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Coinbase is Making $2.7 Million a Day

Running a major cryptocurrency exchange can be a logistical nightmare, but the rewards make it all worthwhile. In information released to shareholders this week, Coinbase revealed that it recorded turnover of $1 billion last year, which works out at an astonishing $2.74 million a day or $2,000 a minute.

Also read: South Korean Card Companies Block Transactions to Overseas Cryptocurrency Exchanges

Coinbase Coins It In

As America’s largest bitcoin broker, Coinbase claims the lion’s share of the money that’s pouring into the crypto space at a dizzying rate. 2017 was a bumper year for all crypto exchanges, which reported record numbers across the board: new signups, new staff hired, new trading pairs, and new revenue. Those revenue streams have turned into a torrent that has caused Coinbase’ coffers to swell.

Coinbase is Making $2.7 Million a DayRecode reports that the company’s revenue exceeded $1 billion last year, most of it derived from the trading fees it levies. These vary from between 0.25% and 1%. and quickly add up: in the past 24 hours, 36,000 BTC were traded on Coinbase, accounting for more than 15% of the total market. Coinbase isn’t the world’s largest exchange (and is technically a broker rather than a conventional exchange – that duty falls to its GDAX subsidiary) but it’s the best known and carries great weight in the cryptocurrency industry.

Coinbase Shares Are Hot Property

It’s not just cryptocurrency that’s in demand from Coinbase: investors are also seeking shares in the company itself. A number of existing investors report having fielded enquiries from buyers interested in snapping up their shares. There’s just one problem: Coinbase is doing everything in its power to prevent that from happening.

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