Coinbase UK Discloses 22% Profit Drop in 2019
The British arm of the U.S. cryptocurrency exchange saw a sharp downturn in business in 2019.
Numbers published Tuesday ahead of a public listing next week show a profitable Coinbase capitalizing on the current market.
Assets under management at the now Nasdaq-listed CoinShares grew by over 300% in 2020.
The investment firm said Coinbase could deliver “healthy margins” despite bitcoin's volatility.
“We believe our industry is at an inflection point as we participate in a once in a lifetime secular shift," said CEO Mike Novogratz.
The majority of the new deposits came from cryptocurrency exchange clients.