Cryptocurrency exchange Coinbase is witnessing sustained growth among verified users despite the general digital asset sector operating in an extended bear market. The user growth highlights the exchange’s popularity among reputable crypto trading platforms amid the prevailing market conditions.

In particular, data acquired and calculated by Finbold indicates that Coinbase has added 19 million verified users globally between December 31, 2021, and September 30, 2022, representing a growth of about 21.35%. The figure translates to the exchange adding at least two million verified users monthly in 2022.

At the end of the first quarter of 2022, Coinbase had 98 million users representing an addition of nine million verified users from the 2021 Q4 figure of 89 million. In Q2, the number of users stood at 103 million, while Q3 registered the exchange’s highest number of verified users at 108 million.

Elsewhere, Coinbase’s global market share hit 3% as of December 6, 2022, among spot trading crypto exchanges, while in November, the share was 2.6%. Notably, the share has been rising steadily since September.

Coinbase’s lowest yearly global market share was recorded in July at 1.6%. The exchange’s highest market share was witnessed in November 2021 at 4.2% at the height of the crypto bull run.

Drivers of Coinbase user growth

The research highlighted some of the drivers behind Coinbase’s verified user growth amid the bear market. According to the research report:

“Although Coinbase is currently operating in an environment of market sell-offs, the exchange’s ability to record a steady growth of verified users can be attributed to several factors like the trading platform’s business model. Indeed, the exchange is touted to have an innovative marketing strategy that entails factors like referral programs and unique features such as enabling users to send crypto as gifts.”

The exchange is likely to sustain the growth of verified users with global expansion plans. Indeed, the exchange is looking to expand in Europe as their region moves to regulate the crypto space.