Over the years, crypto exchanges have become the most important part of the entire ecosystem, and among the many exchanges, Coinbase is definitely one of the most influential. It has grown into one of the biggest exchanges in the world and the exchange of choice for millions in the United States, the most important market for any business.
The company’s Chief Executive Officer Brian Armstrong recently spoke at Vanity Fair’s New Establishment Summit and stated that the company has notched up $2 billion fees since its inception. The company was established in 2012, and over the years, it has become an integral part of the crypto space.
The event took place on Wednesday, October 23, and Armstrong spoke at length about the way the company goes about its business. While it is true that Coinbase has been a profitable business for a long time, the company remains focused on innovative technology. In addition to the transaction fees it has generated since its inception, the exchange has also managed to remain profitable since as far back as 2017.
Armstrong stated that the company invests the profits in the business. 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.”
It is particularly important to note that the company remained profitable during a period that coincided with the crypto slump of 2018 and perhaps goes to show that it is a highly resilient business. That was not all that Armstrong. He also spoke about Facebook’s troubled crypto project Libra and stated that the United States should embrace innovations of all kinds. However, the main headline from the discussion was the eye-popping figure in transaction fees that Coinbase has managed to earn since 2012, and it is almost certain that it is going to earn much more in the future.
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