Nasdaq-listed cryptocurrency exchange Coinbase has reported a strong first quarter of the year, with total revenue surging to $1.6 billion and net income reaching $1.2 billion. The exchange’s adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) climbed to $1 billion.

Financial services firm Block has reported first-quarter earnings that beat analysts’ expectations and revealed it’s set to allocate 10% of its gross profit from Bitcoin products to monthly BTC purchases.

Online payments giant PayPal is partnering with MoonPay to provide its more than 420 million customers with greater access to the crypto space, with the collaboration allowing its users to buy, sell, and hold over 100 cryptocurrencies directly through their PayPal accounts.

Top stories in the Crypto Roundup today:

• Coinbase’s Q1 Revenue Surges 71% to $1.6B
• Jack Dorsey’s Block to Allocate 10% of Bitcoin Profits to Monthly BTC Purchases
• PayPal Teams Up with MoonPay to Expand Crypto Offerings
• Crypto Market Movers – PRO, ABT, BONK

Coinbase’s Q1 Revenue Surges 71% to $1.6B

Nasdaq-listed cryptocurrency exchange Coinbase has reported a strong first quarter of the year, with total revenue surging to $1.6 billion and net income reaching $1.2 billion. The exchange’s adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) climbed to $1 billion.

That figure stands above the $977.5 million the exchange reported last year, and notably $737 million of Coinbase’s net income stemmed from unrealised gains on crypto assets.

Coinbase ended the quarter with a healthy $7.1 billion in capital, bolstered by $1.1 billion raised through the sale of convertible notes. However, total liabilities also increased, rising from $200.7 million to $339.9 million year-over-year.

The cryptocurrency exchange’s revenue from consumer transactions rose 99% from the previous quarter to top $935 million, while its trading volume rose 93% to $56 billion in a move that outperformed the U.S. spot market, which rose 91%.

Institutional adoption also accelerated, generating $85 million in revenue, a 133% increase quarter-over-quarter. Coinbase Prime, the platform catering to institutional investors, witnessed a 105% surge in trading volume, reaching $256 billion and surpassing the U.S. spot market's growth once again.

Coinbase's custodial services revenue jumped 64% to $32 million in Q1, primarily driven by rising crypto asset prices and revenue generated from Bitcoin exchange-traded funds. As the custodian for eight of the eleven newly launched Bitcoin ETF, Coinbase held $171 billion in assets under custody at the quarter's close.

Jack Dorsey’s Block to Allocate 10% of Bitcoin Profits to Monthly BTC Purchases

Financial services firm Block has reported first-quarter earnings that beat analysts’ expectations and revealed it’s set to allocate 10% of its gross profit from Bitcoin products to monthly BTC purchases.

The company, led by Jack Dorsey, reported adjusted earnings per share of 85 cents, surpassing the consensus estimate by 13 cents. It reported revenue of $5.97 billion which also topped Wall Street's projections of $5.82 billion, while gross profit grew 22% year-over-year to $2.09 billion.

In a notable move, Block announced plans to increase its exposure to Bitcoin by using a portion of its gross profit from Bitcoin products to effectively add more cryptocurrency to its corporate balance sheet. The company also noted its original Bitcoin investment rose 150% from $220 million to $573 million.

Block added the total amount of Bitcoin sold to customers, which it recognizes as Bitcoin revenue, was $2.73 billion, leading to gross profit of $80 million.

PayPal Teams Up with MoonPay to Expand Crypto Offerings

Online payments giant PayPal is partnering with MoonPay to provide its more than 420 million customers with greater access to the crypto space. The collaboration allows its users to buy, sell, and hold over 100 cryptocurrencies directly through their PayPal accounts.

The partnership addresses key hurdles for cryptocurrency purchases: the difficulty of navigating bank restrictions on card purchases, with MoonPay arguing that PayPal’s involvement will significantly increase the success rate of these transactions.

PayPal’s users have so far been limited to a handful of cryptocurrencies including Bitcoin, Ethereum, Bitcoin Cash, Litecoin, and its own stablecoin PayPal USD. The new integration will unlock access to hundreds of other major cryptocurrencies including Tether’s USDt, Dogecoin, Solana, and more.

This move underscores PayPal's growing commitment to the cryptocurrency market, which it first entered in October 2020. Since then, the company has steadily expanded its offerings, enabling crypto purchases on its Venmo platform and launching services in the United Kingdom.

Notably, PayPal lifted restrictions on transferring Bitcoin and Ethereum to external wallets in June 2022. The firm has also recently announced its customers can now convert its PayPal USD stablecoin to dollars and send the funds to “recipients in approximately 160 countries” with no fees.

Crypto Market Movers – PRO, ABT, BONK

Several tokens are leading the charge in the last 7-day period. Some of these are well-known cryptocurrencies with more liquid trading pairs, so we’ll be focusing on these over low-cap cryptos that may have higher percentage changes.

Bonk (BONK) - BONK is a community-focused cryptocurrency designed to integrate into Solana DApps across the network, serving as a unit of account and a reward for user participation. Launched in 2017, BONK positions itself as the community coin of the Solana ecosystem, aiming to be widely used across various decentralized applications.

Propy (PRO) - Propy is a blockchain-based platform that uses Ethereum blockchain technology to facilitate real estate transactions. It employs smart contracts to automate aspects of the buying and selling process, aiming to reduce paperwork, improve security, and speed up transactions. The platform features a global property marketplace, enabling users from various countries to access and purchase real estate.

ArcBlock (ABT) - The ArcBlock Token (ABT) is native to the ArcBlock platform. To achieve high-performance transactions, we built an optimized blockchain dedicated to ArcBlock’s own token services and the public ledger. The design goal is to achieve >100,000 Tx/s, which is more than adequate for a wide range of applications. In the future this blockchain could be improved for broader purposes.

State of the Crypto by Top Tier Exchange Volume

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