But according to Vanity Fair, “Coinbase has generated nearly $2 billion of transaction-fee revenue since its launch back in 2012, and has generated more operating profit than V.C. money raised.”
Coinbase has raised $547.3 million in known venture funding to date, according to Crunchbase.
Late-2017 was a heady period in the world of cryptocurrencies, with rising prices and rabid consumer interest fueling Coinbase and other companies operating in the space.
The furor was so intense as 2017 came to a close that some estimated that Coinbase generated over 40 percent of its full-year revenue in December of that year alone.
But as crypto prices sagged and some trading volume declined, Coinbase put up around a comparatively-modest, estimated $520 million in revenue in 2018.
The company’s operating profit is, therefore, an impressive result; it’s difficult to see revenue fall and profitability persist, especially among growth-oriented companies.