Coinbase earned more than 2 billion in transaction fees! Coinbased earned more than $2 billion in transaction fees since 2012, according to Brian Armstrong, the CEO.
Speaking at a Vanity Fair event, Armstrong said Coinbase has seen profit over the last three years – including the 2018 bear market year, and has earned more operation profit than venture capital raised to date. Coinbase went through nearly $550 million in nine funding rounds. Coinbase is currently valued at around $8 billion dollars.
Armstrong said this at the Vanity Fair event:
“Most of these profits we’re plowing back into the business to create new products… I sort of think of us as the anti-unicorn unicorn… I want Coinbase to be a company of repeatable innovation.”
Brian Armstrong also commented at the current regulatory environment, particularly regarding Facebook and other crypto innovations, saying:
“I don’t really know why the reaction was so negative. I’d really like to see the US Embrace this area of innovation… There are a lot of people who are unbanked in the world, who are underbanked… My hope is the US embraces this kind of innovation, even if it comes from a company like Facebook that they’re not necessarily very happy with.”
Coinbase has been aggressive in its expansion. Coinbase recently procured an Irish e-money license from the Central Bank of Ireland this month. This means that Coinbase is certified to offer money and banking services throughout the European Economic Area and the EU, of which Ireland is a member. Coinbase has a new competitor, however, via Binance.US, which recently saw more than $10 million in trading volume this past week.
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