Coinbase Generated $2B Since Its Launch

Brian Armstrong, the CEO of Coinbase, said at the Vanity Fair’s New Establishment Summit that Coinbase generated nearly $2 billion. And this was all from transaction fees since it launched back in 2012.

In addition to that, the co-founder and CEO of major United States cryptocurrency exchange and wallet provider Coinbase stated to Vanity Fair on October 23 that technology has been the center of attention of Coinbase. For that reason, the firm has remained profitable over the years.

Since 2017, Coinbase has been profitable. And it generated almost $2 billion in transaction fees since the firm started in 2012. Armstrong stated, “Most of these profits we’re plowing back into the business to create new products.”

He also expressed how he wanted the firm to be a repeatable innovation.

Moreover, Coinbase is a member of the 21 remaining companies that are in the Libra Association. And it has been under the scrutiny of lawmakers around the world sue to its potential to jeopardize user privacy and flouts regulatory rules. Libra recently lost seven high-profile participants. And these include Visa, eBay, and Mastercard.

Libra Hearing

Elsewhere, lawmakers remained worried over the possible launch of the Libra stablecoin. Moreover, this happened after testimony before the United States House of Representatives Financial Services Committee earlier.

On Wednesday, legislators heard statements from Facebook CEO Mark Zuckerberg. They posed questions addressing different topics from Libra to Facebook’s data policies. Also, the reaction to potential foreign influences on the platform.

Then, after the hearing, committee chair Maxine Waters said, “I don’t support Libra at all at this point.”

She also added that it is not as if it will support it if it does this or that. This time, Waters is not a supporter of Libra, saying, “I don’t know what it is, I don’t think that that has been adequately explained.”