Coinbase Booked $1b in 2017 Revenue

Despite huge revenue, company remains closed and doesn't allow to sell its shares on the secondary market
23 January 2018   249

The largest American cryptocurrency exchange, Coinbase, has earned $ 1 billion in 2017, which is 66% higher than the expected revenue of $ 600 million, Recode reports referring to "sources from the industry." According to the information of the portal, despite the growing interest from outside, the company remains closed and does not allow trading its shares on the secondary market.

Coinbase faced a real wave of new users in 2017 due to Bitcoin price jump. After the announcement of the bitcoin futures launch in November, 100,000 users registered at Coinbase in 24 hours.

Although the growth of bitcoin was replaced by a recession at the end of last year, this did not prevent Coinbase from demonstrating record profitability, secured by huge profits due to transactions carried out on its platform.

The success of Coinbase did not go unnoticed among investors and venture capitalists. According to Recode, interested parties are trying to get a stake in the company in various ways, but Coinbase told its shareholders not to sell their shares to third parties.

As a private company, Coinbase does not allow trading of stock on secondary markets for a variety of reasons, including the fact that there is not full and equal information available to the market. We will take appropriate action if we find people have sold Coinbase shares in violation of our agreements not to do so.
 

Coinbase

Such activities will be considered a violation of the company's policies, said a representative of Coinbase in a conversation with Recode.

Coinbase Implemented SegWit

One of the largest cryptocurrency exchange now supports SegWit protocol
21 February 2018   141

The leading crypto exchange of digital assets Coinbase announced the imminent launch of Segmental Witness (SegWit) protocol.

The SegWit protocol was activated in the bitcoin network in August 2017, but even after six months a number of large companies still did not support it. Coinbase turned out to be under a separate wave of criticism - a few months ago the company expressed support for some dubious decisions that could potentially increase its profits, but would hardly contribute to the healthy development of bitcoin as a whole.

It is important that Coinbase has one of the largest user bases in the bitcoin industry, and SegWit support will surely have a positive impact on both the total number of SegWit transactions on the network and the reduction of commissions.