Coinbase, an exchange for cryptocurrency listed on the Nasdaq, announced that its monthly transaction users increased to 11.4 million as of the close of 2021. That’s more than fourfold the amount of the prior year. In addition, Coinbase’s trading volume grew more than 8.5 times from the previous year, and the number of verified users has risen to 89 million.
Coinbase has had a good year
Coinbase, which is listed on Nasdaq and crypto-exchange Coinbase published its full-year earnings report for 2021.
“2021 was a year of tremendous growth and development in the cryptoeconomy, as well as for Coinbase. We ended 2021 with strong performance across our key metrics that were within our outlook,” the company wrote, adding:
End of the year, we had 11.4 millions Monthly Transacting Users.
Coinbase noted that the number of MTUs at the end of 2021 was “over 4x compared to 2020.” In addition, the number of verified users on its platform has grown to 89 million.
During the year, Coinbase expanded its business a number of ways, including adding the “trading and custody support for 95 and 72 new crypto assets, respectively.” The company also “more than doubled the number of countries where users can buy and sell crypto via fiat rails to 90+, and added Apple Pay, Google Pay, and Paypal as payment methods.”
Moreover, Coinbase said:
The trading volume of our assets increased more than 8x in 2021 when compared to 2020. Our market share of the trading volume also increased for almost all asset types.
Over 50% of institutional clients were also increased by the Nasdaq-listed cryptocurrency exchange last year. “On the institutional side, a major theme throughout 2021 was adoption by a broader range of clients seeking to engage with crypto — beyond asset managers and financial services firms to corporate treasuries and institutional allocators,” the company noted, elaborating:
We generated $3.6 Billion in net income in 2021, an 11x increase over 2020.
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