Fintech Nexus Newsletter (May 3, 2024): Coinbase reports a blowout first quarter
As the price of bitcoin goes, so goes Coinbase.
Bitcoin hit an all-time high in the first quarter, and Coinbase reported its best-ever results. The company made $1.18 billion in net income on total revenue of $1.64 billion. Those are impressive numbers, any way you look at them.
Transaction volume on Coinbase peaked in March as bitcoin was hitting its all-time high.
But more importantly, several bitcoin ETFs were launched in the first quarter, and Coinbase is working with many of them for custody services. These funds brought in $50 billion collectively in the first quarter.
Consumer and institutional transaction revenue grew 101% and 133%, respectively from the previous quarter.
All the details are in the Coinbase shareholder letter here.
Featured
> Coinbase reports first-quarter revenue beat after bitcoin rally leads to surge in profit
By MacKenzie Sigalos
Coinbase’s quarterly results follow a big jump in the price of bitcoin from a year earlier, though the rally has stalled of late.
From Fintech Nexus
> LatAm’s Mercado Libre plows ahead with 50M fintech clients
By David Feliba
Latin America’s leading e-commerce Mercado Libre reported 49 million fintech customers in the quarter, up 40% year over year.
Podcast
Daniela Binatti, Co-Founder & CTO of Pismo on building fintech infrastructure
The CTO and Co-Founder of Pismo discusses the importance of modern infrastructure and what their acquisition by Visa means…
Also Making News
- UK: Why Revolut needs a banking licence
It’s all about the difference between an emoney provider and a bank … I’ve been having an ongoing debate with a Revolut fan about the fact that they have an emoney licence, as an EMI (Electronic Money Institution), and that they are not a bank in Britain.
To sponsor our newsletters and reach 180,000 fintech enthusiasts with your message, contact us here.
