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Coinbase Transaction Fees Hits Nearly $2B

Coinbase CEO Brian Armstrong recently announced that Coinbase generated close to $2 billion with its transaction fees since it launched in 2012. Also, he revealed this at the New Establishment Summit of Vanity Fair.

“I want Coinbase to be a company of repeatable innovation,” Armstrong indicated.

In addition, he stated that he does not understand the adverse reaction of the regulators in theUnited States in the planned launching of Facebook’s Libra. Armstrong wishes that the country would learn to accept this kind of innovation even if it came from a firm that does not necessarily appease them.

Furthermore, Coinbase is one of the remaining firms that are still a member of the Libra Association. Due to its potential power to jeopardize user privacy and flout regulatory rules, it has been facing scrutiny from lawmakers around the world. Recently, Libra lost some high-profile participants like visa, eBay, and Mastercard.

Previously, Armstrong criticized U.S. senators for asking Visa, Stripe, and Mastercard to leave the Libra Association. He said, “Something feels very un-American about this. Two senators writing to Visa, Mastercard, and Stripe to ask them to withdraw from Libra.”

The Libra Stablecoin of Facebook

On October 23, meanwhile, legislators caught the statements from Mark Zuckerberg, CEO of Facebook. They posed questions about an array of topics from Libra. Moreover, this includes Facebook’s data policies and reactions to possible foreign influences on the platform.

In addition to that, several representatives of the Financial Services Committee said that not acting quickly on Libra might end up in the U.S. being left behind. Also, it might lose its spot as the global leader in finance and innovation. Rep. Patrick Mchenry declared, “Today is a trial on American innovation.”

Above all, the Facebook founder indicated that China is currently working on a digital version of its national currency. It might come before a dollar-packed project like Libra. As a result, it would send a threat to the economic and geopolitical position of the U.S.

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