Leading cryptocurrency exchange Coinbase has lately been making headlines. The exchange has recently unveiled its Q4 earnings, reporting a robust spree of profits.
Redeeming Coinbase’s current profitable wave, Cathie Wood, CEO of Ark Invest, also sold her COIN shares worth $26.7 million. Wood has been known for her upfront stance on a variety of subjects.
In a recent interview with Yahoo Finance, Wood went on to dub the exchange as the most “compliant cryptocurrency exchange” from a regulatory perspective.
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Cathie Wood Is All Praises
The CEO of Ark Invest, Cathie Wood, was noted for singing praise for Coinbase. While attending an interview with Yahoo Finance, Wood shared how the platform is one of the most compliant exchanges from a regulatory standpoint.
She later went on to explain her stance, adding that the collapse of FTX further bolstered Coinbase’s positioning as the leading cryptocurrency exchange.
“Well, one of the things that it’s doing right is that it is, from a regulatory point of view, the most compliant exchange out there. And it’s losing all its competition. Last year’s demise of FTX was very important,” Wood shared.
With regulatory issues nagging Binance, Coinbase has further amplified its reach. The firm is now leading the exchange business and has amassed a greater volume of users online.
Speaking about Binance’s woes, Wood shared how the fall of Coinbase’s competitors has proven beneficial for the exchange in the long term.
“And even Binance issues have had a positive impact on Coinbase from a market share point of view. I think they’re also in the right place at the right time. And they’re executing brilliantly,” she later shared.
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Coinbase Outperforms in Its Latest Q4 Earnings Report
Coinbase recently shared its Q4 earnings report, displaying remarkable progress. The firm has noted profits worth $273 million, indicating a positive growth prospect.
The exchange’s total transaction value also climbed 64%, roughly translating to $529 million. The firm also sought advantage of the $121 non-cash release that it had kept in store for taxes. The real reason behind Coinbase’s explosive success has been dubbed the launch of Spot Bitcoin ETFs.