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According to the S-1 filing, Coinbase had net revenue of $1.14b in 2020, up from $483m the previous year, and net income of $322m for the year after posting a loss in 2019. The company also said it has 43m verified users as of the end of 2020, with 2.8m making monthly transactions.
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“Our net revenue is substantially dependent on the prices of crypto assets and volume of transactions conducted on our platform. If such price or volume declines, our business, operating results, and financial condition would be adversely affected,” the filing said.
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