Report by tech publisher, Recode says
According to people with knowledge of the figures, Coinbase was expected to book about $600 million in revenue for the year as of 30 September. But the run in cryptocurrencies - Bitcoin, in particular - between Thanksgiving and Christmas boosted the company's revenue to over $1 billion.
Such a jump in revenue has prompted venture capitalists and private brokers to knock on the door. But the report cites shareholders saying that they were warned to not engage in conversations with such parties over selling their stake in Coinbase.
Coinbase was founded in 2012 and has grown to become one of the largest cryptocurrency exchanges in the world. They basically make money not just on the spread of the cryptocurrencies, but also through the volume - where they charge a fee based on transaction size.
Well, if you don't know what line of business to go into down the road, then I guess opening up a cryptocurrency exchange isn't such a bad idea.
