Coinbase had a strong year as well. In 2021, millions of new users joined the cryptoeconomy through Coinbase; generated $7.4 billion in net revenue – including $2.5 billion in the fourth quarter; became the first publicly traded crypto asset trading platform; and made substantial progress in building a best-in-class infrastructure to enable easy, safe, and secure on-ramps and access into the global cryptoeconomy. Among the highlights for the year:
2021 Highlights
- User growth: Grew MTUs to 11.4 million – over 4x compared to 2020 – and Verified Users to
89 million. - Asset addition: Added trading and custody support for 95 and 72 new crypto assets,
respectively. Other crypto assets beyond Bitcoin and Ethereum contributed 55% of total
Trading Volume in 2021. - Expanded access: 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. - Grew market share of Trading Volume: 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. - Revenue diversification:
– Generated over $500 million in Subscription and services revenues – including over $200 million in the fourth quarter – with traction in products including Staking, Earn, and Custody
– Grew our Institutional customer base by over 50%, including doubling the number of Custody customers, and launched Coinbase Prime, our integrated solution for
institutional crypto needs. - Profitable growth: In 2021, we generated $3.6 billion in net income, up 11x compared to 2020.
- Ecosystem investments: Further expanded the number of ecosystem partners using
Coinbase through such initiatives as the launch of Coinbase Cloud and build-out of APIs
to enable businesses of all kinds to leverage our platform. - Headcount growth: We ended 2021 with 3,730 full-time employees, up 3x compared to
2020, including an expanded engineering presence in India, Canada, Brazil and Singapore. - Strong balance sheet: We ended the year with $7.1 billion in cash and cash equivalents –
including proceeds from $3.4 billion in long-term debt we issued in 2021 at attractive
terms. We believe our strong balance sheet will enable us to continue to invest in longterm growth opportunities regardless of crypto market conditions.
Page 2/26
Total Crypto Market Cap (2021 = 2,321B, Page 3/36
Unique Monthly Buying Wallets vs. Monthly NFT Sales, Page 4/26
Key metrics, page 9/26
Quarterly Crypto Asset Volatility vs.Total Coinbase Trading Volume. Page 10/26
Historical Transaction Revenue Per User. Page 17/26
Fourth Quarter and Full-Year 2021. (24/FEB/22)
