Cryptocurrency exchange Coinbase which is based out of San Francisco in USA now has a net worth of $8 Billion.
In the summer of 2017, before the bitcoin price peaked in December, Coinbase was priced only at an approximated $1.6 billion. Despite the bitcoin fall this quarter, crypto users are baffled how the net worth of the exchange has skyrocketed.
Last month the cryptocurrency exchange took acquisition of Earn.com(formerly known as 21 Inc), a service that allows senders to pay users in cryptocurrency to reply to emails and complete tasks.
The acquisition was valued at $100 million of which a part was offered to the founders and investors of Earn in the shape of Coinbase stock. As the company’s shares are not traded on a public stock exchange, the offer was based on the self estimation of Coinbase for its worth, from which the $8 billion figure comes.
The rise in the company turnover is not just because of internal resources. Many brokers have reportedly turned to Coinbase stock owners in recent weeks with offers to buy existing shares at a price that will place the total value of the exchange between $4.5 billion and $6 billion.
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