Coinbase to Bring in $1.3 Billion in Revenue Despite Crypto’s Massive Slump

In the last year, the cumulative value of all major cryptocurrencies has tumbled by more than 70 percent. But that doesn’t mean no one’s making money in crypto anymore.

Coinbase Inc., the go-to exchange for cryptocurrencies like Bitcoin, is projecting revenue for the year of nearly $1.3 billion, according to a document reviewed by Bloomberg. And investors have taken note. Earlier this month, Coinbase raised money at valuation of $8 billion, a number that places it among the ranks of the world’s most valuable startups. That valuation is more than five times higher than it was early last year.