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Coinbase, cryptocurrency exchange, said on Tuesday In its second earnings report as a publicly traded company, it said its quarterly revenue increased more than 1,000 percent and its profits increased nearly 4,900 percent from the previous year.

Revenue for the three months ended June increased to $2.2 billion from $186 million a year ago. Profit was $1.6 billion compared to $32 million a year ago.

coin base It went public in April, approximately a single Bitcoin price exceeded the $ 60,000 record. The digital currency has since fallen and is currently hovering around $45,337. Coinbase warned of volatility in its earnings report and said it expects transactions, which are its main source of income, to decline in the coming months.

Listing of Coinbase served as a moment of verification for cryptocurrenciesoften rejected as a tool for criminals and speculators. But the Nasdaq-listed company, valued at $70 billion, has demonstrated that it can build a large, profitable and legitimate business to serve growing groups of people who want to use digital currencies.

Alongside the public listing of Coinbase, the rise in the prices of Bitcoin and other cryptocurrencies has created a surge of mainstream interest in digital assets. Tesla and Square bought a stock of tokens. Wall Street banks have expanded their crypto offerings. El Salvador even said it would accept Bitcoin as legal tender.

This also led to further regulatory scrutiny. China has ended its cryptocurrency mining operations. US regulators are exploring ways to tax and control assets. This week, the Senate passed an infrastructure spending bill that includes new taxes on digital assets, which industry leaders are opposing for being too vague and broad.

In a letter to shareholders, Coinbase cited data that 13 percent of Americans traded cryptocurrencies in the last year, compared to 24 percent of stock traders. “These adoption trends, coupled with the government’s interest in crypto as a source of income, show that we have reached an inflection point,” the company said. “The crypto has arrived.”