Coinbase Shares Fourth Quarter and Full Year 2021 Earnings Report

The US Crypto Exchange Giant Coinbase released its fourth-quarter and full-year 2021 earnings report on February 24, 2022. The report includes the firm’s financial results, adjusted EBITDA, and a non-GAAP financial measure. The co-founder of Coinbase, Brian Armstrong stated that 2021 was an “incredible year of growth for Crypto and Coinbase.” Coinbase 2021 Report Shows a Decline in MTUs The crypto exchange firm noted that the number of retail MTUs (monthly transaction users) at the end of 2021 was higher in comparison to 2020. Coinbase observed a decline in MTUs between the second and third quarters. Additionally, the number of users on its platform has raised to 89 million. To expand its business, Coinbase enforced numerous ways including, “trading and custody support for 95 and 72 new crypto assets,” “more than double the number of countries where users can buy, trade, and sell crypto via fiat rails” and “added Apple Pay, Google Pay, and Paypal as payment methods.” Jumping to the institutional side of Coinbase, the company claimed that its institutional customer base also grew by over 50% as compared to last year. Coinbase 2021 Report comes after major cryptocurrencies saw a weak month in December. Investors blamed the year-end slowdown on macroeconomic factors such as the rise of Covid-19 variants. Additionally, during Coinbase’s fourth quarter and full-year 2021 earnings call, Brian Armstrong shot down the idea of ‘crypto ...