**Coinbase Unveils Much-Awaited Earnings Report: Key Insights Revealed**
The cryptocurrency exchange Coinbase has released its earnings report, shedding light on the company’s financial performance.
**Author:** Mete Demiralp
**Date:** October 30, 2024 – 20:34
**Update:** Just now
Coinbase reported a revenue of $1.13 billion for the third quarter, falling short of analysts’ projections which estimated $1.25 billion. The company also announced a net income of $75 million, marking its seventh consecutive quarter of positive Adjusted EBITDA, amounting to $449 million.
In its statement, Coinbase characterized the third quarter as a robust performance in relation to its primary goals for 2024, which include boosting revenue, enhancing cryptocurrency adoption, and achieving regulatory clarity. Despite facing a challenging market landscape, the firm reported growth in staking, on-platform USDC, and custody services, all of which contributed to diversifying its revenue sources.
“We are dedicated to developing exceptional products, concentrating on essential components that will facilitate the onboarding of a billion users onto the blockchain,” Coinbase stated. A major highlight from Q3 was the integration of stablecoins throughout its product offerings and the expansion of the Base network. Coinbase emphasized the achievements of Base, asserting that it has become the leading Layer 2 network in terms of both transaction volume and total value locked (TVL).
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Coinbase also pointed out that the upcoming 2024 U.S. elections represent a pivotal moment in its quest for regulatory clarity within the cryptocurrency sector. The company emphasized the growing influence of millions of American cryptocurrency holders, particularly in swing states, as a significant voting bloc advocating for pro-crypto legislation.
To bolster its efforts, Coinbase has formed partnerships with prominent advocacy groups such as Fairshake, a leading nonpartisan political action committee (PAC), and StandWithCrypto, a grassroots organization with around 1.8 million supporters.
“As we look beyond Election Day 2024, we are ready to collaborate with both political administrations and believe that the prospects for pro-crypto legislation are more promising than ever,” the company remarked.
*This is not investment advice.*
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