Hacker News Reader

I’m confused by this bit:

> “But first, Coinbase...needs to legitimize itself -- and bring in revenue...”

Like it doesn’t have revenue? It’s daily volumes of BTC are around 30k. Sometimes a lot more. Plus ETH. Plus LTC. They must be making at least a million per day in trading fees. They’re a money printing machine at this point.

View on HN

On Dec 9, LTC's creator posted that GDAX/Coinbase made $2MM in fees on LTC alone that day: https://twitter.com/SatoshiLite/status/939476331397390336

In the context of this article (Coinbase going after Wall Street, looking to join Big Finance), I would guess that $1MM/day isn't significant enough revenue to count. Especially if they have overhead. Lone traders can make as much with a computer and a few subscriptions.

For comparison, JPMorgan generates around $280MM/day of revenue and $74MM/day of profit.

Reply on news.ycombinator.com