As revealed in the Q2 earnings report on Tuesday, Coinbase crypto exchange has reported a <a href="https://investor.coinbase.com/home/default.aspx" target="_blank" rel="nofollow noopener">profit</a> of over $1.6 billion which is approximately double the first quarter. Revealing further in the report, Coinbase added that Ethereum, for the first time, has managed to surpass Bitcoin in terms of trading volume on Coinbase.
<h2>Coinbase Crypto Exchange Record Net Profit of $1.6 Billion</h2>
While posting the Q2 report, the crypto exchange company Coinbase, also made an announcement regarding their revenue of $2.03 billion which is much greater than what the analysts predicted.

In addition to this, the trading company reported a surge in user activity and noted that retail MTUs (Monthly Transacting Users) surged to 8.8 million, which is around 44% up from the first quarter of the year 2021. Moreover, it revealed that the total base of verified users has surged to 68 million.

Talking further about what else Coinbase <a href="https://www.cryptoknowmics.com/news/coinbase-funds-scholarships-in-india-for-dapp-ethereum-bootcamp-founded-by-ex-coinbase-engineer">revealed</a> in its Q2 report, it touted the rise in the variety of participants in the crypto market and noted that it now has over 9K institutional customers.

Along with this, the share price of Coinbase has also witnessed growth recently as it just touched the level of $280 on Tuesday morning. This is significant growth for the price of the stock as it was trading at as low as $220 back in the month of June. However, it is still notably low from its all-time high of $342.
<h2>Ethereum Surpassed Bitcoin in Terms of Trading Volume</h2>
In another important information revelation, Coinbase mentioned the growth in the trading volume of the second-largest cryptocurrency, Etheruem.

It revealed that the trading volume in Ethereum has crossed the trading volume in Bitcoin for the first time as Ethereum <a href="https://www.cryptoknowmics.com/news/ethereum-still-bullish-with-record-trading-volumes-and-solid-fundamentals/">accounts</a> for a total of 26% of volume whereas Bitcoin stands at 24%.

Concluding its report, Coinbase did not forget to acknowledge the fact that high fluctuations powered the earnings for the second quarter.

Coinbase Posts Record Profits in Q2, Ethereum Crosses Bitcoin in Trading Volume

Coinbase crypto exchange has reported profits of over $1.6 billion and added that Ethereum has surpassed Bitcoin in terms of trading volume on Coinbase.

Sahaj is an aspiring journalist with a keen interest in cryptocurrency and the whole concept of Blockchain technology. He is positive about the future potential of Cryptocurrency and Blockchain in shaping the world of finance for good. At present, he is covering the latest developments in the field of the cryptosphere.

Coinbase Posts Record Profits in Q2, Ethereum Crosses Bitcoin in Trading Volume

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