San Francisco-based digital asset exchange, Coinbase earned an estimated $520 million in revenue during FY 2018.

This, according to a report from Reuters, which revealed that it was able to make a rough calculation, or approximation, of Coinbase’s global revenue based on the exchange’s growth and expansion into UK-based markets. According to the news outlet’s estimates, Coinbase’s UK revenue grew by as much as 20% in 2018 to around €153 million (appr. $173 million).

$7.4 Million In Net Profits From UK Markets

As detailed in a filing submitted to the UK’s corporate registry, Coinbase’s business in the leading European nation now accounts for around “a third” of the company’s total year-to-date (YTD) revenue. In statements shared with Reuters, Zeeshan Feroz, CEO of Coinbase’s UK-based operations, confirmed that the American exchange may have generated a net profit of around €6.6 million (appr. $7.4 million).

The filing further shows that Coinbase U.K. made a net profit of €6.6 million euros ($7.4 million) last year. The recent report from Reuters also mentioned that venture capital firms continue to invest millions of dollars into various crypto and blockchain-related initiatives.

Notably, VC firms and other leading world businesses and organizations have already invested around $850 million into several cryptocurrency and distributed ledger technology (DLT)-related projects, Reuters’ report revealed.

LSEG Leads $20 Million Investment Round

In 2018, there were reportedly 117 different investments made by VC firms working closely with crypto-related startups. In total, research performed by Pitchbook, a firm commissioned by Reuters, revealed that there was an increase of about five times in total investments received by crypto projects. This figure has been estimated to be around $2.4 billion.

As mentioned in the report published by Reuters, the London Stock Exchange Group (LSEG) led a $20 million investment round for Nivaura, a capital markets-focused blockchain startup. Additionally, Microsoft’s VC fund M12 and the Boston Consulting Group led a $182.5 million funding round for Bakkt, which is a digital asset-related subsidiary of the Intercontinental Exchange (ICE).

Coinbase Consumer Adds Augur (REP)

While VC investments in the cryptoasset space have remained steady, there has recently been a decrease in the average amount invested – as this figure has reportedly dropped from around $8 million in 2018 to currently around $6.5 million (per deal).

Although total trading volume on Coinbase is down considerably due to the bear market, the American exchange operator continues to expand its line of products and services. Recently, Coinbase Consumer began supporting the REP token, which is the native digital asset used to transact on Augur, a leading prediction market platform. Coinbase has also expanded its crypto-to-crypto trading to 11 other countries in the APAC and Latin American regions.