Cryptocurrencies may have shed three-quarters of their market capitalization from January to date, but one company is rising from the ashes like a phoenix and raking in the big numbers. Occupying three floors in San Francisco’s Market Street, U.S’ largest cryptocurrency exchange has been steadily growing since it was founded in 2012. And now, despite the trading volume taking a nosedive, documents availed to the media have revealed that Coinbase could rake in $1.3 billion in revenue this year. The revenue projection comes barely three weeks after Coinbase closed a funding round that valued the company at $8 billion.
Founded by its current CEO, Brian Armstrong and Fred Erhsam in 2012, Coinbase was perfectly positioned to capitalize on the rise of cryptos over the years. However, it hasn’t always been rosy. In 2016, the company only brought in $17 million in revenue, running into a $16 million net loss. In 2017, buoyed by the skyrocketing prices of cryptos and their rising popularity, the exchange made a $380 million profit from $923 million worth of revenue.