Coinbase Warns Users of Card Issuers Changing MCC Code

Coinbase stated that the changes to the MCC code for cryptocurrency purchases can result in credit companies charging higher fees for transactions
01 February 2018   1721

As it is reported by Techvoid, on January 1 Coinbase cryptocurrency exchange sent emails to its users this morning warning them about credit card companies which are changing MCC code. MCC code is ususally used to classify the business by the type of goods or services it provides.

Coinbase email
Coinbase email regarding MCC code

Coinbase stated that the changes may affect the cost of purchasing cryptocurrency with credit cards, setting it higher than it used to be. The number of major credit card issuers has changed the MCC code, which will increase the fees, and Coinbase warned users that those fees are not collected by Coinbase itself.

Moreover, Coinbase recommended its users to switch to the bank account or debit card so as to avoid the high fees for transactions.

Coinbase Revenues to Reach $520M in 2018, Media Says

Additionally, Coinbase UK's revenues grew by 20% last year
18 April 2019   159

The leading US cryptocurrency company, Coinbase, earned about $ 520 million in 2018, and its British subsidiary revenues grew by 20% last year. This is reported by the Reuters.

Despite the collapse of the market, against which many companies were experiencing serious financial difficulties, Coinbase's UK revenue totaled more than 153 million euros ($ 172 million). These data the company filed in the register of legal entities in the UK.

Coinsbase UK executive director Zeeshan Feroz said that his division accounts for almost a third of the company's revenues. Thus, it can be calculated that the total revenue of Coinbase was more than half a billion dollars. At the same time, representatives of the exchange refused to comment on this information.

In addition, according to a PitchBook study, the activity of venture investors has increased dramatically in the cryptocurrency industry. This year they have already invested about $ 850 million.