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.

> 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.


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…

Listen Now

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.

Related posts

Trade group for state regulators drops suit over Figure’s bank charter


Crypto executives urge light touch as Congress mulls new regulation


BNPL providers should consider FTC’s ‘compliance checks’