If you’re into cryptocurrency, you probably know about Coinbase. If not, you should know what it is and how it works.
Coinbase is a popular cryptocurrency exchange platform that simplifies the process of buying, selling, and exchanging crypto coins.
How many people use Coinbase is the topic of this article.
This crypto exchange is much like an online brokerage that makes buying Bitcoin and other digital assets easier.
Coinbase does charge fees for its services, so you need to know about the aspects surrounding this crypto exchange.
The latest data shows that Coinbase has over 89 million users.
More than 6 million of its users make monthly transactions.
This platform was launched in 2012 and registered around 1 million users in its first two years.
Let’s get into learning about how many people use Coinbase, the users’ demographics, and aspects cryptocurrency investors and potential investors need to know.
Also, if you’re marketing cryptocurrency or Coinbase, you will find these figures and facts to come in handy.
How Many People Use Coinbase in 2022?
The most recent information about Coinbase users reveals that there are over 89 million registered accounts on the platform.
It’s hard to determine if some users have more than one account, but 89 million is the accepted number of accounts on Coinbase.
This figure is growing as you read this article, so the figures we provide are according to the time of this writing.
In 2021, Coinbase had 8.8 million active monthly users. Also, the average user owns a bit over $5,000 in crypto coins.
Between 2014 and 2021, Coinbase went from 1 million users to 73 million users. Today, there are over 89 million users.
So, just over the past few months, Coinbase has experienced a substantial uptake in users.
Who Uses Coinbase?
As this article is about how many people use Coinbase, we should cover some demographics about who uses this exchange.
It’s important to know that the cryptocurrency market lacks diversity and certainly is not balanced in its usage by gender.
Cryptocurrency seems to have more males investing than females.
Whether that’s by choice or not, that’s the current state of affairs in this financial market. That said, it’s not much different from conventional financial markets.
It seems that males between 18 and 29 account for 43% of people who have an interest in crypto.
Furthermore, 22% of males report using cryptocurrency compared to their female counterparts at only 10%.
While there is no specific data about the difference between men and women using Coinbase, it stands to reason that the figures related to cryptocurrency in general would also impact Coinbase.
The age demographics are also somewhat askew with 31% of crypto investors are between 18 and 29, 21% are between 30 and 49, the 50 to 64-year-old age group accounts for 8% of investors/traders, and only 3% of those over 65 have any interest in cryptocurrency in general.
Again, there is nothing specifically related to Coinbase regarding age groups, but the general cryptocurrency data likely affects its user base.
As far as where Coinbase users live, this cryptocurrency exchange is accessible in more than 100 countries and is affiliated with more than 115,000 ecosystem partners.
According to Coinbases about page, customers across the globe start their cryptocurrency adventures via this platform.
This page also confirms its 89 million verified users, and its affiliation with 11,000 institutions who count on the exchange to invest, save, earn, and otherwise use cryptocurrency.
Overall, this is a good representation of who uses Coinbase based on gender, age, and location.
This data is excellent for marketers who need demographics for planning their marketing strategies in this industry.
What Assets Does Coinbase Support?
Coinbase has a list of its supported cryptocurrency on its site in the Help section that will help you get an idea of how vast their supported assets are.
Here is a list of 10 of the top crypto supported by Coinbase.
- Avalanche (AVAX)
- Bitcoin (BTC)
- Cardano (ADA)
- Dogecoin (DOGE)
- Ethereum (ETH)
- Ethereum Classic (ETC)
- Ethereum 2 (ETH2)
- Litecoin (LTC)
- Solana (SOL)
- Tether (USDT)
If you’re looking for something new in the market, here are 10 of the top movers in the crypto market.
- Synapse (SYN)
- Gods Unchained (GODS)
- Clover Finance (CLV)
- Spell Token (SPELL)
- DerivaDAO (DDX)
Coinbase supports over 100 cryptocurrencies that account for $278 billion on the platform.
What Are Some Facts About Coinbase?
There’s more to this exchange than how many people use Coinbase. Here are some facts and stats that should interest you.
Coinbase reports that there is about 18.9 million BTC (Bitcoin) in circulation and more than $7 trillion in BTC has been transferred among BTC traders since 2009.
The Coinbase CEO and co-founder Brian Armstrong has a net worth of $8.9 billion. Fred Ehrsam, another co-founder, is worth $1.9 billion.
Coinbase has around $278 billion in assets that is spread across about 100 countries. The quarterly traded volume as last reported is $547 billion.
Coinbase’s transaction fees make up nearly 86% of its revenue streams. According to recent data, 11.3% of all cryptocurrency market capitalization is held on this platform.
Coinbase employs 3,700 people, as reported on the website.
If you want to work for this company, you can also check out their careers section and find out more about their positions.
Besides knowing how many people use Coinbase, these statistics and facts should be known by potential and current users, as well as marketers in this industry.
What Is the Revenue of Coinbase?
Between 2016 and 2021, Coinbase’s revenue went from $16 million to $4.03 billion.
In 2020, Coinbase achieved $1.28 billion in revenue and managed to reach over $4 billion in the Q1 to Q3 of 2021.
The transaction revenue for Coinbase increased between 2019 and 2020 from $463 million to $1.1 billion, which is a boost of 2.37 times.
As mentioned, almost 86% (85.94%) of its revenue comes from transaction fees.
Coinbase also has its subscription service that provides revenue for the company. In 2020, Coinbase generated $44.49 million in subscription revenue.
As with all subscription services, this platform experiences fluctuations in this revenue. This is due to transaction values and changes in volume.
What Are the Pros and Cons of Using Coinbase?
It’s common for all cryptocurrency exchanges to have their upsides and downsides, and Coinbase is no exception.
Now that you know how many people use Coinbase, we’ll discuss why there are so many users on the platform.
Here are more details about the upsides and downsides of Coinbase.
Upsides of Coinbase
Coinbase has an ample list of supported cryptocurrencies that appeals to its crypto traders. It’s also insured so that if the website gets hacked (rare occurrence), its users are covered.
Coinbase offers two platforms upon which to trade, which includes its original platform where USD can be used to buy cryptocurrencies and Coinbase Pro with sophisticated features, charting, and functions that let users make crypto-to crypto transactions, stop orders, limit orders, and place market.
This platform is more than a crypto exchange.
It’s also an education platform that allows you to earn as you learn with video classes that educate you about crypto trading and some crypto assets.
You can actually earn cryptocurrency by engaging with these videos.
Downsides of Coinbase
As addressed in short in the cons, Coinbase charges higher fees than other cryptocurrency exchange platforms.
Some of their fee structuring is also confusing and hard to understand. Now you know the appeal and the less appealing sides of this platform.
Overall, Coinbase is excellent for crypto traders who like the convenience this exchange offers and those who desire to convert one asset to another with ease.
One thing that some people have reported is that customer support could use some improvement.
That said, the educational videos and help section help to offset the need for customer support.
The minimum trade allowance is $2, so you can start small while you grow your assets.
Trading and transactions come with fees ranging from 0.5% to 4.5% depending on the amount of the transaction, the platform used, the payment method, and the type of cryptocurrency.
Now you know how many people use Coinbase, who uses it, where it’s available, its basic revenue data, how many employees it has, and its pros and cons.
We think we have provided enough data to help you decide if Coinbase is the platform you want to use for your crypto trading.
If you’re a marketer, you now have enough data, stats, and facts to create an effective marketing strategy if you promote Coinbase or cryptocurrency markets.
Generally speaking, Coinbase is one of the most transparent cryptocurrency exchanges on the web that includes its investment minimums, and other information to help you easily navigate and get help as you need it.
Will you trade on Coinbase? If you do, what assets will you choose and what platform will you trade on?