The unprecedented market turndown has certainly claimed many victims in 2022, with companies and crypto exchanges crashing left, right and center. Despite these harsh conditions, Coinbase has managed to onboard 19 million verified users to its platform this year.
Although the market has treated many harshly, more and more individuals have begun to embrace cryptocurrencies including Bitcoin, and therefore trading platforms such as Coinbase have recorded increased user growth in recent times and appear to be rather unaffected by the prolonged bear market. Reports by Finbold suggest that Coinbase has added 19 million verified users globally between December 31, 2021, and September 30, 2022 – a growth percentage of 21.35%. According to this data, the platform has added at least two million users per month in 2022.
The data presented by Finbold indicates that Coinbase had 98 million users – an addition of nine million users from the 2021 Q4 figure of 89 million. In Q2, the total number of verified users was 103 million, and in Q3 Coinbase registered its highest number of verified users at 108 million. As of December 6, 2022, Coinbase held a global market share of 3% among crypto platforms while this number only stood at 2.6% in November. In July, Coinbase’s market share was a mere 1.6%, but this number has been steadily increasing this year after the firm recorded its highest market share in November 2021 at 4.2% during the crypto bull run.
Coinbase’s increased user growth underscores the platform’s popularity in the United States as it promoted a secure platform with a commitment to adhering to cryptocurrency compliance laws which naturally boosted trust among crypto investors. Part of Coinbase’s success can also be attributed to the fact that it appeals to both beginners and advanced cryptocurrency investors by exposing them to a wide range of digital assets and educational resources thereby enabling users to learn about the crypto sector while providing them with incentives. Further, Coinbase has partnered with many leading global brands including Google in an effort to drive Web 3.0 innovation while enabling the use of its platform to accept cryptocurrency payments for cloud storage services.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.