Coinbase has earned more than $2 billion in transaction fee revenue since launching in 2012, according to CEO Brian Armstrong.
Speaking onstage at a Vanity Fair event, Armstrong said Coinbase has turned a profit the last three years – including during the 2018 bear market – and has earned more operating profit than venture capital raised to date, estimated at nearly $550 million in nine funding rounds, according to CrunchBase. The firm is currently valued at $8 billion.
“Most of these profits we’re plowing back into the business to create new products,” Armstrong told Vanity Fair. “I sort of think of us as the anti-unicorn unicorn… I want Coinbase to be a company of repeatable innovation.”
Commenting on the current regulatory environment, Armstrong said reactions against Facebook and other crypto innovations are puzzling:
“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.”
“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.”
The exchange has recently expanded its European ventures as well, procuring an Irish e-money license from the Central Bank of Ireland earlier this month. With the license, Coinbase is certified to offer money and banking services throughout the European Economic Area and EU.