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Coinbase CEO Brian Armstrong said the cryptocurrency exchange would offer dogecoin quotes within six to eight weeks, as the company warned it was facing growing competition from alternative trading venues.
Armstrong’s comments came during Coinbase’s first earnings call since its release direct listing in April, making it the first major public exchange of cryptocurrencies in the United States.
Coinbase reported net income of $ 771 million in total revenue of $ 1.8 billion during the first three months of this year, more than triple the previous quarter as trading volumes went up. shoot with the growing popularity of bitcoins and other digital assets. The figures fell in line with Coinbase estimates provided in April.
Cryptocurrency traders urged Coinbase to allow trading dogecoin, a testimony that began as a joke, but which has risen to a market capitalization of $ 55 billion during the recent frenzy.
The cryptocurrency was in the public spotlight over the weekend when Elon Musk, chief executive of Tesla, which this year has made multiple references to dogecoin on Twitter, referred it back to the TV show Saturday night live – although he admitted that the testimony was a “bustle”.
Coinbase has been slower than some offshore rivals to add cryptocurrencies to its platform, analysts said, citing cybersecurity and normative issues.
In a letter to shareholders, Coinbase said its competitors “supported certain cryptocurrencies that are experiencing a large trading volume and a growth in market capitalization that we currently do not support.”
“There’s no doubt that we need to speed up the process by which we review assets and add them to the site,” Armstrong said. “We will quickly be in a world where there are so many that we will not be able to keep up unless we speed up this process.”
Coinbase said its latest trading volumes kept pace with record levels experienced during the first quarter. The company posted more than $ 1.5 billion in transaction revenue during the first quarter, primarily from retail customers.
Coinbase shares have fallen 38% from their first day of trading, giving the company a market capitalization of $ 52.8 billion at the end of Thursday.
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