Coinbase adds 19 million verified users in 2022 despite crashing crypto markets
As more individuals utilize Bitcoin (BTC), and other cryptocurrencies, Coinbase (NASDAQ: COIN) has recorded increased user growth in recent years. Although the crypto sector is now in a bear market, which may be affecting investor interest in digital asset trading more generally, Coinbase’s user base seems to be unaffected by prolonged down markets.
In particular, data acquired and calculated by Finbold indicates that Coinbase has added 19 million verified users globally between December 31, 2021, and September 30, 2022, representing a growth of about 21.35%. The figure translates to adding at least two million verified users monthly in 2022.
At the end of the first quarter, Coinbase had 98 million users representing an addition of nine million verified users from the 2021 Q4 figure of 89 million. In Q2, the users stood at 103 million, while Q3 registered the exchange’s highest number of verified users at 108 million.
Elsewhere, Coinbase’s global market share hit 3% as of December 6, 2022, among spot trading crypto exchanges, while in November, the share was 2.6%. The share has been rising steadily since September. Coinbase’s lowest yearly global market share was recorded in July at 1.6%. The exchange’s highest market share was witnessed in November 2021 at 4.2% at the height of the crypto bull run.
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