Coinbase UK Reports 22 % Drop in 2019 Profit

Coinbase UK, an extension of U.S cryptocurrency exchange Coinbase, recorded a sharp decline in business in 2019, with annual profits slumping by almost a quarter year-on-year as a result.

Coinbase had a turnover of €94.8 million for 2019, which is less than 2018’s €153 million. The information was revealed as the institution filed with the business registrar Companies House in the UK on Tuesday.

From the filing, the presented turnover was derived from its debit card service and cryptocurrency exchange service.

While the numbers have been rounded off for estimation, Coinbase shows an after-tax profit of €5.1 million (6.2 million) for 2019. This is 22% lower than the €6.6 million ($7.9 million) reported for 2018.

The information also revealed that Coinbase did not have any UK staff expenditure for 2019 or 2018, because all its operations are run from the California headquarters.

Despite the drop in profits, Coinbase was able to retain its customer funds contained in wallets up to a tune of €1.493 billion ($1.81 billion) for 2019. This is significantly higher than the €741 million (898.5 million) reported on December 31, 2018.

The exchange platform promised to keep an eye on the Brexit saga that is predicted to affect how the digital exchange structure is operated.