Coinbase profit beats estimates on boost in trading volumes

:U.S. cryptocurrency exchange Coinbase Global Inc reported a better-than-expected quarterly profit on Tuesday, boosted by a nearly 38per cent jump in trading volumes on a sequential basis.

Trading volumes stood at US$462 billion for the quarter ended June 30, compared with US$335 billion in the previous quarter. Bitcoin trades comprised 24per cent of Coinbase's trading volumes for the quarter, down from 39per cent in the first quarter.

The crypto exchange posted net income attributable to common shareholders of US$1.59 billion, or US$6.42 per share, for the second quarter.

On an adjusted basis, it earned US$3.45 per share. Analysts were expecting a profit of US$2.33 per share, according to IBES data from Refinitiv.

Coinbase has benefited from growing adoption of digital assets and from moves by major businesses across the globe to drive inclusion of crytptocurrencies into the mainstream.

Global financial and other institutions have generously invested in growing their crypto asset offerings and developing business units tailored to look at such offerings for their clients.

One of the largest cryptocurrency exchanges in the world, Coinbase went public through a direct listing in April and saw its valuation surge to as high as US$112 billion on its first day of trading.

(Reporting by Sohini Podder in Bengaluru; Editing by Shailesh Kuber)