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The cryptocurrency market had problems during 2018 and lost more than 75 percent of its maximum in January. Even so, many exchanges have had billions in revenue, according to recent news.
The exchanges with the highest income.
Although the market has plummeted last year, many have made great strides. Especially the exchanges, and Coinbase Inc, among others, projects an annual income of almost $ 1.3 billion, according to Bloomberg. Earlier this month, Coinbase increased in value to $ 8 billion, which means that Coinbase is one of the most valuable startups in the world. Even more surprising is that the valuation is five times higher than last year's. The forecasted revenue of $ 1.3 billion in sales for 2018 comes from the commission of its trading platform, as well as the profits and losses of the companies crypto holdings.
Coinbase is not the only exchange that has generated large profits. Binance, the world's largest cryptocurrency exchange, posted earnings of $ 7.5 million during the first quarter and more than $ 200 million during the second quarter of 2018, according to a Linkedin post from Binance CEO Changpeng Zhao, published a few months ago. He affirms:
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"Binance is the largest cryptocurrency exchange in the world, and in the first three months since the beginning, earnings amounted to $ 7,500,000.In the second quarter, earnings amounted to $ 200,000,000.The third quarter is still in progress and it is expected that have greater growth, any country that can attract Binance to open a branch in its location will receive attractive tax revenue. "
Upbit and Bithumb, two of the largest exchanges in South Korea, posted a monthly income of $ 100 million at the beginning of 2018, mainly due to transaction and withdrawal fees.
Why are the exchanges making so much money?
A few weeks ago, Toshi Times covered the story of how Coinbase had negotiated an $ 8 billion valuation and, for that reason, it became the most valuable start-up company in the US. UU Revenues come from fees and commissions for most exchanges, and Julie Verhage at Bloomberg declared where Coinbase's revenue streams come from:
"The $ 1.3 billion in sales of the company for 2018 comes from the commissions on the operations in its platform, as well as the profits and losses in its holdings of cryptography. Because the company analyzes several internal revenue measures, the exact figures may vary. "