Coinbase generated $2.5B of net revenue and $840M of net income in Q4, the company reported. At year-end they had 11.4M “Monthly Transacting Users.”
Coinbase said that strong growth in the “utilization” of crypto played a role in their success. “Prominent use cases [of crypto] included non fungible tokens (NFTs), decentralized finance (DeFi) adoption, decentralized applications, play to earn gaming, and metaverse related opportunities,” it stated in the annual report. NFT sales reportedly reached $20B in 2021 compared to just $100M in 2020.
“Going forward, we plan to add to our product suite by investing in products like Coinbase Wallet and Coinbase NFT, as well as international expansion, which we believe will generate more MTUs,” they added.