Coinbase Passes 650,000 Users in Less Than a Year

Bitcoin wallet service Coinbase has clocked up 650,000 users since its launch – averaging 10,000 new users everyday.

AccessTimeIconDec 19, 2013 at 3:20 p.m. UTC
Updated Apr 10, 2024 at 2:51 a.m. UTC
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Coinbase announced this week that its user base had crossed the 650,000 mark.

It seems the young company is on a roll, as it recently managed to secure $25m in a round of funding led by Andreessen Horowitz.

Coinbase

has grown more than 20-fold over the past nine months. The service started back in 2013 with just 30,000 accounts but by August it had gained over 200,000.

The number of Coinbase transactions is growing even faster – up more than twenty-fold since January.

User demographics

The company also shared some interesting data on its demographics. The vast majority of Coinbase users are aged 25 to 34.

They account for 49.7% of all Coinbase users, while the 35- to 44-year-olds rank second with a 16.9% share. Meanwhile, the 18 to 24 age range is going strong with a 15.8% share.

Older age groups are in single-digit territory, with 17.6% of all Coinbase users being over the age of 45.

The vast majority of Coinbase users are male. As of November, only 12.5% are women, while 87.5% are men. Still, the situation is improving, as women accounted for only 5.8% back in October.

Future expansion

Following Andreessen Horowitz's announcement last week, Coinbase said it would use the funding to solidify its position as the fastest-growing bitcoin service in the US.

It will also expand its referral programme and continue to promote the mainstream adoption of bitcoin.

Coinbase is averaging about 10,000 new user sign-ups per day, so at this rate it could hit the one million user mark by February. However, with the holiday season setting in, the company's next milestone might roll over into March.

Want to find out more about Coinbase? Watch a recent interview with Brian Armstrong, Coinbase's cofounder, by Kevin Rose below:

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