The Nasdaq-listed cryptocurrency exchange Coinbase says the number of monthly transacting users on its platform rose to 11.4 million at the end of 2021, which was more than four times the previous 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.

A Good Year for Coinbase

The Nasdaq-listed crypto exchange Coinbase released its fourth-quarter and full-year 2021 earnings report Thursday.

“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:

We ended the year with 11.4 million Monthly Transacting Users (MTUs).

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:

In 2021, our trading volume grew more than 8.5x compared to 2020, and our market share of trading volume increased in virtually all assets.

The Nasdaq-listed crypto exchange also grew its institutional customer base by over 50% 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:

In 2021, we generated $3.6 billion in net income, up 11x compared to 2020.

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