Coinbase Verified Users And Monthly Transacting Users

Crypto rocket. Pixabay image.

This article presents the number of verified users and monthly transacting users (MTU) of Coinbase Global, Inc., (NASDAQ: COIN).

Coinbase uses the verified users and monthly transacting users as part of its key business metrics to evaluate business performance, identify trends, and make strategic decisions, according to the company’s annual report.

For other key statistics of Coinbase Global, you may find more resources on these pages:

Crpto Holdings

• Coinbase crypto investment and bitcoin holdings

Revenue Breakdown

• Coinbase revenue breakdown: transaction and subscription & services

Transaction Revenue

• Coinbase trading revenue by crypto type, and
• Coinbase transaction revenue by user type.

Subscription & Services Revenue

• Coinbase subscription and services revenue breakdown

Revenue By Region

• Coinbase revenue by country: U.S. and International

Expenses

• Coinbase operating expenses, type of costs, and ratio

Trading Volume

• Coinbase trading volume by segment and by crypto asset

Employee

• Coinbase employee count, revenue and profit per employee

Cash Flow

• Coinbase cash on hand, cash flow, and customer custodial cash

Financial Health

• Coinbase financial health – total debt, debt to equity ratio and credit ratings

Let’s look at Coinbase’s verified users and MTU numbers.

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Definitions

To help readers understand the content better, the following terms and glossaries have been provided.

Verified Users: Coinbase defines verified users as all consumers, institutions, and developers that have registered an account on its platform and confirmed either their email address or phone number, or that have established an account with a username on its non-custodial wallet application, as of the date of measurement, according to the 2022 annual report.

However, the number of verified users is not without weaknesses. Firstly, verified users do not necessarily mean paying customers but the probability is higher as these customers have demonstrated an interest in Coinbase’s platform or direct intent to transact with crypto assets. Therefore, a growing verified user number may or may not translate to more revenue.

Secondly, according to Coinbase, the verified user numbers may overstate the number of unique customers who have registered an account on its platform. The reason is that a customer may register for, and use, multiple accounts with different email addresses, phone numbers, or usernames.

Monthly Transacting Users: The Monthly Transacting User (MTU) is defined as a consumer who transacts one or more products on Coinbase’s platform at least once during the rolling 28-day period ending on the date of measurement, according to the company’s annual report.

There are two types of MTU presented in Coinbase’s earnings releases: quarterly and annual MTU numbers.

According to Coinbase, MTU is an important statistic because it represents the transacting base of consumers who drive potential revenue-generating transactions on the company’s platform.

Therefore, the higher the MTU figures, there is a high probability of more revenue. Again, the MTU metric is not without weaknesses.

In this aspect, the MTU may overstate the number of unique consumers due to differences in product architecture or user behavior.

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How Does Coinbase Boost Its Transacting Users?

Coinbase, a leading cryptocurrency exchange platform, employs various strategies to increase its monthly transacting users, focusing on enhancing user experience, security, and market presence. Here are some of the key strategies:

• **User-Friendly Platform**: By constantly improving its user interface and making the platform more intuitive, Coinbase attracts seasoned traders and newcomers to the cryptocurrency world. Simplifying the buying, selling, and trading processes encourages more frequent transactions.

• **Security Enhancements**: Security is paramount in the crypto space. Coinbase invests heavily in state-of-the-art security measures to protect user funds and personal information. This commitment to security builds trust and encourages users to transact more frequently.

• **Educational Resources**: Coinbase provides a wealth of educational materials on its platform through Coinbase Learn, aiming to demystify cryptocurrency for the average user and provide insights into emerging trends. Educated users are more likely to engage in transactions.

• **Cryptocurrency Variety**: By regularly adding new cryptocurrencies to its platform, Coinbase caters to varied interests within the crypto community. This diversity attracts a broader user base and encourages existing users to explore new transaction opportunities.

• **Marketing and Partnerships**: Strategic marketing campaigns and partnerships help Coinbase reach new audiences. Collaboration with popular brands or personalities in the crypto space can drive sign-ups and transactions.

• **Mobile App Accessibility**: With the increasing use of smartphones for financial transactions, Coinbase ensures its mobile app is robust, feature-rich, and user-friendly. This accessibility boosts the frequency of transactions among users who prefer mobile platforms.

• **Reward Programs and Incentives**: Coinbase occasionally offers reward programs, such as earning crypto for learning about new currencies or cashback in crypto for using their Coinbase Card. These incentives encourage users to engage more with the platform.

• **Regulatory Compliance**: By actively working to comply with global financial regulations, Coinbase builds a reputation of reliability and safety. This regulatory compliance attracts users who are cautious about the legality and security of their investments.

• **Customer Support**: Investing in responsive and helpful customer support ensures that users’ issues are resolved quickly, maintaining a positive user experience and encouraging continued use of the platform.

By focusing on these areas, Coinbase aims to create a favorable environment that attracts new users and retains existing ones, encouraging them to transact more frequently on the platform.

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Verified Users

The definition of Coinbase’s verified users is available here: verified users. Coinbase has stopped presenting the verified users results starting in 2023, citing inaccuracy of the metric in measuring business performance.

Coinbase Global’s verified user base has shown consistent growth across the four fiscal years presented. In FY2019, the company recorded 32 million verified users, establishing a strong foundation. By FY2020, this number had increased to 43 million, reflecting further expansion of the platform’s reach.

The upward trajectory continued in FY2021, with verified users rising sharply to 89 million, more than doubling the prior year’s figure. In FY2022, the verified user count reached 110 million, marking another significant milestone in the company’s growth journey.

Across the period from FY2019 to FY2022, Coinbase Global’s verified users grew steadily, with the most pronounced increase occurring between FY2020 and FY2021. The overall trend highlights a sustained expansion of the user base, culminating in more than a threefold increase over the four years. This progression underscores the company’s ability to scale its platform and broaden its reach, with verified users continuing to serve as a key indicator of overall adoption and engagement.

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MTU – Monthly Average

MTU – Monthly Average is the MTU figure based on the last quarter result of the fiscal year. The definition of Coinbase’s MTU is available here: monthly transacting users.

An alternative measure of Coinbase’s MTU is based on the annual average. This version of MTU is presented in the next section: MTU based on annual average.

Coinbase Global’s monthly transacting users (MTU), based on the monthly average and measured in millions, have shown notable variation across the six fiscal years presented. In FY2019, the company recorded 1.0 million MTU, establishing the baseline for subsequent growth. By FY2020, MTU had increased to 2.8 million, reflecting a steady upward trajectory.

The most significant expansion occurred in FY2021, when MTU reached 11.2 million, marking the highest level in the period. In FY2022, MTU moderated to 8.3 million, followed by a further decline to 7.0 million in FY2023. In FY2024, MTU rebounded to 9.7 million, closing the period with renewed growth.

Across the six‑year span, Coinbase Global’s MTU numbers highlight both rapid expansion and subsequent adjustments. The overall trend demonstrates strong growth from FY2019 through FY2021, followed by a period of contraction and stabilization. The rebound in FY2024 suggests resilience in user activity, with MTU levels remaining well above the early years of the period. This trajectory underscores the importance of monitoring user engagement as a key measure of platform performance and sustainability.

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MTU – Annual Average

Contrary to the previous MTU result, the annual average MTU is defined as the average of the MTU for the whole fiscal year. The definition of Coinbase’s MTU is available here: monthly transacting users.

Therefore, the annual average MTU may represent a more consistent result.

That said, Coinbase Global’s annual average monthly transacting users (MTU), measured in millions, show a clear trajectory of growth and adjustment across the six fiscal years presented. In FY2019, the company recorded 1.1 million MTU, establishing the baseline for subsequent expansion. By FY2020, MTU had increased to 1.9 million, reflecting steady progress.

The most significant rise occurred in FY2021, when MTU reached 8.4 million, marking a substantial increase compared to earlier years. In FY2022, MTU continued to climb, reaching 8.8 million, the highest level in the period. This was followed by a moderation in FY2023, with MTU at 7.4 million, before returning to 8.4 million in FY2024.

Across the six‑year span, Coinbase Global’s MTU numbers highlight a strong expansion from FY2019 through FY2022, followed by a period of stabilization. The peak in FY2022 and subsequent moderation in FY2023 illustrate a shift from rapid growth to a more balanced level of user activity. The rebound in FY2024 reinforces the resilience of the platform, with MTU levels remaining significantly higher than the early years of the period. Overall, the data underscores a sustained increase in user engagement, with MTU stabilizing at levels well above the initial baseline.

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Annual Average MTU Growth Rates

In FY2020, MTU grew by 72.7%, marking a strong expansion. This was followed by an exceptional increase in FY2021, when growth reached 342.1%, the highest rate in the period.

In FY2022, growth moderated to 4.8%, reflecting a much smaller increase compared to the prior year. FY2023 recorded a contraction, with MTU declining by 15.9%, the only negative growth rate in the dataset. In FY2024, MTU growth returned to positive territory at 13.5%, closing the period with renewed expansion.

Across the five‑year span, Coinbase Global’s MTU growth rates highlight a trajectory of rapid acceleration, stabilization, contraction, and recovery. The extraordinary surge in FY2021 stands out as a peak, followed by a sharp moderation in subsequent years. The negative growth in FY2023 underscores a period of contraction, while the rebound in FY2024 reflects resilience and a return to positive momentum. Overall, the data illustrates a cycle of expansion and adjustment, with MTU growth stabilizing at more moderate levels after the initial surge.

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Ratio Of MTU To Verified Users

This ratio measures the percentage of verified users that get translated to transacting users.

Coinbase Global’s ratio of monthly transacting users (MTU) to verified users, expressed in percentage terms, highlights the level of active engagement across the four fiscal years presented. In FY2019, the ratio stood at 3.4%, establishing the baseline for subsequent years. By FY2020, the ratio increased to 4.4%, reflecting a higher proportion of verified users actively transacting on the platform.

The most notable rise occurred in FY2021, when the ratio reached 9.4%, marking the highest level in the period. In FY2022, the ratio moderated slightly to 8.0%, though it remained well above the earlier years, indicating sustained engagement among verified users.

Across the four‑year span, Coinbase Global’s MTU‑to‑verified user ratio demonstrates a clear upward trend from FY2019 through FY2021, followed by a modest decline in FY2022.

The progression underscores a significant increase in user activity relative to the verified base, with engagement levels stabilizing at a higher plateau compared to the initial years.

This trajectory highlights the importance of the MTU ratio as a measure of platform utilization, showing that a growing share of verified users are consistently active in transacting.

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Insight

Taken together, the data paints a picture of Coinbase Global as a platform that has scaled rapidly, experienced volatility in user activity, and settled into a more balanced phase of growth.

The company’s expense structure remains concentrated in its core operational categories, while user metrics demonstrate both expansion and resilience.

The long‑term trajectory shows that despite fluctuations, Coinbase Global has established a significantly larger and more engaged user base than at the start of the period, positioning it for sustained relevance in its sector.

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Credits and References

1. All financial figures presented were obtained and referenced from Coinbase Global, Inc.’s SEC filings, earnings reports, quarterly and annual statements available in Coinbase Investor Relations.

2. Pixabay images.

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Disclosure

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