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The Coinbase 2024 revenue report is available! https://s27.q4cdn.com/397450999/files/doc_financials/2024/q4/Q4-24-Shareholder-Letter.pdf Here the highlights👇  

👉 cbBTC
In Q3, Coinbase introduced cbBTC, a new digital asset that allows users to put their Bitcoin to work in DeFi and other onchain applications. Essentially, cbBTC is a version of Bitcoin that can be used in different financial services like lending, borrowing, and trading on networks like Ethereum and Base. Each cbBTC is fully backed by Bitcoin held in Coinbase’s secure custody, in order to ensure that customers’ assets are safe and transparent. By launching cbBTC, we are unlocking new ways for users to transact with their assets onchain.

👉 Base
In Q3, Base, our Ethereum L2 network, solidified its position as the leader in onchain activity among L2s. Base is now the #1 L2 in both transactions and total value locked. The number of transactions processed on Base grew 55% Q/Q in Q3, surpassing all other L2 networks and 4x higher than Ethereum over the last 30 days of the quarter. Despite this surge in activity, transaction fees remained low, with median fees under $0.01, making Base an efficient and cost-effective platform for onchain activity. Developer engagement has also continued to increase on Base in Q3, which is now second only to Ethereum in terms of activity on EVM chains.

👉 BTC Backed Loans
Coinbase recently enabled access to decentralized Bitcoin-backed loans, marking a major step in expanding financial services onchain. Crypto-backed loans are powered by Morpho—an open-sourced lending protocol built on Base—and showcase the strength of our ecosystem. Through this integration, customers can now borrow USDC without selling their Bitcoin, preserving long-term holdings while gaining instant liquidity. This unlocks new financial utility for BTC holders, allowing them to spend, save, or convert their USDC to fiat. As adoption of crypto-backed lending grows, BTC loans have the potential to become a fundamental part of the evolving digital economy, offering an alternative to traditional credit systems in a transparent and decentralized way.

👉 Subscription and Services Revenue
We expect Q1 subscription and services revenue to be within $685-$765 million. We expect Q/Q growth to be driven primarily by i) stablecoin revenue (as both USDC market cap and USDC assets in our product suite hit all time highs in February), ii) continued growth in our Coinbase One subscriber base, and iii) the higher average crypto asset prices so far in Q1.

👉 Coinbase One.
Throughout 2024, we expanded both the geographic availability and feature set of Coinbase One. In Q4, this momentum continued and was further fueled by strong market conditions resulting in Coinbase
One surpassing 600,000 subscribers (as announced in early December), an increase of 50% since Q1. We also launched Coinbase One Premium, a new membership tier priced at $299.99 per month. Premium members enjoy benefits like unlimited zero trading fees and uncapped boosted USDC rewards, further enhancing the value of the subscription.

👉 Basenames
We launched Basenames to make using Base easier and more intuitive. Just like how email addresses replaced the need for complex numeric IP addresses in the early days of the internet, Basenames simplify crypto by allowing users to replace long, hard-to remember "0x" wallet addresses with simple, personalized names. This makes sending and receiving transactions much more user-friendly. With 450,000 names already registered in just the first 2 months since launch, Basenames are helping users connect and engage more seamlessly within the Base ecosystem. You can find us on base at coin.base.eth.