Crypto exchange Coinbase will begin trading meme cryptocurrency Dogecoin

For the quarter, the revenue of the Coinbase crypto exchange tripled, and for the year its profit grew 24 times, the company reported. The cryptocurrency trading exchange continues to benefit from the boom in cryptocurrency quotes and the relentless interest of investors, writes CNBC.

The company's revenue in the first quarter was three times more than in the fourth quarter of last year, and almost 9.5 times more than in the first quarter a year earlier.

The company's net income for the quarter was more than $771 million, more than four times the fourth quarter of 2020 and more than 24 times the first quarter last year.

Coinbase also reported that the number of users making monthly transactions more than doubled from the previous quarter, from 2.8 million to 6.1 million. The company did not rule out that during the year the number of monthly users could grow to 9 million people. In total, the exchange has 56 million verified users, and trading volume has more than tripled compared to the previous quarter.

In the report, the company said it plans to start trading Dogecoin within the next six to eight weeks. The meme-inspired cryptocurrency is up 26,000% in the last six months. However, on an episode of the American comedy show Saturday Night Live, Elon Musk said that the Dogecoin cryptocurrency is a "wire". After that, the price of Dogecoin dropped by more than 30% over the next day.