Coinbase saw whopping growth in 2020 as bitcoin rallied to close out the year.
New numbers published on the Coinbase "About" page Friday show the exchange now has over $90 billion in assets on platform and over 43 million registered users. An Internet Archive snapshot from as recently as last week shows $25 billion in assets on platform though it's unclear when that data was collected.
The updated figures were collected as part of Coinbase's 2020 year in review and are current as of Dec. 31, 2020.
"In this report, we take you on a comprehensive tour of the crypto asset class, sharing our unique perspective on how and why these institutions are engaging with the market," Coinbase Institutional's Brian Foster wrote in the report's cover letter.
Assets under the control of Coinbase Custody accounted for "more than 50%" of the $90 billion total, the report states, adding that Coinbase executed "single trades exceeding $1 billion for some of the largest institutions in the world."
The update from Coinbase comes ahead of an expected public listing. Investment bank Goldman Sachs is reportedly working with the firm on its Wall Street debut.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
Learn more about Consensus 2023, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.