Coinbase is showing impressive user growth despite the sharp cryptocurrency bear market.
If the cryptocurrency market and all the assets that depend on it have been going through a difficult period for many months, then some industry players are doing better than others. Among the successful ones is the Coinbase exchange. Despite the ongoing bear market, the platform is showing solid growth with 19 million verified users in 2022.
Coinbase Shows Impressive User Growth
According to Finbold data, Coinbase did indeed register 19 million new verified users between December 31, 2021 and September 30, 2022, which represents an increase of approximately 21.35%, which indirectly means the exchange of at least two million verified users in one once. month in 2022.
At the end of the first quarter of 2022, Coinbase had 98 million users, up 9 million from the 89 million registered in the fourth quarter of 2021. In the second quarter of 2022 – 103 million, and in the third quarter of this year – at least 108 million!
This clear increase in user base is reflected in Coinbase’s global market share, which stood at 3% on December 6, 2022, compared to “only” 2.6% a month earlier. A figure that has only increased since September. By the way, the lowest market share of Coinbase was recorded in July of this year, 1.6%, and the highest was in November 2021, 4.2%, when the crypto market was at its peak.
despite a sharply bearish crypto market
But why and how exactly was Coinbase able to sign up so many new users when the market is clearly bearish? According to Finbold, this continued growth in verified users is due to “several factors such as the business model of the trading platform. Indeed, the exchange is touted as having innovative marketing, a strategy that includes factors such as referral programs and unique features such as the ability for users to send cryptocurrencies as gifts.”
And this trend may well continue in the near future, as the exchange has plans for global expansion. Particularly in relation to Europe, while across the Atlantic, regulators seem determined to regulate cryptocurrencies properly.