Coinbase posts soaring profit on jump in crypto prices
May 02, 2024 at 04:07 pm EDT
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May 2 (Reuters) - Coinbase Global posted a
sizable jump in profit in the first-quarter, helped by an uptick
in cryptocurrency trading following the launch of the first U.S.
spot bitcoin exchange-traded funds in January.
The company on Thursday reported a net income of $1.2
billion in the three months ended March 31, compared with a loss
of $79 million or $0.34 per share a year ago.
(Reporting by Hannah Lang in New York
Editing by Chris Reese)
Coinbase Global, Inc. is a holding company of Coinbase, Inc. and other subsidiaries. The Company provides platform, which enables its users to engage in a variety of activities, including discovering, trading, staking, storing, spending, earning and using their crypto assets. The Company offers a suite of products and services that are designed to meet the distinct needs of its three customer groups: consumers, which includes individual retail user customers seeking to discover or trade crypto assets and engage in on chain activities; institutions, which are businesses that include market makers, asset managers, hedge funds, banks, wealth platforms, registered investment advisors, payment platforms, and public and private corporations; developers, which comprise of developers, creators, merchants, crypto asset issuers, organizations and financial institutions, and other groups building decentralized protocols, applications, products, or other services on chain.