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Coinbase clearly benefited from the crypto bull market last quarter. The company reported better-than-expected first-quarter results with revenue rising to $1.64 billion from $1.34 billion expected.

The main U.S. marketplace for buying and selling crypto reported a net profit of $1.18 billion. .The price of Bitcoin actually rose to a record price of about $73,000 in mid-March. Although the price has since fallen back below 57,000, BTC has risen about 38 percent so far.

Coinbase shares have risen about 30 percent this year and nearly quintupled since 2023.

Coinbase announced this week its integration with Lightning Network, which will enable fast payments. The exchange is working with Lightspark to facilitate the integration. Binance, OKX and Bitfinex previously offered this.

Coinbase is still embroiled in a lawsuit, though. The company was sued last year by stock market watchdog SEC for operating as an illegal stock exchange and intermediary.

Coinbase had been facilitating the buying and selling of financial products without having permits from the SEC since 2019, according to the SEC.

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