Coinbase made $ 771 million in profit in the first quarter, profiting from cryptomania.

Coinbase, one of the world’s largest cryptocurrency companies, was valued at $ 85 billion last month when it went public. Its listing was a major milestone for an industry that had long been derided as being too risky or unsafe for major investors. Coinbase makes it easy for customers to buy and sell digital currencies like Bitcoin, and requires a portion of each transaction.

Bitcoin and other digital currencies have risen in value in recent months as buyers have found new uses for the assets and a wave of market mania has gripped the financial world during the pandemic. That surge has also fueled Coinbase’s growth and earnings. It said on Thursday that 56 million people were verified on its platform, up from 34 million the previous year.

But Coinbase’s share price has fallen as cryptocurrencies have fallen from their highs and its market capitalization is now $ 53 billion. On Wednesday, Elon Musk, Tesla’s CEO and a vocal cryptocurrency supporter, tweeted that Tesla would stop accepting Bitcoin as payment for cars, citing environmental reasons, and the value of Bitcoin fell. One Bitcoin was worth less than $ 50,000 on Thursday, up from more than $ 63,000 in mid-April.

Coinbase has also faced criticism as it grew. Customers have said the company has ignored their pleas for help when their digital fortunes were stolen or when their accounts were locked. Current and former employees have also said that Coinbase has treated black and female employees unfairly.

This week, Coinbase said it was increasing compensation for its employees while trying to stay competitive and reduce uncertainty. Employees will no longer negotiate salaries when they start at the company, which “can disproportionately leave women and underrepresented minorities behind,” she said in a blog post.

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