Coinbase Publishes Q2 2024 Earnings and Shareholder Letter; Profits Decline
- WBOYOriginal
- 2024-08-02 12:08:20601browse
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Coinbase, a leading cryptocurrency exchange in the United States, posted its second-quarter 2024 financial and operational results on Friday, highlighting a period of continued growth and regulatory developments in the crypto industry.
Coinbase Publishes Q2 2024 Earnings and Shareholder Letter: Profits DeclineCoinbase's Q2 2024 results highlighted a mixed financial performance. Despite a 27% quarter-over-quarter decline in transaction revenue to $781 million, the company saw a significant increase in subscription and services revenue, which grew by 17% to $599 million. The firm stated diversification of revenue streams contributed to a net income of $36 million. However, the quarter was also impacted by $319 million in pre-tax crypto asset losses, primarily unrealized, as the value of crypto assets fluctuated.
Coinbase's earnings also covered the company's product innovations, with a focus on enhancing the utility and accessibility of its platform. The company reported a 300% quarter-over-quarter increase in transactions on Base, its layer two (L2) solution, and expanded its offering with the introduction of smart wallets. These developments are part of Coinbase's broader strategy to reduce friction in onchain transactions and drive broader crypto adoption. Furthermore, the firm mentioned its expansion of USDC, facilitated by a partnership with Stripe.
In addition to its financial and product updates, Coinbase highlighted its efforts in advancing the regulatory landscape for crypto in the U.S. The company played a role in the "Stand With Crypto" initiative, which has garnered over 1.3 million advocates. Moreover, Coinbase highlighted the approval of ethereum exchange-traded funds (ETFs) in the U.S. and USDC's compliance with the European Union's MiCA framework as key milestones in this domain. Notably, Coinbase also minted its Q2 2024 earnings report onchain.
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