American crypto exchange Coinbase expects to receive $1.3 billion in revenue in 2018, Bloomberg reports citing internal documents of the company.
It also follows from the document that Coinbase forecasts a profit of $456 million for the current year, despite the general decline in the cryptocurrency market. This figure is 20% higher than the result of 2017, $380 million. In 2016, Coinbase's annual revenue was $17 million, and its net loss amounted to $16 million.
Today it also became known that Coinbase raised $300 million as part of a round of financing for the E-Series, led by the American hedge fund Tiger Global Management. Other investors include Y Combinator Continuity, Wellington Management, Andreessen Horowitz, Polychain, and other companies.
Coinbase intends to use funds to expand globally, diversify listing, develop various utilitarian applications, and attract institutional investors to the industry. In particular, the platform plans to build an infrastructure for exchanging fiat and cryptocurrency in regulated markets around the world.
“We see Coinbase’s growth as validation that the ecosystem will only continue to grow in size, influence and impact — ultimately ushering in a more open financial system for the world,” the company explained.
Earlier, it was reported that the largest U.S. cryptocurrency company Coinbase is going to hold an initial public offering (IPO) after the next round of investment. These rumors have been circulating for quite some time, which is no surprise. Moving in this direction means that the crypto exchange wants to become as transparent as possible and integrate into the global financial business.
Following this trajectory, Coinbase seeks to attract institutional investors to crypto sites. In July, the site announced launching Coinbase Custody service designed for such players. Crypto Exchange expects that by the end of the year the service will have more than 100 customers.
Recall Coinbase also became the first "unicorn" in the cryptocurrency sphere after closing the round of financing for the D-series in August 2017.
Subscribe to our Telegram channel to stay up to date on the latest crypto and blockchain news.