Coinbase wants to be coding platforms with financial infrastructure

“Crypto eats financial services.”

This was what Coinbase CEO Brian Armstrong On Thursday (May 8), investors told the first quarter 2025 Profit call.

Coinbase’s revenue for a quarter of $ 2.03 billion, a 10 % decrease from the previous quarter, but before consensus expectations. The modified Ebitda amounted to 930 million dollars, while the net income decreased sharply to $ 66 million, and was affected by a loss of $ 597 million before the cheerful on the investment portfolio of encryption, not achieved in the first place.

But it can be said that the most transformative part of the Q1’s Q1 was not financial – it was political. After years of organizational uncertainty in the United States, executive officials expressed optimism that the tide had turned, noting that the company was among the few encryption companies called for the coding summit hosted by the first White House.

“We are excited to advance in Stablecoin [regulations]”There will be another vote next week,” Armstrong said. All over the world“

Coinbase also won the courtroom winning with the chapter, with bias, from a lawsuit for the Supreme Education Council, which claims unregistered securities.

“We are excited about … the new chapter in the United States,” said Coinbase CFO Alicia Haas.

And on the “Crypto Eating Financial Services” interface, Coinbase agreed on Thursday (May 8) to get DefibitThe largest trading platform in the world, to Nearly $ 2.9 billion, including $ 700 million in cash and 11 million shares of Coinbase.

It is also the fourth at least Encryption At a value of more than a billion dollars to be announced in the month and a half last month. In April, ripple He said that He was acquisition Main mediator Hidden path For $ 1.25 billion. In March, Corner I reached $ 1.5 billion deal For future mediator Ninanner In MarchThat was Distinction One of the biggest links between trading platforms that deal with encryption and traditional assets.

Coinbase said that the acquisition will establish it as the “first global platform for encryption derivatives”, a segment that it believes will provide stability and margin in revenue.

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Determine the encryption location

In an era in which the separation line between technical innovation and financial services continues to blur, the encryption companies are bold declines that the future of financing will be On the seriesWithout limits, and of course, built on the infrastructure of encryption.

When asked what “can” wake up with banks “during the question and answers session, Armstrong said,” Every bank in the world will integrate encryption at some point … some of them are interested in guarding, others in Stablecoin solutions. “

And whether the banks should version of their Stablecoins, the Armstrong recommended the use of those that exist and note that “Stablecoins have effects on the network and want to operate the inter -operation.”

He added that Coinbase does not have plans to obtain a banking license, in case of regulations.

The global play book for the exchange of digital assets in the first quarter focused on expansion both of them Access and infrastructure. Organizational records in Argentina, the United Kingdom and India have opened the doors to three high -growth markets. Meanwhile, the Coinbase Prime Nursery has seen the assets under the nursery to 212 billion dollars, driven by the ETF version and the companies that seek to obtain safe encoding.

Total consumer and institutional transactions – a long period of Coinbase – $ 1.3 billion, a decrease of 19 % from the quarter. However, these numbers outperformed the global spot circulation, which decreased by 13 % during the same period. The subscription and services revenues increased by 9 % over the quarter to $ 698 million, largely driven by an increase in Stablecoin’s activity.

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Revenue from Stablecoins reached $ 298 million in the first quarter, an increase of 32 % over a quarter. Coinbase has effectively converted USDC into a financial engine, integrating it into products offers through loans, bonuses and decentralized applications. One example: Bitcoin -backed USDC loans are launched inside the Coinbase app, supported by the open source Morpho Protocol. Since launch, the platform has seen more than $ 160 million in loan assets.

Since trading revenues become more periodic, Coinbase tends to more durable income flows. Usdc, the second largest stablecoin, has emerged, as a star artist. The market value exceeded 60 billion dollars for the first time, driven by institutional adoption and use through Coinbase International Stock Exchange, That prolongs All request books at USDC.

Coinbase provided cautious guidelines for Q2, citing the softness of the market in April. The company achieved about $ 240 million of transactions revenue in April, with the category sizes decreased 12 % over a month. It is expected that the subscription revenues in the second quarter will range from 600 million dollars and $ 680 million.