Crypto Exchange Coinbase UK Registers $167 Million Dollars in Revenue for 2017
The British branch of the popular and recognized cryptocurrency exchange Coinbase has recently released the financial results for 2017. The results that the firm informed are very positive for being just one year operating in the market.
Coinbase UK registered £127.89 million ($167 million) in 2017, the first full year of business. And indeed, these are very positive results for the company. At the same time, Coinbase UK registered over £118.93 million ($155.8 million) of sale costs and £3.72 million ($4.91 million) related to administrative costs.
There are other expenses related to interests expenses, which cost £1.76 million ($2.32 million). With taxation on earnings £886,636 ($1.7 million), Coinbase UK registered more than $3 million dollars in profit during 2017.
At the moment, there is no information on whether the company will be able to repeat or not its performance during this year. It is important to mention that 43 per cent of the revenue registered by Coinbase in 2017 is related to only one month, December 2017.
It could be argued that the company will not experience a similar result since these numbers were related to a strong increase in the interest for virtual currencies. Additionally, since January 2018, trading on the platform has declined 83 per cent as of August 2018.
There are some experts in the market that believe that virtual currencies are going to experience a new bull run before the end of the year. If this does not happen, we might see similar or lower revenue for the company during 2018 compared to 2017.