The cryptocurrency industry has been performing exceptionally this past, and companies involved in the sector are reaping big. For instance, crypto exchange Coinbase has announced that its Q1 revenue was up 800% YoY, but warned that there is a lot of market volatility currently to issue solid financial projections.
Coinbase expects exceptional 2021 despite market volatility
Coinbase, which is the largest crypto exchange in the US, will list on the Nasdaq on April 14. The crypto exchange said that the revenue estimate for Q1 2021 was $1.8 billion, which is 844% growth from $190.6 million reported in Q1 2020. Alesia Hass, the exchange’s CFO, said that they are off to a strong start in 2020. Hass said that they have witnessed all-time high cryptocurrency asset prices trigger elevated user activity levels and trading volume in the platform.
The Coinbase revenues are correlated with the soaring price of the top crypto asset and cryptocurrency asset volatility. Hass said that although they expect meaningful growth this year, it is still challenging to give accurate revenue forecasts. The exchange gave three scenarios based on monthly user transactions which correlate with revenue. In the best-case scenario, Coinbase expects cryptocurrency prices to continue increasing and users to rise to 7 million in 2021.
Grayscale’s ETH holdings reach $6.7 billion
The largest cryptocurrency asset manager globally, Grayscale has announced that it has around $6.7 billion worth of Ethereum under its management. The crypto services provider is managing approximately 3.1 million ETH. An official post from the company indicated that total asset value under management had reached $46.4 billion, with BTC being the largest holding, estimated at $38.2 billion. Ethereum is the second-largest crypto-asset holding.
The company increased Ethereum accumulation during the first two months of 2021. This came following Grayscale’s CEO, Michael Sonnenshein’s, highlight of growing institutional adoption of Ethereum-linked investment products. Equally, the company recently released a report on Ethereum showing the possible benefits of ETH’s expected network upgrade. The company announced the rebalancing of its digital large-cap fund by adding Chainlink following the recent Grayscale Chainlink Trust launch.
Total Grayscale Ethereum holdings received a boost from the recent price surge, which took ETH to an all-time high of $2,152 on April 3. Currently, the cryptocurrency is trading at $2,080.
NFL star Tom Brady to launch NFT platform
Non-fungible tokens (NFTs) are gaining traction in the market with various artists, athletes, and creatives diving in. the latest to foray into this area is NFL star Tom Brady is planning to launch his NFT platform, Autograph, this spring. According to its website, Autograph will bring together various brands and names in entertainment, sports, pop culture, and fashion to create NFTs.
NFTs are digital tokens related to digital content based on blockchain tech, which proves ownership and authenticity. Autograph will take NFTs digital by launching a “360-degree” platform for marketing, creating, exchanging, and purchasing NFTs. The platform will also produce NFTs featuring the 7-time Super Bowl champion.