Source: Sharecast
According to a Securities and Exchange Commission filing, the company’s net revenue more than doubled last year, to $1.14bn from $483m the year before. In addition, it posted net income of $322m following a loss of more than $30m in 2019.
The filing also showed that Coinbase had 43m verified users in 2020, up from 32m the year before, with 2.8m monthly transacting users versus 1m in 2019.
Last year, the purchase, sale, and trading of Bitcoin and Ethereum drove more than 56% of total trading volume on Coinbase’s platform.
"Crypto has the potential to be as revolutionary and widely adopted as the internet," Coinbase said. "The unique properties of crypto assets naturally position them as digital alternatives to store of value analogs such as gold, enable the creation of an internet-based financial system, and provide a development platform for applications that are unimaginable today. These markets and asset classes collectively represent hundreds of trillions of dollars of value today.
"Similar to the early days of the internet, this evolution will take time, but we expect the cryptoeconomy to expand into the mainstream and touch every individual and business around the world in the coming decades.
"While we are still in the early stages of adoption, the market value of exchange-traded crypto assets was already approximately $782 billion as of December 31, 2020. Our objective is to drive the growth of the overall cryptoeconomy by serving the needs of all consumers who manage their financial lives on a mobile device, and every institution - large or small - that embraces the emerging internet of value."
Coinbase said it’s aiming to bring crypto-based financial services to anyone with a smartphone, which is a population of about 3.5 billion people.
