Nasdaq-listed cryptocurrency exchange Coinbase reported strong fourth-quarter and full-year 2021 results, highlighting rapid expansion across its core operating metrics. By the end of 2021, the company said monthly transacting users (MTUs) had climbed to 11.4 million, more than four times the level recorded a year earlier. Its total number of verified users also rose to 89 million.
Trading activity and platform reach expanded sharply
Coinbase said its trading volume in 2021 increased by more than 8.5x compared with 2020. The exchange added that its share of trading volume increased across virtually all assets, suggesting it captured a larger portion of market activity during a year of rapid growth in the broader crypto economy.
The company also expanded its platform capabilities and geographic footprint. During 2021, Coinbase added trading support for 95 new crypto assets and custody support for 72 new assets. It more than doubled the number of countries where users could buy and sell crypto through fiat rails to more than 90. In payments, Coinbase introduced Apple Pay, Google Pay, and PayPal as supported methods.
Institutional adoption remained a major theme
Coinbase said its institutional customer base grew by more than 50% in 2021. According to the company, institutional demand broadened beyond traditional asset managers and financial services firms, extending to corporate treasuries and other institutional allocators seeking exposure to crypto markets.
On profitability, Coinbase reported $3.6 billion in net income for 2021, up 11x from 2020. Taken together, the results show how strongly Coinbase benefited from the expansion of the crypto market in 2021, while also growing its user base, asset support, institutional reach, and global access infrastructure.