Brian Armstrong Speaks About Coinbase
Coinbase revealed how much they’ve made through transaction fees since opening in 2012. The Chief Executive Officer for Coinbase, Brian Armstrong, spoke onstage at the yearly Vanity Fair financial event. During his speech, he stated that his exchange had earned more than $2 Billion in revenue from their transaction fees. In the last three years alone, it’s estimated that more than $500 Million was earned through these fees. This isn’t shocking considering that Coinbase is expected at an $8 Billion Valuation.
The speech didn’t end there for Brian Armstrong, with the CEO also speaking about the Libra Coin and future of the cryptocurrency industry. It’s known that the regulatory environment for blockchain technologies and exchanges are changing quickly due to the significant concerns regarding Facebook’s Libra Coin.
Armstrong stated: “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. I want Coinbase to be a company of repeatable innovation.” Moving onto the Libra Coin, he said: “I don’t know why the reaction was so negative. I’d like to see the U.S. embrace this area of innovation.”
Armstrong continued his comments by saying: “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 pleased with.”
Brian Armstrong and his team at Coinbase recently expanded across the European Union. Their new products will come from a new headquarters in Ireland, with Coinbase now holding an EMoney License from the Ireland Central Bank. This license enables the exchange to provide their certified services across the European Union and Economic Area. It’s anticipated that the exchange will release new contracts-for-differences, indices and spreads.