The crypto exchange is one of the big winners from the United States elections on Nov. 5.
“The country fully repudiated the work of Senator Warren and Gary Gensler who tried for years to unlawfully kill our industry,” Armstrong said, adding “[t]his next Congress will be the most pro-crypto Congress ever.”
On Oct. 30, Coinbase reported revenues of $1.2 billion in the third quarter of 2024 and profits of $75 million.
Coinbase is focused on “some of the building blocks that are now in place to help bring one billion users onchain,” according to an Oct. 30 shareholder letter.
“In Q3, we made significant progress advancing some of these building blocks — notably, integrating stablecoins across our product suite and growing the Base network,” the letter said, referring to Coinbase’s layer 2 scaling network.
Another cryptocurrency trading firm, Galaxy Digital, clocked the biggest trading day of the year on Nov. 5 as Trump’s victory sparked a surge of interest in crypto.
“[O]ur franchise was operating at full boar — trading with counterparties both in the US and abroad, lending, the derivative desk,” Michael Novogratz, Galaxy’s CEO, reportedly told Bloomberg.
“It really felt like an affirmation of everything we’ve been working for,” Novogratz said.