Last year, Coinbase UK recorded a 38% drop in turnover compared to 2018.
This was recently discovered from a report released a few days ago, dedicated to Coinbase UK Ltd’s 2019 performance.
Coinbase UK is the subsidiary of the US parent company and operates in the UK.
According to the report, the company acquired more than 5 million new users during 2019, reaching a total of almost 22 million users, and its turnover was 94.8 million euros.
In 2018, on the other hand, probably thanks in part to the wake of the big speculative bubble at the end of 2017, turnover was 153 million, so in 2019 there was a real collapse of 38% from this point of view.
However, the net margin fell by only 8%, from 7.8 to 7.2 million, evidently due to a sharp reduction in expenses.
Incidentally, Coinbase had no staff in the UK in recent years, so the reduction in costs was not achieved by cutting staff numbers.
In 2019 the total value of client funds held in the company’s custody increased from 741 million euros on December 31st, 2018 to 1.493 billion euros at the end of 2019, almost doubling.
It is worth noting that at the end of 2018, the value of a bitcoin was around $3,800, whereas at the end of 2019 it had almost doubled ($7,400).
Coinbase UK’s turnover
The turnover of Coinbase UK is generated by both the platform’s cryptocurrency exchange and the debit card service, so it is not necessarily proportional to the value of clients’ funds held in custody.
Instead, it is proportional to clients’ exchange activities, and these were certainly still very high at the beginning of 2018.
Among other things, according to TechCrunch, Fortune staff writer Jeff John Roberts wrote a book on the history of Coinbase and CEO Brian Armstrong, entitled “Kings of Crypto”, published by Harvard Business School Press.
It is a narrative text that attempts to explain the cryptocurrency world using the story of the birth of the exchange as a pretext to describe this industry.
The crypto world, in essence, is increasingly entering the mainstream.
