Coinbase Usage and Trading Statistics (2021)

Coinbase Usage and Trading Statistics (2021)

Brian Dean

by Brian Dean · Updated Apr. 15, 2021

Coinbase Usage and Trading Statistics

Coinbase is a leading cryptocurrency exchange.

Launched in 2012, the platform registered its first million users in less than 2 years.

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

Continue reading to find the latest statistics on Coinbase in 2021.

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

Key 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 made $1.8 billion in the first 3 months of 2021 alone.
  • Trading volume on Coinbase in Q1 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 all retail and institutional users with a registered account and a confirmed email address or phone number.

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

Coinbase has 56 million verified users

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

How many users does Coinbase have?

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

Quarter, year Verified users
January 2013 30 thousand
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 transacting users

Coinbase defines monthly transacting users as retail users who make at least one transaction during a given 28-day period.

Coinbase had 6.1 million monthly transacting users in Q1 2021, which equals 10.89% of the total user base.

Coinbase monthly transacting users

The number of active transacting users has grown 2.18x over the past quarter.

We’ve charted Coinbase monthly transacting users since Q1 2018:

Quarter, year Monthly transacting 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 customers

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

Coinbase has 7,000 institutional customers

Coinbase added 2,800 new institutional customers over the past year. The total value of institutionally-held assets on the platform increased 6.89x in this time.

Year Institutional customers
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 held $223 billion worth of assets on the platform. That’s a 13.12x increase over the past year.

Assets on the Coinbase platform

Here’s a comprehensive overview of the value of assets on the Coinbase platform since Q1 2018:

Quarter, year Assets on 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 held currencies on Coinbase?

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

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

Other supported crypto assets account for a 13% share.

Here’s a complete breakdown of assets held on Coinbase:

Asset Share
Bitcoin 70%
Ethereum 13%
Other crypto assets 13%
Fiat 4%

Source: Coinbase.

Coinbase share of crypto market capitalization

The total value of crypto assets on Coinbase accounts for 11.3% of the entire crypto market capitalization.

The total value of crypto assets on Coinbase accounts for 11.3% of the entire crypto market capitalization

Coinbase has increased its share of the crypto market consistently since 2018, up from 4.5%.

Here’s a table showing the Coinbase share of crypto market capitalization since 2018:

*Note: Based on incomplete yearly data.
Year Share
2018 4.5%
2019 8.3%
2020 11.1%
2021* 11.3%

Source: Coinbase.

Coinbase retail trading volume

Coinbase processed $32 billion worth of trades from retail customers in the final 3 months of 2020. That accounts for a 35.95% share of the total trading volume on the platform, with the remaining activity coming from institutional investors.

Coinbase retail trading volume

Retail trading volume grew 77.7% compared to Q3 2020. But remains below the all-time high of $45 billion achieved in Q1 2018.

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

Here’s a complete overview of Coinbase retail trading volume since Q1 2018:

Quarter, year Retail trading volume (% of all trading 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 accounted for a trading volume of $57 billion in Q4 2020, which represents a 64.05% share of total trades.

Coinbase institutional trading volume

Institutional customers accounted for just 19.67% of total trade volume in Q1 2018. Since then, the figure has increased 3.26x.

We’ve charted 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 made up 41% of the total Coinbase trading volume in 2020. That’s down from 58% in 2019.

Bitcoin trades made up 41% of the total Coinbase trading volume in 2020

Ethereum trade volume stayed largely consistent. But “other cryptocurrencies” surged, accounting for 44% of Coinbase trading volume last year — more than Bitcoin. Cryptocurrencies other than Bitcoin, Ethereum and Litecoin made up just 18% of trading volume in 2019.

Here’s a comparison of Coinbase trade volume by asset in 2019 and 2020:

Asset Share (2020) Share (2019)
Bitcoin 41% 58%
Ethereum 15% 14%
Other crypto assets 44% 18%
Litecoin No data 10%

Source: Coinbase.

What’s the average Coinbase deposit size?

The average Coinbase deposit size stood at $529 in February 2021. That’s slightly down from a peak of $560 a month earlier.

Source: Earnest Research.

How many cryptocurrency assets are supported on Coinbase?

Coinbase supports 108 crypto assets. The platform has added support for an additional 68 crypto assets since December 2019.

Here’s a table showing 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.

Coinbase total revenue

Coinbase generated $1.28 billion in revenue in 2020. That’s a 139.82% increase over the previous year.

Coinbase total revenue

And in the first 3 months of 2021, Coinbase has already generated $1.8 billion, surpassing last year’s annual total.

Here’s a table with Coinbase revenue since 2017:

Note: Revenue for 2017, 2018 includes estimates.
Year Total revenue
2017 $1 billion
2018 $520 million
2019 $533.73 million
2020 $1.28 billion

Sources: Coinbase, Reuters, Vox.

Coinbase transaction revenue

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

Transaction fees represent 85.94% of Coinbase revenue

Coinbase generated $1.1 billion in transaction revenue in 2020. That’s a 2.37x increase over the previous year.

Here’s a table with Coinbase transaction revenue since 2019:

Year Transaction revenue
2019 $463 million
2020 $1.1 billion

Source: Coinbase.

Coinbase subscription and service revenue

Coinbase revenue from subscriptions and services consists of 4 elements: custodial fee revenue, staking revenue, earn campaign revenue, and interest income.

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

We’ve charted Coinbase subscription and service revenue since 2019:

Year Subscription and services 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. Since January 2021 alone, the company has added 451 new employees.

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

While Coinbase is a remote-first company, the organization operates office facilities across 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 ever-increasing trading activity and user numbers. But as crypto goes more mainstream, more competitors emerge.

Now I want to hear from you:

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

I’d also like to know if you think I’ve missed something. Or if you have any questions at all regarding the stats I’ve included.

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

2 Comments

  1. Thanks for this awesome stats, Brian!
    I think Coinbase will grow much more. The IPO will only make it faster.
    I am in crypto for a long time and now educate people for all about blockchain, via educational portal CryptoDetail. Coinbase had strong positions in cryptocurrency industry for many years, so it deserves such a luck. Thank you for an awesome content! Have a beautiful day.

    1. Brian Dean Avatar Brian Deansays:

      You’re welcome, Danny. Coinbase is definitely an interesting company to keep an eye on.

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