Bitcoin exchange Coinbase reportedly made more than $1 billion in revenues last year

pulse

January 22, 2018 10:21 PM

One of the largest platforms for buying cryptocurrencies is reportedly making money hand-over-fist.

One of the largest platforms for buying cryptocurrencies is making money hand-over-fist.
Tech publication Recode reported Monday that Coinbase saw revenues top $1 billion last year.

Coinbase, one the largest platforms for buying and selling cryptocurrencies, is reportedly making money hand-over-fist.

Recode, the technology publication, reported Monday the San Francisco-based company saw revenues top $1 billion last year, driven by explosive volumes in the market for digital currencies.

Exchanges make their money from trading volume, when coins change hands between investors. Market-wide, trading volumes have held steady above $25 billion a day since late November as cryptocurrencies have gripped the attention of Wall Street and Main Street alike.

New users have fueled this growth, in part. Sources told Business Insider that Kraken, another exchange, was adding around 50,000 new users a day at the end of 2017. Over the US Thanksgiving holiday, Business Insider reported that Coinbase added 100,000 users in just three days. Some exchanges have had to completely stop onboarding new users to deal with the demand.

A Coinbase representative did not immediately respond to messages seeking comment.

Read the full report on Recode.

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