A month after going public, Coinbase is still drawing just as much attention in its speeches. Yesterday, the second largest trading platform described the financial results of the first quarter in more detail. The opportunity for its Co-Founder and CEO Brian Armstrong to make an eagerly awaited customer announcement.
Coinbase has just confirmed the introduction of the Dogecoin cryptocurrency to exchanges on its platform. The fourth digital token volume, which has increased 8000% since January 23, will arrive in “6 to 8 weeks,” the Californian company said. The turnover now corresponds to 94% of the transactions. In order to slow the rise of Bitcoin, Coinbase has to play on the currently more volatile altcoins.
Dogecoin has flipped its curve since Elon Musk’s last stint on the Saturday Night Show, but is back on the news after Tesla moved away from Bitcoin (and seeks a greener alternative to its payment methods). The latest news from Dogecoin is also marked by a SpaceX mission from 2022.
On the exchange, Coinbase is currently trading at $ 266, a price very close to the initial public offering. As a reminder, the arrival on the Nasdaq on April 14th was an event in its own right. The start of the session rose more than 70% when it hit a high of $ 424.
Competition from Binance, Kraken, and slowing volume insanity in the first quarter calmed shareholders somewhat today. Coinbase’s capitalization is $ 52 billion and revenue reached $ 1.8 billion on net income of $ 771 million.