Net revenue

Coinbase reported net revenue of $2.5 billion in Q4 2021

Crypto exchange Coinbase said it generated $2.5 billion in net revenue during the fourth quarter of 2021 in an earnings release on Thursday.

Other key metrics released include $840 million in net income, $1.2 billion in adjusted EBITDA, and 11.4 million monthly transaction users, or MTUs. Of the $547 billion in reported volume, $177 billion came from retail and $371 billion came from institutional traders.

“In 2021, millions of new users joined the crypto economy through Coinbase; we generated $7.4 billion in net revenue – including $2.5 billion in Q4; we became the #1 trading platform of publicly traded crypto assets; and we have made substantial progress in building a better-class infrastructure to enable easy, safe, and secure on-ramps and access to the global crypto-economy.” , the company said in its letter to shareholders.

“As part of our strategy to serve as the primary crypto account and provide our customers with the greatest choice, we want to list all legal assets. During 2021, we accelerated our asset listing efforts. quarter, we added custody and trading support for 14 and 36 assets, respectively. We ended 2021 with support for 172 custody assets and 139 trading assets,” the company added. “We were proud to welcome or expand our relationships with Anheuser-Busch, Brex, Enfusion and Franklin Templeton on the Coinbase institutional platform in the fourth quarter.”

The details represent a jump from the results for the third quarter of 2021. As The Block previously reported, Coinbase earned $1.31 billion in the third quarter and brought in $234 billion in institutional volumes and $93 million in retail volumes.

Assets on the platform grew from $255 billion in the third quarter to $278 billion in the fourth quarter, according to the report.

As for users transacting monthly, the fourth quarter saw 11.4 million compared to 7.4 million in the third quarter, an increase of 54%. The number of verified users also rose to 89 million in the fourth quarter, in line with the upward trend seen each quarter, according to The Block’s data dashboard.

The numbers come ahead of Coinbase’s official launch of its non-fungible token (NFT) marketplace, which the company has teased but does not seem to have an official launch date. Hundreds of thousands of users have already signed up to Coinbase’s NFT marketplace, which is set to rival giants like OpenSea – which has been plagued by a trial and dozens of user complaints.

This report will continue to be updated.

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