U.S.-based cryptocurrency exchange Coinbase has generated nearly $2 billion in trading fees since 2012.
Coinbase Generated $2 Billion in Trading Fees
Coinbase CEO Brian Armstrong told Vanity Fair in an interview published Oct. 23 that the exchange had generated close to $2 billion from trading fees alone since launching in 2012. Armstrong emphasized the company’s focus on producing industry-leading technology, which he credits for being a primary catalyst in the exchange’s success, including turning profitable in 2017.
He said,
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.
In addition to discussing the success of Coinbase, Armstrong questioned the pressure from US regulators against the potential launch of Facebook’s digital currency libra. Rather than maligning the technology, Armstrong said he would prefer to see the U.S. “embrace this area of innovation.”
He added,
There are a lot of people who are unbanked in the world, who are underbanked […] My hope is the U.S. embraces this kind of innovation, even if it comes from a company like Facebook that they’re not necessarily very happy with.
Coinbase is one of the remaining supporters of the Libra Association, following the mass exodus of PayPal, Mastercard and Visa among others.
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