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Today, the company has grown to 56 million users and serves 7,000 institutional customers and 115,000 ecosystem partners in over 100 countries, and has generated over $3.4 billion in total revenue since its inception.
For the fiscal year ending Dec. 31, 2020, Coinbase reported revenue of $1.14 billion, up 139% from 2019, and net income of $322 million, up from a loss of $30 million in 2019. Adjusted EBITDA also saw substantial growth, surging to $527 million compared to $24.3 million in 2019.
Last week, the company reported preliminary results for the first quarter, which ended March 31, and provided an outlook for the full year. Coinbase reported revenue of approximately $1.8 billion, net income of approximately, $730 million to $800 million, and Adjusted EBITDA of approximately $1.1 billion. The company also reported 6.1 million monthly transacting users, with a trading volume of $335 billion, and over $223 billion in assets, including $122 billion in assets from institutions, representing a crypto asset market share of 11.3%.
Looking ahead at the full year for 2021, Coinbase expects monthly transacting users to range between 4 million and 7 million, depending on crypto market capitalization and crypto-asset price volatility.
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While Armstrong sees the direct listing as an important milestone for the company, he acknowledged in a blog post that Coinbase’s work towards its ambitious goal of increasing economic freedom in the world is just getting started.
“We’re still in the early days of this industry, but we’re squarely focused on the future, on our mission, and on building the best crypto experiences for you, our community,” Armstrong said.
He added in a Twitter thread on Thursday that while his idea for Coinbase has been far from perfect, it “highlights the importance of resilience and ignoring haters when trying to build something new.”
“The wild part is that you never know if you’re crazy, or everyone else is,” Armstrong said. “The key here is that if your gut tells you there is something interesting, go take some action toward it and see what happens. Only action will produce more information, not endlessly debating it.”
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