Coinbase’s total revenue for the second quarter of the year amounted to $2.2 billion, according to the letter the exchange sent yesterday to its shareholders, CoinDesk reports.
Revenues from transaction fees amounted to $1.9 billion, above the forecasts made by analysts at FactSet, who predicted this figure would only reach $1.57 billion.
Most of the revenue came from retail traders, $1.8 billion, up 26% from the first quarter, while income from institutional players amounted to $102.4 million (+20%), and from custody services to $31.7 million (+35%).
The crypto exchange’s Q2 trading volume amounted to $462 billion (+72.5% compared to the previous period).
We should take into account that Ethereum’s share (26%) in Coinbase’s total turnover surpassed Bitcoin’s (24%) for the first time ever. The share of other assets in the trading volume was 50%.
The number of traders who conducted transactions during the month reached 8.8 million, and the total number of users – 68 million.