According to the latest reports, Coinbase could not be positioned better with its revenue. Check out the details that show the crypto exchange beating expectations.
Coinbase revenue explodes
During Coinbase’s Q3 earnings call, CEO Brian Armstrong expressed his belief that crypto companies could potentially become the tech giants of tomorrow.
According to Armstrong, blockchain and cryptocurrency are now having a transformative impact on people’s lives, in much the same way that the internet did about two decades ago.
In his view, on-chain technology is rapidly becoming the modern-day equivalent of the internet.
“On-chain is the new online. The Internet was and is a game-changing technology that redefined our modes of communication, business and social interaction.
It broke down barriers, democratized access to information, and made knowledge universally accessible.
Blockchain and crypto are doing the same thing today with a re-decentralization of the web and the introduction of a new building block: ownership. Instead of just reading and writing on the traditional Internet, on-chain, you can now read, write, and own.
On-chain technology is revolutionizing the way we interact with digital assets, providing access to financial services to a broader audience and even changing how we think about identity, governance, artwork, and non-financial services.
In the third quarter of 2023, Coinbase reported a total revenue of $674.15 million, which is over 14% higher than the revenue for the same period last year, as noted by the online publication the Daily Hodl.
This figure exceeded the expectations of financial analysts. In fact, Coinbase’s Q3 revenue is 2.67% higher than the expected revenue of $656.61 million.
Brian Armstrong, the CEO of the company, expressed his positive outlook for the future of the cryptocurrency industry.
However, he also acknowledged that regulatory clarity in the US remains a significant challenge that needs to be addressed.
“So we’ve certainly been very focused on getting clarity in the US. I do think it’s a major issue that’s holding back the US right now.
And although we’ve been able to make great progress in other countries in terms of licensing in the meantime and with our derivatives licensure in the US, we still need to get more clarity.”
