Recode has learned from industry sources<\/a>. \u200e<\/p>\nAlthough Coinbase would not reveal its exact revenue figures, it \u200esaid that its monthly revenues have grown several times in the past \u200eyear. The numbers have been buoyed by explosive interest following Bitcoin\u2019s sharp appreciation in the second half of 2017, as well as the overall cryptocurrency market \u200estanding out as an exceptionally active outlet for restless traders. \u200e<\/p>\n
The revenue figure was also fueled by the increasing number of Coinbase accounts, which have gone from nearly 4 \u200emillion in 2016 to more than 14 million at the end of 2017. In the last three months, \u200eCoinbase was sometimes getting 100,000 new customers a day \u2014 \u200eleaving the company with more customers than big brokerage firms in the mainstream financial industry. \u200e<\/p>\n
The uptick can also be attributed to the company\u2019s international \u200eexpansion into markets like Australia, increased transaction limits \u200eon Coinbase\u2019s brokerage, as well as growing interest in alternative \u200ecryptocurrencies like Bitcoin Cash.\u200e<\/p>\n
Earlier last year, Coinbase CEO raised concerns about the exchange\u2019s \u200eprofitability, saying \u201cmost companies in the digital currency \u200espace are not profitable right now. Coinbase is not, and I would \u200eventure to guess that there are few others out there who are.\u201d\u200e<\/p>\n
However, given the higher-than-expected adoption rates for Bitcoin, combined with \u200etechnological advancements that have helped the fundamental \u200etechnology process a greater number of transactions, Coinbase has \u200ebeen subtly reinventing itself over the past two years or so.<\/p>\n
First launched \u200eas a wallet for people to stash their bitcoin online, Coinbase has been \u200eevolving into a broker that people can use to buy and sell digital \u200emoney. \u200eIn addition to the brokerage service for small investors, Coinbase also \u200eruns an exchange, called GDAX, tailored to larger investors.\u200e<\/p>\n
The decision to expand beyond one cryptocurrency led Coinbase \u200elast year to add the option for customers to trade more than just \u200eBitcoin, Litecoin and Ether, the three virtual currencies that Coinbase \u200ebuys, sells and holds for customers. In December, the company added to\u00a0GDAX another popular \u200ecryptocurrency, Bitcoin cash, which emerged earlier in August as a split off from the Bitcoin \u200eblockchain.\u200e<\/p>\n
Founded six years ago by a former Goldman Sachs trader and an \u200eAirbnb engineer, Coinbase is one of the most well-funded \u200ecryptocurrency ventures. It has recently raised $100 million in \u200eSeries D funding at private valuation approaching $1.6 billion, making it the first startup in the world of \u200ecrypto assets to become a unicorn, or company with a valuation greater \u200ethan $1 billion.\u200e<\/p>\n","protected":false},"excerpt":{"rendered":"
Coinbase hit the billion-dollar milestone for revenue collections in 2017, \u200eaccording to people familiar with its financial results. The popular crypto exchange \u200eremains on a profitability streak\u200e as the business builds on the speculative \u200efrenzy driving up the value of cryptocurrency turnover.\u200e In the year that ended in December 2017, Coinbase pulled in about $1 […]<\/p>\n","protected":false},"author":3,"featured_media":437,"comment_status":"open","ping_status":"open","sticky":false,"template":"single-classic-boxed.php","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[30,2,35,36],"_links":{"self":[{"href":"https:\/\/timestampmag.com\/wp-json\/wp\/v2\/posts\/436"}],"collection":[{"href":"https:\/\/timestampmag.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/timestampmag.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/timestampmag.com\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/timestampmag.com\/wp-json\/wp\/v2\/comments?post=436"}],"version-history":[{"count":0,"href":"https:\/\/timestampmag.com\/wp-json\/wp\/v2\/posts\/436\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/timestampmag.com\/wp-json\/wp\/v2\/media\/437"}],"wp:attachment":[{"href":"https:\/\/timestampmag.com\/wp-json\/wp\/v2\/media?parent=436"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/timestampmag.com\/wp-json\/wp\/v2\/categories?post=436"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/timestampmag.com\/wp-json\/wp\/v2\/tags?post=436"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}