Coinbase would now be the 17th largest bank in the United States, with $223 billion in assets.

Coinbase just dropped the Q1 earnings and outlook. As expected higher revenue than in the entire 2020.

Q1 summary:

~$1.8 billion revenue

Adjusted EBITDA of ~$1.1B

Net income of $730-800M

56M verified users (+13M)

6.1M monthly transacting users (+3.3M)

Growth over last quarter

Revenue —> 207.6%

Net income —> 312.9%

Traded volume —> 272.0%

Assets on Platform are ~$223B and $122B of that is coming directly from institutions.

H/T — WeTheMedia