Leading cryptocurrency exchange Coinbase is reporting a revenue figure of up to $1.3 billion USD despite the turned market.
According to a report by Bloomberg, Coinbase raised approximately $8 billion USD in cryptocurrencies – making it one of the world’s most valued startup companies – and shooting the value of the company to significantly higher values than that of last year.
According to Bloomberg’s report, 2016 saw Coinbase incur a net loss of $16 million USD with a revenue of only $17 million USD. The following year, however, the company managed to record a $380 million USD profit come in. If the trend continues, the exchange will be looking at around a whopping $456 million USD for this year.
Coinbase Chief Operating Officer Asiff Hirji stated that “companies interested in investing in [them] know that this is the next wave of tech innovation. This was an opportunistic round. [Coinbase] didn’t have to go out and raise capital.”
Although Hirji did not comment on any exact figures of revenue, he did comment that he believes the company is an integral part of the future of cryptocurrency and that Bitcoin prices are driving the inclination or declination of other cryptocurrencies, too. Owing to the price dips in the market, the platform has been aiming to diversify. As reported, the company is conversing with Tiger Global in a deal which could feature a some $500 million USD figure.
Although it gives investors an alternative reason for hope, Coinbase is primarily a cryptocurrency-focused company. If investors opt against the future of cryptocurrency, the exchange will suffer. Hirji commented on this matter regarding the next round of fundraising:
“For this round, we simply weren’t interested in taking investments from firms that didn’t have a constructive view of crypto. This round, and the future of crypto in general, needs to be about more than asset prices.”