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Coinbase names Tesla and SpaceX as customers, says it wants to be ‘the Amazon of assets’.

Coinbase, a leading cryptocurrency exchange, has revealed that both SpaceX and Tesla utilised its platform to buy huge amounts of bitcoin.

Following Elon Musk's fears that fiat currency was not a viable store of value, the companies, both led by him, shifted part of their large cash holdings into cryptocurrency earlier this year.

Mr. Musk stated at an event last month that negative interest rates in Europe may compel Tesla to increase its $1.5 billion bitcoin investment disclosed in February.

In its first quarterly earnings report since going public earlier this year, Coinbase listed both of Mr Musk's companies as customers.

During the results call, Coinbase CEO Brian Armstrong noted, "Q2 was a pretty successful quarter for us."

“In terms of new users, assets on the platform, money, and just about everything else, we had phenomenal growth.”

Mr. Armstrong went on to remark that he wanted Coinbase to be "the Amazon of assets," and that "really a crypto economy is blooming."

Dogecoin, which has experienced price rises of over 6,000% since the start of the year amid a tremendous market-wide rally that has brought millions of new users to the area, was one of the cryptocurrencies added to the platform in recent months.

Cryptocurrencies have attracted both individual and institutional investors, with bitcoin gaining a reputation as a type of "digital gold" in some quarters because to its limited supply.

Metromile, a Nasdaq-listed car insurance company in the United States, has become the latest Nasdaq-listed firm to invest in bitcoin, according to an SEC filing this week, the company has added $1 million in cryptocurrency to its books. Although the platform used was not disclosed, Coinbase remains the largest cryptocurrency exchange in the United States.

Coinbase's net revenue in the second quarter was $2.23 billion, up from $178 million in the same quarter last year, and the number of verified users has already surpassed 68 million.

The company's stock price soared in after-hours trading as a result of the better-than-expected results.

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