Since its inception in 2012, San Francisco based cryptocurrency exchange, Coinbase, has always been a differentiator in the crypto space.
This week Recode is reporting that Coinbase is self-valuing its company at $8 billion, an astonishing amount for a digital currency exchange.
In April, Coinbase purchased Earn.com for an estimated $120 million, and they installed Earn.com CEO, Balaji Srinivasan, as their first chief technology officer.
Although it's unclear at what level Earn.com investors received their common stock, it's believed that Coinbase floated this $8 billion valuation based on their end of the year earnings and the growing interest in their platform.
According to their own metrics, Coinbase has more than ten million active users, and they've surpassed $50 billion in trades on their platform.
Last August, Coinbase was valued at $1.6 billion as part of the company's series D funding round that brought it more than $100 million in new investment.
As crypto mania hit a fever pitch and investors poured into crypto markets, Coinbase greatly benefited.
In a separate account, Recode estimates that a strong November and December boosted Coinbase's revenue well above $1 billion for the first time.
Although Coinbase only exchanges four cryptocurrencies, its app and digital exchange are extremely popular.
Its popularity, brand recognition, and relatively spotless record make Coinbase well-positioned to be the first mainstream investment entity to arise from the crypto economy.
Cryptocurrency Exchange Giant Coinbase Valuing Itself At $8 Billion
Published on May 1, 2018
by Cryptoslate | Published on Coinage
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