Coinbase Global announced its financial results for the second quarter of 2021, revealing that Coinbase’s user base and trading volume have grown considerably.
The Retail Monthly Transacting Users (MTUs) increased by 44% since Q1 2021, currently standing at approximately 8.8 million. Coinbase now has over 9,000 institutions and over 160,000 ecosystem partners utilizing its support and tools to help empower their activities within the cryptoeconomy.
In spite of the crypto market volatility, Coinbase managed to make significant progress in building its institutional suite of products and service offerings. It has formed partnerships with industry giants such as Elon Musk, Tesla, PNC Bank and WisdomTree Investments during the past several months.
Due to the growth in user count and activity on the platform, the trading volume increased from $335 billion in Q1 2021 to $462 billion in Q2 2021. This exceeded the expected amount of $381.6 billion.
Coinbase aims to increase its user count to 1 billion. In order to reach that number, it plans to continuously deliver consistent platform performance regardless of the levels of volatility. Additionally, Coinbase plans to introduce more assets, ship more products in international markets, and integrate with third-party interfaces.
The company acknowledged that the lawmakers have become increasingly focused on regulations related to crypto assets as of late. It believes that regulatory clarity might take a while to come and that it “cannot wait for policymakers to propose regulations and expect them to get it right the first time regarding this complex technology.” Nonetheless, Coinbase stated that it has always complied with laws and regulations since its founding.
