A Reuters report has estimated that US-based cryptocurrency exchange Coinbase raked in a staggering USD 520 million in revenue in last year alone. The figure was based of UK revenue which grew by about 20% to USD 173 million, according to its most recent filing with the British corporate registry.
Despite the warnings from various regulators about digital assets, against a badly-performing market throughout 2018, Coinbase UK CEO Zeeshan Feroz told Reuters that the latest branch of Coinbase brought in a third of the company’s revenue, with a net profit of USD 7.4 million in 2018.
The pace of investment into financial technology (fintech), including in blockchain and distributed ledger tech, has continued in an upwards trend, despite misgivings from some segments of the traditional finance and banking industry.
PitchBook, researching for Reuters, believes that some USD 850 million has already been poured into the industry with less than four months gone for 2019, while venture capital (VC) participation in 2018 grew five-fold to a record USD 2.4 billion.
For instance, the London Stock Exchange Group led a USD 20 million funding round for capital markets blockchain startup Nivaura just recently, while London has been touted as likely to overtake competitors as a unicorn-producing capital.
Signs of slowdown are there, though, with 2019 recording average of USD 6.5 million per deal, down from USD 8 million witnessed in 2018.
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