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Coinbase Unveils Its Long-Awaited Earnings Report – Here Are the Highlights
Coinbase Unveils Its Long-Awaited Earnings Report – Here Are the Highlights
The cryptocurrency exchange Coinbase has revealed comprehensive insights into its financial performance in its latest earnings report.
Author:
Mete Demiralp
30.10.2024 – 20:34
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In its third-quarter earnings, Coinbase reported a revenue of $1.13 billion, which fell short of the $1.25 billion analysts had anticipated. The platform also posted a net income of $75 million, representing the seventh consecutive quarter of positive Adjusted EBITDA, totaling $449 million.
In its statement, Coinbase characterized the third quarter as a robust performance focused on its primary objectives for 2024: boosting revenue, fostering cryptocurrency adoption, and achieving regulatory clarity. Despite a challenging market environment, the company experienced growth in several areas, including staking, on-platform USDC, and custody services, which contributed to diversifying its income sources.
“We are committed to developing exceptional products, emphasizing essential components that facilitate the onboarding of a billion users to the blockchain,” Coinbase stated. A significant milestone in Q3 was the incorporation of stablecoins into its product lineup and the expansion of the Base network. Coinbase proudly noted that Base has emerged as the top Layer 2 network in terms of both transaction volume and total value locked (TVL).
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Coinbase pointed out that the forthcoming 2024 U.S. elections could serve as a pivotal moment in its quest for regulatory clarity within the cryptocurrency landscape. The company highlighted the increasing political clout of millions of American crypto holders, particularly in swing states, forming a substantial voting bloc that champions pro-crypto legislation.
Additionally, Coinbase has aligned itself with significant advocacy groups such as Fairshake, one of the largest nonpartisan political action committees (PACs), and StandWithCrypto, a grassroots organization boasting around 1.8 million supporters.
“As we look past the 2024 Election Day, we are ready to collaborate with both political parties, and we believe that the prospects for pro-crypto legislation have never been stronger,” the company remarked.
*This should not be considered investment advice.
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