Altcoin News: Coinbase Has Generated Nearly $2 Billion of Transaction-Fee Revenue Since Its Launch
Coinbase, the U.S. cryptocurrency exchange, has generated about $2 billion in commissions since its launch in 2012. This was announced by Coinbase CEO Brian Armstrong during a speech at the Vanity Fair portal event.
Armstrong noted that the company’s operating profit over this time exceeded the amount of venture capital it attracted.
“Most of these profits were plowing back into the business to create new products,” Armstrong said. “I sort of think of us as the anti-unicorn unicorn…I want Coinbase to be a company of repeatable innovation.”
According to Coinbase CEO, the technological aspect has always been a priority for the company in the development of exchange, custodial and other services, which allowed it to maintain profitability in 2017, 2018 and the current year, despite the market decline.
Armstrong, who had previously supported facebook’s cryptocurrency project, said during a recent event that he did not understand the negative reaction of US regulators to Facebook’s announcement:
“I don’t really know why the reaction was so negative,” he said. “I’d really like to see the U.S. embrace this area of innovation.”
Coinbase is among the 21 companies remaining in the Libra Association following the recent withdrawal of several key members.
Author: Marko Vidrih