Just in: Coinbase United Kingdom reports $520 million in profits in 2018
|- Coinbase UK 2018 profits estimated to be $173 million while net profit is placed at $7.5 million.
- Coinbase UK rakes in almost a third of Coinbase total revenue.
According to a recent report by Reuters, Coinbase United Kingdom branch ranked in $520 million in profit in 2018. The data provided by the UK’s corporate registry indicates that the firm saw a 20% increase in profits in 2018 represent a total profit of $173 million.
The report suggests that the UK branch of the exchanged ranked in almost a third of the total revenue recorded by Coinbase. Reuters spoke with the CEO of Coinbase UK, Zeeshan Feroz who confirmed the figures. Moreover, the UK’s corporate registry data shows that Coinbase UK posted a net profit of $7.5 million.
The report by Reuters said that other firms in the cryptocurrency industry also posted high profit margins. Moreover, venture funds are continuing to sink money in millions of dollars in support of the distributed ledger technologies and other crypto ventures. Another report conducted for Reuters by PitchBook says that the highest investment in 2018 was $2.4 billion while a total of $850 million was put in crypto related companies in the same year.
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