Coinbase profit has seen a 100% increase quarter-on-quarter, exceeding $1.6bn, according to the exchange’s Q2 results.
During an earnings call on Tuesday, the company reported total revenue of $2.03bn, beating analysts' targets which predicted revenue to come in at $1.88bn.
According to Coinbase, the number of Monthly Transacting Users increased by 44% from Q1 2021. Coinbase made significant efforts to diversify its revenue streams, hedging against potential swings of the crypto market.
However, its chief source of income remains transaction fees which generated $1.9bn of the revenue.
Interestingly enough, the Q2 trading volumes saw Ethereum surpass Bitcoin for the first time, with Ethereum accounting for 26% of the total whereas Bitcoin posted 24%.
Coinbase noted that the institutional client base grew to more than 9,000. Coinbase's prices soared to $280 as of Tuesday, marking another peak.
Naturally, the price is still much lower than its all-time high of $342, which was achieved during the crypto frenzy earlier this year.
The company acknowledged that the high volatility that sent Bitcoin's price beyond $64,000 has had a beneficial impact on the company with more consumers looking to trade in a bid to secure a share of the market as it was climbing.