Coinbase, one of the biggest cryptocurrency exchange platform in the US, has made sales of over $1.3 billion, according to a report on Bloomberg. This comes in the limelight irrespective of the volatility of the cryptocurrency market, wherein the price of all the major cryptocurrencies has plunged to the lowest point since its all-time high earlier this year.
The platform’s valuation is reported to be $8 billion and the profits for this year are estimated to be around $456 million, as opposed to its 2017 profit, which was $380 million.
Asiff Hirji, COO of Coinbase said:
“The companies interested in investing in us know that this is the next wave of tech innovation. This was an opportunistic round. We don’t have to go out and raise capital.”
The COO further added:
“For this round, we simply weren’t interested in taking investments from firms that didn’t have a constructive view of crypto. This round, and the future of crypto in general, needs to be about more than asset prices.”
Last week, news erupted in the market that the exchange platform is planning to go public, with an aim to raise over $500 million. This week, the exchange platform released a report on their Series E funding, which is aimed to advance cryptocurrency adoption. The core responsibilities of the funding will be managed by Tiger Management with the assistance of Wellington Management, Polychain, Andreessen Horowitz and Y Combinator Continuity.
Moreover, according to a report by Diar in the month of August 2018, Coinbase trade volume had plunged by almost 80% since all-time high. Bitcoin [BTC]’s trade volume saw a downtrend from $8.2 billion to $1.9 billion in the month of July 2017, on the exchange platform. Ethereum’s trade volume fell from $8.5 billion to $778 million, marking Ether’s trade volume the biggest loss.
In addition to this, Bitcoin Cash [BCH]’s value dropped to $335 million from $3.2 billion and Litecoin [LTC]’s trade volume also reached $355 million from $845 million on the exchange platform.
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