Coinbase Made Almost Half of its 2017 Revenue in December Alone

The exchange recently reported to investors that it made $1 Billion in revenue through 2017  
28 February 2018   123

According to an independent assessment, 43% of revenue was in December alone. Coinbase was one of the first interfaces to make Bitcoin accessible to the masses using credit cards and bank exchanges.

The exchange expected a 600 million profit for 2017 but the bitcoin run in the final weeks of the year nearly doubled that estimate. According to the New York Times, Coinbase was receiving eight times as much traffic in December as it was in June. It makes money from transaction fees. Due to this fact during the high rate of trading that went on from about Thanksgiving through to New Years, the exchange would have seen much higher profits.

However, it is not possible to repeat such success in 2018 unless there is another surge in cryptocurrency trading. Moreover, because of increasing Competition Coinbase may not see the same profits.

Coinbase is going to generate profits with a new merchant platform Coinbase Commerce which will enable vendors to accept cryptocurrencies. It will generate profit from participating merchants while encouraging the growth of cryptocurrency use, garnering fees from those transactions as well.

Crypto Taxpayers to be supported in India

Cleartax, the largest Indian tax filing platform joins Zebpay exchange to help crypto taxpayers
24 March 2018   102

The object of this partnership is to educate Bitcoin traders and investors about the current tax laws and how to apply them in stating cryptocurrency profits and incomes. Indian authorities are aimed to find the best approach to Bitcoin and the other kinds of cryptocurrencies. The recent declarations of the regulators that new instructions would be accepted in a short time, have not been followed by real actions. So the attempts to enforce the control on this sphere have led to summaries that this task in not going to be simple at all. According to last month media reports, new frameworks and rules were waited by the end of March.

Though they failed to to introduce extensive regulations, the Indian authorities are focused to tapping into crypto earnings. In a previous month the Income Tax Department released notifications for thousands of cryptocurrency investors, as reported.

The Cryptocurrency Advisory Plan will help Indian bitcoin investors and traders in this year's tax campaign. The biggest tax filing platform Cleartax joins the Indian bitcoin exchanges and wallet providers Zebpay. They are both objected to support taxpayers to understand and abide by the law regarding taxation of the transactions with cryptocurrencies.

Cleartax declared it has the tax and technological expertise “to help people understand how bitcoin works”. Besides, the platform has started tax filing services for cryptocurrency investors. The Cleartax CEO and founder Archit Gupta claimed that together with Zebpay they are going to “simplify taxes for Indians”. The head of exchange at Zebpay, Nischint Sanghavi added that he believes the partnership with Cleartax will simplify tax planning for Zebpay`s customers.

In February about 100,000 cryptocurrency investors received tax notices from India`s Income Tax Department. Questionable dubious transactions, authorities investigated some of the cryptocurrency exchanges, and banks paused many of their accounts. Then the governmental pressure caused significant drop in trading volumes.

The authorities in Delhi have set a number of warnings against investing in BTC. Also the largest commercial banks have restricted severely the operations of local exchanges and individual cryptocurrency traders, even before any law demanding such measures is adopted.