Coinbase’s Number of Verified Users (2020-2023)

This statistic highlights Coinbase’s Number of Verified Users, split between Consumers, institutions, and developers, reported on a quarterly basis from 2020 onwards.

Coinbase’s Number of Verified Users

As per the above table, we can see that verified users increase by 1.85% from 2022 third quarter to Q4. It increases from 4.85% from the 2022 third quarter to the fourth Quarter. Additionally, the users were 103 million in 2022 Q2. It hikes to 110 million in 2022 Q4, which is a 6.80% jump in 2 quarters. In 2020, verified users were 43 million, and in 2021, users were 89 million. In 2022, Verified users 110 million. It has a rising trend of verified user year on year basis.

Verified Users

Verified Users do not track user activities leading to revenue generation and, as a result, are not indicative of overall performance, including revenue and operating results, the metric no longer provides valuable insight into business performance. The Company does not plan to report the number of Verified Users in future periodic filings. The Company also does not set the price for the crypto asset as the price is a market rate established by users of the platform. As a result, the Company acts as an agent in facilitating the ability for a customer to buy crypto assets from another customer.

Verified Users as all consumers, institutions, and developers that have registered an account on our platform and confirmed either their email address or phone number, or that have established an account with a username on our non-custodial wallet application, as of the date of measurement. It is also an indication of our scale. Generally, these customers have demonstrated an interest in our platform or direct intent to transact with crypto assets. Verified Users represent the top level of our customer acquisition funnel. Verified Users may overstate the number of unique customers who have registered an account on our platform as one customer may register for, and use, multiple accounts with different email addresses, phone numbers, or usernames.

About Coinbase Global (COIN)

Coinbase Global, Inc. is a prominent cryptocurrency exchange and platform that facilitates the buying, selling, and storing of various cryptocurrencies. It was founded in 2012 by Brian Armstrong and Fred Ehrsam. It is headquartered in San Francisco, California.

Certain products, as well as services offered by the company, are not subject to regulatory oversight. They are only subject to legal regimes, such as Coinbase Wallet, a single mobile application that allows customers to manage their private keys and store their crypto assets directly on their mobile devices, which may cause a regulated activity for which licensure is required or cause us to become subject to new and additional forms of regulatory oversight. The company offers digital and mobile payments.

Overall, COIN’s mission is to increase economic freedom in the world. It builds safe, trusted, easy-to-use technology and financial infrastructure products and services that enable any person or business with an internet connection to discover, transact, and engage with crypto assets and decentralized applications.

The Company’s income depends on the balance of such fiat funds and the prevailing interest rate environment. The Company also earns interest income on loans issued to its customers and institutional users. The Company holds customer custodial funds and cash and cash equivalents at certain third-party banks to earn interest. MTU (Monthly Transacting User) is a consumer who actively or passively transacts one or more products at least once during the rolling 28-day period ending on the date of measurement. Additionally, MTUs presented for the end of a quarter are the average of each month’s MTUs in each provided quarter. MTUs engage in transactions that generate both transaction revenue and subscription and service revenue. Revenue-generating transactions include active transactions such as buying or selling crypto assets.

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