Fintech Nexus Newsletter (May 3, 2024): Coinbase reports a blowout first quarter
As the price of bitcoin goes, so goes Coinbase.
Bitcoin hit an all-time high in the first quarter, and Coinbase reported its best-ever results. The company made $1.18 billion in net income on total revenue of $1.64 billion. Those are impressive numbers, any way you look at them.
Transaction volume on Coinbase peaked in March as bitcoin was hitting its all-time high.
But more importantly, several bitcoin ETFs were launched in the first quarter, and Coinbase is working with many of them for custody services. These funds brought in $50 billion collectively in the first quarter.
Consumer and institutional transaction revenue grew 101% and 133%, respectively from the previous quarter.
All the details are in the Coinbase shareholder letter here.
Featured
> Coinbase reports first-quarter revenue beat after bitcoin rally leads to surge in profit
By MacKenzie Sigalos
Coinbase’s quarterly results follow a big jump in the price of bitcoin from a year earlier, though the rally has stalled of late.
From Fintech Nexus
> LatAm’s Mercado Libre plows ahead with 50M fintech clients
By David Feliba
Latin America’s leading e-commerce Mercado Libre reported 49 million fintech customers in the quarter, up 40% year over year.
Podcast
Daniela Binatti, Co-Founder & CTO of Pismo on building fintech infrastructure
The CTO and Co-Founder of Pismo discusses the importance of modern infrastructure and what their acquisition by Visa means…
Also Making News
- USA: The Inside Story Of Chime, America’s Biggest Digital Bank
As he looks towards a possible 2025 IPO, CEO Chris Britt opens up about his own history and Chime’s current business and future. Could Washington stomp on his plans?
- UK: Why Revolut needs a banking licence
It’s all about the difference between an emoney provider and a bank … I’ve been having an ongoing debate with a Revolut fan about the fact that they have an emoney licence, as an EMI (Electronic Money Institution), and that they are not a bank in Britain.
- USA: American Express unveils its approach to generative AI
The financial services company has found that engineers report higher satisfaction and save time when using a copilot to assist with coding.
- UK: UK’s Digital Bank Zopa Reports Over £4 Billion in Customer Deposits
Zopa Bank, which began operations as a P2P lending platform but has evolved into a digital bank, has reportedly surpassed £4 billion in customer deposits.
- USA: Wealth Management Startup Altruist Valued at $1.5 Billion-Plus
Wealth management startup Altruist says it has raised $169 million, elevating its valuation to more than $1.5 billion.
- Europe: Pleo Secures €40m Debt Financing from HSBC
Pleo, a leading spend management platform, secures €40m debt financing from HSBC to expand its reach, offer higher credit limits and unlock new markets
- USA: Fewer branches and loan products are amplifying customer turnover for CUs
A growing majority of Americans are embracing digital banking options, with 71% choosing to handle their bank accounts through mobile apps or computers.
To sponsor our newsletters and reach 180,000 fintech enthusiasts with your message, contact us here.