US tax authority is arranging a crypto summit – wants to listen to the industry
The US tax authority, the IRS, will arrange a summit with several big crypto companies in early March.
Coinbase has earned $2 billion in fees since its launch in 2012
Brian Armstrong, CEO of Coinbase. Image source: Flickr/TechCrunch / Shutterstock
2019-10-24 16:10
Christian Ploog
christian.ploog@trijo.coBrian Armstrong, CEO of Coinbase, now confirms that the company has been profitable for the past two years.
During Vanity Fair’s New Establishment Summit in Los Angeles, USA, Brian Armstrong, CEO of Coinbase, said that the American crypto exchange has been profitable since 2017.
In fact, Coinbase has received nearly $2 billion in transaction fees since the company started in 2012.
“Most of these profits were plowing back into the business to create new products I sort of think of us as the anti-unicorn unicorn. I want Coinbase to be a company of repeatable innovation”, Brian Armstrong said during the conference, according to Vanity Fair.
Valuation of $8 billion
A “unicorn” is a privately owned startup company valued at over $1 billion.
However, whether Coinbase, which is currently valued at $8 billion, should be placed in that category, Armstrong did not really want to answer.
“I leave that up to investors. I just like to build products with technology”, he said according to Vanity Fair.
