Coinbase Profited Handsomely – The United States based cryptocurrency exchange has netted $2 billion in transaction fees since it was launched in 2012, according to CEO Brian Armstrong.
The incredible numbers were revealed during a media session while the wealthy crypto exchange founder U.S. lawmakers for criticizing Facebook’s Libra stablecoin. Mr. Armstrong voiced concerns that regulators are stifling innovation.
Yesterday’s Bitcoin price crash is party attributed to Facebook’s CEO, Mark Zuckerberg getting grilled by members of U.S. House of Representatives about Libra, the stalled crypto stablecoin.
Coinbase Profited $2 Billion in Transaction Fees
On an interview published by Vanity Fair in October 23, Brian Armstrong revealed that the cryptocurrency exchange most popular with beginners in the United States has generated approximately $2 billion from transaction and trading fees. He stated that Coinbase is now in position to put more focus on industry-leading technology. As it stands currently, launching a cryptocurrency exchange is the most profited endeavor in in blockchain technology.
Mr. Armstrong 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.”
Armstrong also questioned the motives behind the pressure United States’ regulators are putting on Facebook’s stable currency Libra. He stated that the U.S. should “embrace this area of innovation.”
“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 remains a strong supporter and defender of the Libra Association, even after a host of early supports such as Visa, PayPal, Master jumped ship after Facebook and Libra come under fire from governments around the globe.
Mathieu is a Information technology professional with over 15 years of experience. He started one of the first bitcoin blogs existed in 2010. He started writing about, investing in bitcoin and promoting the first cryptocurrency when only a few technological savvy people knew about it. Mathieu is a world traveler who enjoys culture, technology, finance, salmon, rice and beans. He’s cool, collected and knows a great deal about blockchain technology.