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Coinbase Usage and Trade Statistics (2021)

coinbase-usage-and-trade-statistics-2021

Coinbase is a leading cryptocurrency exchange.

The platform, launched in 2012, registered its first million users in less than two years.

Today Coinbase has 56 million registered users and processes a trading volume of $ 335 billion per quarter.

Read on to find the latest stats on Coinbase in 2021.

Here’s a quick rundown of what you’ll find on this page:

Important Coinbase stats

  • Coinbase has 56 million verified users.
  • 6.1 million Coinbase users make at least one transaction per month.
  • Coinbase generated $ 1.28 billion in revenue in 2020. And has already done $ 1.8 billion in the first 3 months of 2021 alone.
  • The trading volume on Coinbase in the first quarter of 2021 was $ 335 billion.
  • 11.3% of the entire crypto market capitalization is held on the Coinbase platform.

How many users does Coinbase have?

Coinbase defines Verified Users as any retail and institutional user with a registered account and a verified email address or phone number.

Coinbase has 56 million verified users. The platform has added 13 million new users in the last 3 months alone.

And Coinbase’s user base has grown by 64.7% since March 2020.

Here is the full breakdown of Coinbase’s user growth since January 2013:

Quarter, year Verified users
January 2013 30,000
March 2013 61 thousand
September 2013 277 thousand
December 2013 521 thousand
March 2014 1.07 million
October 2014 1.7 million
January 2015 1.9 million
July 2015 2.3 million
December 2015 2.9 million
May 2016 3.7 million
October 2016 4.7 million
January 2017 5.5 million
September 2017 10.7 million
November 2017 13.3 million
March 2018 23 million
June 2018 24 million
September 2018 25 million
December 2018 26 million
March 2019 27 million
June 2019 29 million
September 2019 31 million
December 2019 32 million
March 2020 34 million
June 2020 37 million
September 2020 39 million
December 2020 43 million
March 2021 56 million

Source: Coinbase, Alistair Milne.

Coinbase monthly transaction users

Coinbase defines monthly transaction users as retail users who perform at least one transaction within a specified period of 28 days.

Coinbase had 6.1 million monthly transaction users in the first quarter of 2021, which is the same 10.89% the entire user base.

The number of active transaction users has increased 2.18x in the last quarter.

Since the first quarter of 2018, we have recorded monthly transaction users of Coinbase:

Quarter, year Monthly transactional users
Q1 2018 2.7 million
Q2 2018 1.2 million
Q3 2018 900 thousand
Q4 2018 900 thousand
Q1 2019 800 thousand
Q2 2019 1.3 million
Q3 2019 1.2 million
Q4 2019 1 million
Q1 2020 1.3 million
Q2 2020 1.5 million
Q3 2020 2.1 million
Q4 2020 2.8 million
Q1 2021 6.1 million

Source: Coinbase.

Coinbase institutional clients

Coinbase has 7,000 institutional clients, including hedge funds, financial institutions and corporations. Between them hold these institutional clients $ 44.8 billion Value of assets on the platform.

Coinbase added 2,800 new institutional clients last year. The total value of institutionally held assets on the platform increased 6.89x In these times.

year Institutional clients
2019 4,200 ($ 6.5 billion)
2020 7,000 ($ 44.8 billion)

Source: Coinbase.

Assets on the Coinbase platform

As of March 2021, Coinbase customers stopped $ 223 billion Value of assets on the platform. That is a 13.12x Increase in the last year.

Here’s a comprehensive rundown of the value of assets on the Coinbase platform since the first quarter of 2018:

Quarter, year Assets on the platform
Q1 2018 $ 13 billion
Q2 2018 $ 13 billion
Q3 2018 $ 11 billion
Q4 2018 $ 7 billion
Q1 2019 $ 8 billion
Q2 2019 $ 21 billion
Q3 2019 $ 18 billion
Q4 2019 $ 17 billion
Q1 2020 $ 17 billion
Q2 2020 $ 26 billion
Q3 2020 $ 36 billion
Q4 2020 $ 90 billion
Q1 2021 $ 223 billion

Source: Coinbase.

What are the most commonly held currencies on Coinbase?

Represent Bitcoin and Ethereum 83% of all assets on the Coinbase platform.

Other supported crypto assets make up a 13% Share.

Here is a full breakdown of the assets held on Coinbase:

Asset share
Bitcoin 70%
ether 13%
Other crypto assets 13%
Fiat 4%

Source: Coinbase.

Coinbase share of crypto market capitalization

The total value of the crypto assets on Coinbase matters 11.3% of the total crypto market capitalization.

Coinbase has continuously increased its share of the crypto market since 2018 4.5%.

Here is a table showing Coinbase’s share of crypto market cap since 2018:

* Note: Based on incomplete annual data.

year share
2018 4.5%
2019 8.3%
2020 11.1%
2021 * 11.3%

Source: Coinbase.

Coinbase retail volume

Coinbase processed $ 32 billion Value of retail transactions in the last 3 months of 2020. This explains a 35.95% Share of the total trading volume on the platform, with the remaining activity coming from institutional investors.

The retail volume grew 77.7% Compared to Q3 2020, but below the all-time high of $ 45 billion reached in Q1 2018.

Coinbase’s trading volume in 2020 was 2.15x higher than in 2019.

Here’s a full breakdown of Coinbase’s trading volume since Q1 2018:

Quarter, year Retail Volume (% of Total Retail Volume)
Q1 2018 $ 45 billion (80.36%)
Q2 2018 $ 14 billion (66.66%)
Q3 2018 $ 7 billion (58.33%)
Q4 2018 $ 6 billion (54.54%)
Q1 2019 $ 4 billion (57.14%)
Q2 2019 $ 14 billion (45.16%)
Q3 2019 $ 11 billion (40.74%)
Q4 2019 $ 5 billion (35.71%)
Q1 2020 $ 12 billion (40%)
Q2 2020 $ 11 billion (39.28%)
Q3 2020 $ 18 billion (40%)
Q4 2020 $ 32 billion (35.95%)

Source: Coinbase.

Coinbase institutional trading volume

Institutional traders on Coinbase had a trading volume of $ 57 billion in the fourth quarter of 2020, which corresponds to a share of 64.05% of total trade.

Institutional clients only mattered 19.67% of total trading volume in the first quarter of 2018. Since then, the number has increased 3.26x.

We have recorded the institutional trading volume on Coinbase since the beginning of 2018:

Quarter, year Institutional trading volume
Q1 2018 $ 11 billion (19.67%)
Q2 2018 $ 7 billion (33.4%)
Q3 2018 $ 5 billion (41.67%)
Q4 2018 $ 5 billion (45.46%)
Q1 2019 $ 3 billion (42.86%)
Q2 2019 $ 17 billion (54.84%)
Q3 2019 $ 16 billion (59.26%)
Q4 2019 $ 9 billion (64.29%)
Q1 2020 $ 18 billion (60%)
Q2 2020 $ 17 billion (60.72%)
Q3 2020 $ 27 billion (60%)
Q4 2020 $ 57 billion (64.05%)

Source: Coinbase.

What are the most traded currencies on Coinbase?

Bitcoin trades invented 41% of total Coinbase trading volume in 2020. That is less than 58% in 2019.

The trading volume of Ethereum remained largely constant. But “other cryptocurrencies” rose and made up for that 44% of Coinbase’s trading volume last year – more than Bitcoin. Cryptocurrencies other than Bitcoin, Ethereum and Litecoin accounted for only 18% of the trading volume in 2019.

Here is a comparison of Coinbase trading volume by asset in 2019 and 2020:

Asset Share (2020) Share (2019)
Bitcoin 41% 58%
ether fifteen% 14%
Other crypto assets 44% 18%
Litecoin No data 10%

Source: Coinbase.

What is the average Coinbase deposit size?

The average Coinbase deposit size was $ 529 in February 2021. That is a little less than a high point of $ 560 a month earlier.

Source: Serious research.

How many cryptocurrency assets does Coinbase support?

Coinbase supports 108 Crypto assets. The platform has been offering support for a further 68 crypto assets since December 2019.

The following table shows the number of crypto assets supported by the Coinbase platform since 2019:

date Crypto assets
December 2019 40
December 2020 90
December 2021 108

Source: Coinbase.

Total revenue from Coinbase

Coinbase generated $ 1.28 billion in revenue in 2020. That’s a 139.82% Increase compared to the previous year.

And in the first three months of 2021, Coinbase has already generated $ 1.8 billionand thus exceeded the total annual number of the previous year.

Here is a table of Coinbase earnings since 2017:

Note: 2017, 2018 sales include estimates.

year Total sales
2017 $ 1 billion
2018 $ 520 million
2019 $ 533.73 million
2020 $ 1.28 billion

Swell: Coinbase, Reuters, Vox.

Coinbase Transaction Proceeds

Transaction fees represent the vast majority (85.94%) of Coinbase earnings.

Coinbase generated $ 1.1 billion This corresponds to an increase of 2.37x compared to the previous year.

Here is a table showing the revenue from Coinbase transactions since 2019:

year Transaction proceeds
2019 $ 463 million
2020 $ 1.1 billion

Source: Coinbase.

Coinbase subscription and service revenue

Coinbase income from subscriptions and services consists of four elements: income from custody fees, income from stakes, income from campaigns and interest income.

Coinbase brings in $ 44.99 million in subscription and service revenue. That’s a 2.26-fold increase since 2019.

We have tracked revenue from Coinbase subscriptions and services since 2019:

year Subscription and service revenue
2019 $ 19.94 million
2020 $ 44.99 million

Source: Coinbase.

How many people work at Coinbase?

More than 1,700 employees Work at Coinbase. The company has added since January 2021 alone 451 new employees.

40% of employees work in engineering, product or design teams.

While Coinbase is a remote first company, the organization operates offices across Germany 12 locations in the US, UK, Japan, Ireland, Germany and the Philippines.

Source: Coinbase.

Conclusion

That’s it for my list of Coinbase stats in 2021.

Coinbase is riding the crypto wave, attracting more and more trading activity and user numbers. But the more crypto becomes mainstream, the more competitors emerge.

Now I want to hear from you:

Do you think Coinbase can sustain its rapid growth? How will the IPO affect you?

I would also like to know if you think I have missed something. Or if you have any questions about the stats I recorded.

Leave a comment below and I’ll get back to you.

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Jeffrey Rabinowitz