- Coinbase has been profitable since 2017 but continues to plow back the funds to build new products.
- According to Brian Armstrong, Coinbase CEO the US should embrace Libra even if it comes with Facebook.
The leading cryptocurrency exchange in the United States, Coinbase has earned a total of $2 billion in revenue since the platform’s launch in 2012. The funds are mainly from transaction fees collected according to CEO Brian Armstrong.
Armstrong was speaking at the Vanity Fair’s New Establishment Summit on Wednesday, October 10 where he told the audience that Coinbase profits had already exceeded the funding it got from venture capitals. Coinbase has been profitable since 2017 but instead of sending the money back to the investors, the exchange decided to plow back the funds for expansion and creation of new services and products.
“Most of these profits were plowing back into the business to create new products,” Armstrong said. “I sort of think of us as the anti-unicorn unicorn”¦I want Coinbase to be a company of repeatable innovation.”
Coinbase continues to be a pacesetter in the cryptocurrency market. This is maybe the reason why the company is part of Facebook’s ambitious Libra project. Commenting on Coinbase’s involvement with Libra, Armstrong said:
“I don’t really know why the reaction was so negative. I’d really like to see the U.S. embrace this area of innovation.”
He continued:
“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.”
Share
