Reuters, By Way Of PitchBook, Says Coinbase Exchange Posted Over $500 Million In Revenue In 2018
Crypto Exchange Coinbase Registered $520 Million In Revenue In 2018
The recognized and popular virtual currency platform Coinbase registered $520 million in revenue in 2018. The information was released by Reuters on April 18. At the same time, major finance and tech firms are investing in technology to develop the crypto market even further.
Coinbase Registers $520 Million In Revenue
As reported by Reuters, the exchange’s revenue grew 20 percent last year and it reached €153 million. This is according to a filing with the U.K.’s corporate registry. The British branch of the company accounted for around 33% of the overall revenue of the company. The filing shows that Coinbase registered a net profit of €6.6 million last year.
Reuters informed that Venture capital investments in crypto and blockchain startups raced to $850 million. There are several companies that are investing in the market, including the London Stock Exchange Group and Microsoft Corp. The bets made by these firms spiked five times and reached a record of $2.4 billion in 2018.
Richard Hay, UK head of fintech at Linklaters, commented:
“There are two dynamics at play. We can get something up and running and achieve cost savings, and also look longer term at ways of deploying the technology in more transformative ways.”
Although crypto firms have been affected by the bear market in 2018, there is new and increasing interest for virtual currencies and blockchain technology. Chainalysis, for example, added $6 million to its Series B funding and gathered $36 million.