Coinbase has generated close to $2B in transaction fee revenue since 2012

At a Vanity Fair summit in Los Angeles today, Coinbase CEO Brian Armstrong confirmed that the exchange has been profitable since 2017. Armstrong also noted that since launching in 2012 Coinbase has generated nearly $2 billion in transaction fee revenue.

"Most of these profits we're plowing back into the business to create new products,” Armstrong said on stage at the summit. “I sort of think of us as the anti-unicorn unicorn...I want Coinbase to be a company of repeatable innovation.”

Coinbase was valued at $8 billion in its last funding round, raising money from investors including Andreessen Horowitz, Y Combinator, and Polychain Capital.