Crypto trading volume on Coinbase surges by over 8.5 folds

Coinbase, one of the leading crypto assets exchanges allowing global users to trade digital assets. The firm which is the first crypto start up that is listed on Nasdaq claims that the count of monthly transacting users on the platform by the end of the last year has spiked to 11.4 million. Notably, the figure is four fold the previous year. Additionally, the exchange’s trading volume has been observed growing. Indeed, the count has surged by more than 8.5 times from the previous year and the number of verified users has spiked by 89 million.

Coinbase has shared its 2021 earnings report

Coinbase has recently released its fourth-quarter and full-year 2021 earnings report on Thursday. The firm has mentioned in its report that last year was a year of tremendous growth and development in the cryptosphere. Simultaneously, the firm also witnessed similar growth.

The exchange platform has ended the last year with robust performance across their key metrics that were within their outlook. Following the metrics, Coinbase underscored that it ended 2021 with 11.4 million monthly transacting users (MTUs).

On the other hand, the firm observed that the total count of MTUs at the end of the year was over 4 fold as compared to 2020. Additionally, the count of verified users on the platform has also surged ro 89 million.

Expansion over the same period

Over the same period, Coinbase expanded its operations in numerous ways. The firm added a number of ways, including adding the trading and custody support for 95 and 72 new digital assets respectively on its platforms.

Besides, the team behind the exchange platform also more than doubled their global footprint where users are allowed to acquire and trade crypto assets through fiat rails to over 90. And integrated Apple Pay, Google Pay, and PayPal as payment methods.

According to Coinbase, last year their trading volume surged by more than 8.5 times in comparison to 2020. It is also worth noting that the crypto assets exchange also grew its institutional customer base by more than 50% last year. On the institutional side, Coinbase witnessed a major theme throughout the previous year that was adoption by a broader range of clients seeking to engage with digital assets beyond asset managers and financial services firms to corporate treasuries and institutional allocators.

Moreover, the firm elaborated that over the past year, it had generated $3.6 billion worth revenue. Such figure is more than 11 folds as compared to 2020.