American crypto exchange platform, Coinbase, declared a profit in its first-quarter earnings.
The company enjoyed a well-deserved increase in its revenue and net income according to reports.
Coinbase got listed on the NASDAQ last month – the outcome of the first-quarter earnings are more or less in line with the company’s projections before they were listed.
“The wind is in our sails right now, and it feels good,” a letter from the exchange company blushed.
Total trading volume hit the $335 billion mark – up 300% from the $90 billion that was the last quarter.
Coinbase are well aware of the fierce competition in the industry and will “move to quickly address them.”
“Our competitors are supporting certain crypto assets that are experiencing large trading volume and growth in market capitalization that we do not currently support, as well as offering new products and services that we do not offer. We welcome these challenges as they indicate that the market we serve is growing rapidly, but we also have to continue to move quickly to address them, and that inspires us towards action and growth.”
The commission fees charged on their platform is also a bottleneck for some customers but Coinbase CFO Alesia Haas says the company are not “trying to win on fees.”
“We’re not trying to win on fees. We’re not trying to compete on fees. We’re competing on being the most trusted,” she narrated.
The company’s CEO Brian Armstrong also spoke on plans to add more tokens to their platform “We’re putting a lot of work and thought into how to accelerate our asset onboarding, including DOGE.”