According to a new financial report from cryptocurrency exchange Coinbase, the company’s total revenue for the fourth quarter of 2021 was $2.5 billion, of which $2.2 billion was generated from trading fees.
The letter to Coinbase shareholders also notes that the company had a net income of $840 million for the reporting period, and profit before taxes and interest payments was $1.2 billion.
11.4 million users make transactions on the Coinbase platform every month. At the same time, the total trading volume for the fourth quarter of 2021 amounted to $547 billion. Retail traders made transactions for $177 billion, and trading volumes of institutional clients amounted to $371 billion.
“In 2021, millions of users have joined the cryptocurrency ecosystem through the Coinbase platform. We generated $7.4 billion in annual revenue and became the first cryptocurrency trading platform with stocks traded on the stock exchange. We are constantly progressing and creating a best-in-class infrastructure for easy and secure access to the global crypto-economy,” the document emphasizes.
The fourth quarter was very successful for Coinbase, with the number of registered users reaching 89 million, up 16 million from the previous quarter. The number of traders who made at least one deal per month also increased significantly – 11.4 million versus 7.4 million in the III quarter.
Recall that Coinbase recently paid a $250,000 reward to a hacker under the pseudonym Tree of Alpha for discovering a vulnerability that could “blow up the market.”
Source: Bits
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