At Vanity Fair’s New Establishment Summit, Coinbase CEO Brian Armstrong said that Coinbase has generated close to $2 billion in trading fees since it launched in 2012.
On October 23, the co-founder and CEO of major United States cryptocurrency exchange and wallet provider Coinbase told Vanity Fair that technology has always been the focus of Coinbase, which, in part, is the reason why the company has remained profitable.
Coinbase has been profitable since 2017 and has generated close to $2 billion in trading commissions since the company launched back in 2012. Armstrong added:
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.
Armstrong also said that he does not know why regulators’ reactions to the planned launch of Facebook’s Libra were so negative in the United States. “I’d really like to see the U.S. embrace this area of innovation,” he said, adding:
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 21 remaining companies that are part of the Libra Association, which has been under scrutiny by lawmakers across the world for its potential to jeopardize user privacy and flout regulatory rules. Recently, Libra lost seven high-profile participants, including Visa, eBay and Mastercard.
Wow! $2B in fees in under ten years seems like quite a lot to me. Congrats to you on this Coinbase!
I do think that it is smart on their part to recycle that money back into their products. This is a great way to make even more income on their part!
That is a lot in fees in less than 10 years. And I am sure that by now it has increased. I guess they have success with this. And good for them that they were able to figure this out.
This is great news for Coinbase. Truly they are showing how great it is to be successful. And I agree with the above comment that when they recycle their money, it just makes them that much better!