Coinbase has earned $2 billion in fees since its launch in 2012

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.

ADVERTISEMENT

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.

Follow Trijo News on Facebook, Twitter and Instagram.