Coinbase Has Made $2 Billion in Trading Fees Since its Launch
In a recent Vanity Fair’s Establishment Summit, Brian Armstrong CEO of Coinbase revealed that back after its release in 2012 the firm Coinbase has generated about $2 billion by just the trading fees.
While seeking for the reason behind this the co-founder and CEO of a major United States cryptocurrency exchange and also a wallet provider Coinbase said Vanity Fair that the reason why the company is always in profit is due to their continuous focus on the growing technology.
Adding to the firm’s recent achievement Armstrong added:
“Most of these profits we’re ploughing 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.”
Amidst all this Armstrong also mentioned the recent issues with Facebook’s Libra currency which is facing a lot of negativity in the United States and said that he would love to see the U.S embrace this innovation and thus to support the release of the Facebook’s Libra currency.
With this he added;
“There are a lot of people who are unbanked in the world, who are underbanked. My hope is the U.S. embraces this kind of innovation, even if it comes from a company like Facebook that they’re not necessarily very happy with.”
The thing to be noted here is that Coinbase is one of the 21 remaining companies that still support and are a part of the Libra Association but since the association is already under the scrutiny by the lawmakers regarding its potential threat to the users privacy and due to this some of the high profile firm have withdrawn themselves from the Libra Association.
To this sudden withdrawn of the payment giants, Armstrong mentioned that previously U.S. senators were asking Stripe, Mastercard and Visa to leave the Libra Association. After the payment giants were apparently pressured into leaving by U.S. Senators Brian Schatz and Sherrod Brown, Armstrong said:
“Something feels very un-American about this. Two senators writing to Visa, Mastercard, and Stripe to ask them to withdraw from Libra.”
