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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.
The British arm of the U.S. cryptocurrency exchange Coinbase saw a sharp downturn in business in 2019, with annual profits dropping by nearly a quarter year on year as a result.
- In a filing with the U.K.'s business registrar Companies House on Tuesday, Coinbase UK reported turnover of €94.8 million (US$114.9 million) in 2019, down 38% from €153 million ($185.6 million) in 2018.
- The turnover is derived from its cryptocurrency exchange service and debit card service, per the filing.
- Coinbase UK reported after-tax profits of €5.1 million ($6.2 million) in 2019, down by 22.5% from €6.6 million ($7.9 million) the year before. Numbers have been rounded off.
- According to the filing, Coinbase had no U.K. staff incurring costs in 2019 or the previous year, suggesting the local exchange operation is run entirely from its California headquarters.
- Despite the drop in turnover, the aggregate value of customer funds held in wallets was €1.493 billion ($1.81 billion) at the close of 2019, up significantly from €741 million ($898.5 million) on Dec. 31, 2018.
- The exchange said it will continue to monitor the U.K.’s departure from the European Union, the so-called Brexit, which will have an impact on the digital exchange's operational structure.
See also: Coinbase to Support Spark Token Airdrop to XRP Holders
STORY CONTINUES BELOW
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Tanzeel Akhtar
Tanzeel Akhtar has contributed to The Wall Street Journal, BBC, Bloomberg, CNBC, Forbes Africa, Financial Times, The Street, Citywire, Investing.com, Euromoney, Yahoo! Finance, Benzinga, Kitco News, African Business Magazine, Hedge Week, Campden Family Office, Modern Investor, Spear's Wealth Management Magazine, Global Investor, ETF.com, ETF Stream, CIO UK, Funds Global Asia, Portfolio Institutional, Interactive Investor, Bitcoin Magazine, CryptoNews.com, Bitcoin.com, The Local, The Next Web, Mining Journal, Money Marketing, Marketing Week and more. Tanzeel trained as a foreign correspondent at the University of Helsinki, Finland and newspaper journalist at the University of Central Lancashire, UK. She holds a BA (Honours) in English Literature from the Manchester Metropolitan University, UK and completed a semester abroad as an ERASMUS student at the National and Kapodistrian University of Athens, Greece. She is NCTJ Qualified - Media Law, Public Administration and passed the Shorthand 100WPM with distinction. She does not currently hold value in any digital currencies or projects.
