Coinbase Hits a Staggering $1 Billion in Revenues

The global market’s largest cryptocurrency exchange, Coinbase, has reached revenues of $1 billion in the last year. The trading platform started seeing success around the same time cryptocurrencies started trending. Reports indicate that Coinbase has over 13 million users. The users have gotten so high, that sometimes the website experiences outages. The app, which is available on Apple store, has ranked at number one for the most downloaded app. Sometime in November, Coinbase had over 100,000 users join in just one day. No different from any other digital asset exchange, Coinbase makes its revenues from transaction fees. The more users who join the platform, the more money Coinbase makes. However, Coinbase does not allow its investors to sell shares to investors outside of the platform. CCN reported that Coinbase has raised $100 million summer of last year. Exterior investors will have to wait quite some time before Coinbase decides to raise money again. Some fear that Coinbase may never fundraise again before they announce an IPO. Shareholders are saying that they are being pestered from investors looking for a small sum of shares. Coinbase has not responded to any questions about stocks or investments. While many are looking to sink their teeth into Coinbase, some investors are not too chipper about the company. Coinbase has been blasted for causing traffic to the bitcoin network by spamming its memepool. The platform is looking to find solutions for this issue by utilizing SegWit and batching transactions.

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