The market share of Coinbase Exchange managed to increase from 43% in 2022 to 53% in 2023. This increment resulted from massive participation from institutional traders, who were more prevalent than retail traders. The data is derived from Kaiko, an analytical provider that gathers historical and live data from crypto exchanges. Other competitors involved in this evaluation include Binance.US, Kraken, Bitfinex, Gemini, LMAX Digital, and Bitstamp.
Critical Stats on the Exchange
At press time, Binance is the leading crypto exchange with a 24-hour trading volume of $11B. Coinbase ranks second with a trading volume of $798M within the last 24 hours.
Despite the differences in trading volume, Coinbase’s market share is prevailing compared to other US exchanges like Binance.US and Kraken.
In 2021, Coinbase gathered revenue worth $7.8B, a 550% rise from the figure recorded in 2020. The exchange also saw an increase in its net income. By 2021, Coinbase had a net income of $3B, a significant increase from $108M in 2020. In terms of its user base, Coinbase had 98M registered users at the beginning of 2022. This figure was an increase of 42M users recorded around the same time in 2021.
Approximately 9M users were actively trading on Coinbase more than once every month in 2021. In 2020, the exchange’s monthly active users (MAU) were around 2.8M. Therefore, the platform’s MAU increased by almost 6.2M between 2020 and 2021.
Coinbase for Institutional Traders
Coinbase exchange serves institutions as a bridge to the crypto market. The platform helps institutions familiarize themselves with the digital asset market and discover opportunities in the industry. Institutional traders can access 200+ digital currencies and more than 350 trading pairs. Furthermore, there are adequate and diverse sources of liquidity for these traders through the exchange and the Coinbase Prime product.
The exchange currently has $80B assets on the platform and handles a quarterly institutional trading volume of $125B. The institutional assets on the exchange are worth $40B, where 200+ assets are for trading while 360+ assets are for custody. Some of the institutional clients that work with Coinbase include BlackRock, a16z, Maker, and Grayscale, to mention but a few.
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