Coinbase generated more operating profit from transaction fees than VC money

Coinbase, one of the largest cryptocurrency exchanges in the U.S., has generated nearly $2 billion from transaction fees alone since its launch in 2012, CEO Brian Armstrong said.

In an interview with Vanity Fair, Armstrong said the exchange generated more operating profit than all of the venture capital money it raised throughout the years.

Founded in 2012, when its founder Brian Armstrong pitched the company and struck deals at cafes, it is now one of the largest cryptocurrency exchanges in North America.

The company's goal, Armstrong said, is to make crypto a widely accepted and utilized resource.

Onstage on Vanity Fair's New Establishment Summit, Armstrong said that the company has been profitable for the past three years, a rare feat in an industry where venture capital and promises of a better future keep struggling companies afloat.

While the company did raise serious capital, Armstrong claims that it was nothing compared to the operating profit it managed to generate on its own.

"I sort of think of us as the anti-unicorn unicornI want Coinbase to be a company of repeatable innovation."

While chasing the unicorn status seems to be the ultimate goal for most young companies, Armstrong didn't seem too concerned about it.

Coinbase received an $8 billion valuation last year, making it one of the most highly-valued companies in crypto.

Armstrong's focus on the product rather than bureaucracy can also be seen in the company's involvement with Libra.