doge devs to improve system transaction efficiency. Potentially promising.
— Elon Musk (@elonmusk) May 13, 2021
Previously, Elon ran a poll asking if Tesla should accept Dogecoin as payment, and Dogecoin uses a more environmentally friendly consensus algorithm.
Will Dogecoin be Tesla’s new favorite currency?
Only God knows what is crossing Elon’s mind.