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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning
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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning

Coinbase Q1 Report: Net Revenue Skyrockets 22% Quarter-Over-Quarter

Ronaldo Marquez
Ronaldo Marquez
2 years ago
3 mins read
Coinbase

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Coinbase, one of the leading cryptocurrency exchanges, has reported impressive results for the first quarter of 2023. The company’s efforts toward building a more efficient and financially disciplined business have started to pay off.

Despite a net loss of $79 million, Coinbase returned to positive Adjusted EBITDA, earnings before interests, taxes, and amortization, of $284 million, indicating a significant improvement in its financial metrics.

According to Coinbase’s first quarter report, the company reduced costs and doubled down on operational excellence and risk management. These efforts resulted in a 22% Q/Q growth in net revenue and a 24% Q/Q decline in operating expenses.

Coinbase Posts Strong Q1 Performance

Coinbase announced a shift in focus in its latest quarterly report. The report showed that the company was no longer leading with messaging around SAAS, a cloud-based product that can be used directly by the users from their web browser via Coinbase One, as it did in the previous quarter.

Related Reading: BREAKING: Binance Lists PEPE And FLOKI In Innovation Zone

According to Ram Ahluwalia, the CEO of Lumida Wealth, the shift in focus is due to several factors. One of the main reasons is that Coinbase received feedback from customers indicating that they wanted the company to focus more on its core business of cryptocurrency trading and investing rather than expanding into other areas like SAAS.

Additionally, the company recognized that there is a long road ahead for SAAS recurring revenue and that it may take some time to see significant results in this area.

Despite this, Coinbase’s latest quarterly report showed that the company’s recurring revenue is still strong. However, a significant portion of this revenue comes from USDC interest income, which has been a primary driver of Coinbase’s success over the past year.

Ahluwalia acknowledged that the company is aware of the risks associated with relying heavily on interest income and is actively working to diversify its revenue streams.

According to Ahluwalia, the company’s interest income has grown rapidly in recent quarters, reaching $240 million in the first quarter of 2023. While loans grew by 20% quarter-over-quarter, indicating a strong appetite for loan products among Coinbase’s customers.

Another interesting trend highlighted in the report is the fact that altcoins accounted for 45% of volume, indicating that Coinbase benefitted from a flight to safety as investors sought out more established cryptocurrencies. Also, assets on the platform grew by a massive 62% QoQ to $130 billion, a figure that is typically seen over a year rather than in a single quarter.

Resilience In The Face Of Turmoil

Coinbase revealed the rules governing the financial system are “outdated”, and the technology used to support it has been slow to catch up. This has resulted in a system that is “inefficient, costly, and often inaccessible” to large segments of the population.

To address these issues, Coinbase is calling for a fundamental rethinking of the financial system. The company believes that blockchain technology and cryptocurrencies can play a key role in creating a more open, transparent, and efficient financial system that can serve the needs of everyone.

Coinbase
Coinbase’s total $USD resources. Source: Ram Ahluwalia

 

Furthermore, Coinbase has been making strategic moves to position itself for growth and expansion in the cryptocurrency market. According to Ahluwalia, the company has over $5 billion in capital and liquidity, which is expected to strengthen the bid on Coinbase’s bond.

Related Reading: 4 Reasons To Be Bullish On Bitcoin In Short-And Mid-Term

In conclusion, Coinbase’s outlook for the future is optimistic, with the company benefiting from strong crypto asset prices and focused on achieving profitability and diversifying its revenue mix. 

Coinbase
COIN experiencing a strong downtrend on the 1-day chart. Source: COIN on TradingView.com

Featured image from Unsplash, chart from TradingView.com

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Ronaldo Marquez
Ronaldo Marquez

Ronaldo Marquez

Ronaldo is an experienced crypto enthusiast dedicated to the nascent and ever-evolving industry. With over five years of extensive research and unwavering dedication, he has cultivated a profound interest in the world of cryptocurrencies.

Read more

Ronaldo's journey began with a spark of curiosity, which soon transformed into a deep passion for understanding the intricacies of this groundbreaking technology.

Driven by an insatiable thirst for knowledge, Ronaldo has delved into the depths of the crypto space, exploring its various facets, from blockchain fundamentals to market trends and investment strategies. His tireless exploration and commitment to staying up-to-date with the latest developments have granted him a unique perspective on the industry.

One of Ronaldo's defining areas of expertise lies in technical analysis. He firmly believes that studying charts and deciphering price movements provides valuable insights into the market. Ronaldo recognizes that patterns exist within the chaos of crypto charts, and by utilizing technical analysis tools and indicators, he can unlock hidden opportunities and make informed investment decisions. His dedication to mastering this analytical approach has allowed him to navigate the volatile crypto market with confidence and precision.

Ronaldo's commitment to his craft goes beyond personal gain. He is passionate about sharing his knowledge and insights with others, empowering them to make well-informed decisions in the crypto space. Ronaldo's writing is a testament to his dedication, providing readers with meaningful analysis and up-to-date news. He strives to offer a comprehensive understanding of the crypto industry, helping readers navigate its complexities and seize opportunities.

Outside of the crypto realm, Ronaldo enjoys indulging in other passions. As an avid sports fan, he finds joy in watching exhilarating sporting events, witnessing the triumphs and challenges of athletes pushing their limits. Furthermore, His passion for languages extends beyond mere communication; he aspires to master German, French, Italian, and Portuguese, in addition to his native Spanish. Recognizing the value of linguistic proficiency, Ronaldo aims to enhance his work prospects, personal relationships, and overall growth.

However, Ronaldo's aspirations extend far beyond language acquisition. He believes that the future of the crypto industry holds immense potential as a groundbreaking force in history. With unwavering conviction, he envisions a world where cryptocurrencies unlock financial freedom for all and become catalysts for societal development and growth. Ronaldo is determined to prepare himself for this transformative era, ensuring he is well-equipped to navigate the crypto landscape.

Ronaldo also recognizes the importance of maintaining a healthy body and mind, regularly hitting the gym to stay physically fit. He immerses himself in books and podcasts that inspire him to become the best version of himself, constantly seeking new ways to expand his horizons and knowledge.

With a genuine desire to become the best version of himself, Ronaldo is committed to continuous improvement. He sets personal goals, embraces challenges, and seeks opportunities for growth and self-reflection. Ultimately, combining his passion for cryptocurrencies, dedication to learning, and commitment to personal development, Ronaldo aims to go hand-in-hand with the exciting new era that the emerging crypto technology is bringing to the world and societies.

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Reason to trust

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Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
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