Coinbase Generated $520 Million in Revenue Last Year, Reuters Estimates

Cryptocurrency exchange Coinbase brought in almost $520 million in global revenue in 2018, according to an estimate from Reuters.

The news source based the figure on the exchange’s U.K. revenue, which grew 20 percent last year to 153 million euros ($173 million), according to a filing with the U.K.’s corporate registry. The British side of the business accounts for “almost a third” of the firm's overall revenue, Coinbase U.K. CEO Zeeshan Feroz told Reuters.

The filing further shows that Coinbase U.K. made a net profit of 6.6 million euros ($7.4 million) last year.

Reuters additionally reported that venture capital firms are investing millions of dollars into the crypto and blockchain space, even if still wary of direct involvement with cryptocurrency.

Around $850 million has been invested in the industry so far this year, according to research carried out by PitchBook for Reuters. While, last year, 117 investments saw VC involvement in the space increase by five times to a record-breaking $2.4 billion.

For example, London Stock Exchange Group led a $20 million funding round for capital markets blockchain startup Nivaura earlier this year. Other major investments include one from Microsoft VC fund M12 and Boston Consulting Group, which backed a $182.5 million round for digital assets platform Bakkt – owned by Intercontinental Exchange, the parent company of the New York Stock Exchange.

The VC enthusiasm may be dying down slightly, however. Deals are averaging around $6.5 million in 2019, less than the $8 million seen last year, the report indicated.

Coinbase image via CoinDesk archives