Coinbase’s sales tripled in the first year, and the company expects to add bank-like services and list DOGE.

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Coinbase’s active users rose by 120 percent during the first year, while trading volumes tripled.

Coinbase, the largest U.S.-based crypto exchange, more than tripled its Q4 2020 sales in the first year.

Coinbase earned $3.05 per share and reported $1.8 billion in sales, according to records filed with the US Securities and Exchange Commission. However, the company dropped well shy of its target price of $3.07 per share.

In comparison, the firm earned $585 million in sales during the fourth quarter of 2020, when Bitcoin surged to new all-time highs, compared to $191 million in Q1 of the previous year.

Crypto asset trading commissions accounted for about 94 percent of the firm’s quarterly nett income.

Coinbase’s nett income increased as well, with the company posting $771 million in profits, more than quadrupling its profits from the previous quarter and increasing by 24 times year on year.

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The exchange’s trading volume almost tripled relative to the previous year, with Coinbase’s active users more than doubling, from 2.8 million to 6.1 million.

The company abstained from providing detailed guidance for its future performance, stating:

“It is important for investors to remember that our business is inherently unpredictable.”

However, the firm is confident that it will have between 5.5 million and 9 million monthly subscribers by the end of 2021.

Coinbase has announced plans to list the famous meme-coin Dogecoin over the next eight weeks or so, as well as to ramp up the platform’s ability to add new listings. Alesia Haas, CFO of Coinbase, said on CNBC’s Mad Money show on May 13:

“We are slow. We need to add more assets. We’re making big investments to improve the speed of our asset addition.”

Haas also stated the company’s intention to broaden the kinds of financial services it provides to customers, saying, “We hope to be the primary financial account in the crypto economy, and engage our users with all transaction types.”

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In addition to services that most people are “very familiar with in a typical fiat system,” such as “credit cards, loans, and deposit accounts,” Haas highlighted the specific services provided by crypto assets, such as staking and governance, adding:

“I think that crypto will enable new transactions that we can’t even envision today.”

After a solid first quarter, Coinbase’s shares are down approximately 30 percent since its direct listing on April 14, with the stock last changing hands for about $265.

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