The United States-based cryptocurrency exchange Coinbase saw a pointy downturn in business earlier in 2019, with annual profits dropping by nearly 1/4 as a result.
Within an official filing with the U.K.’s business registrar Companies House earlier on Tuesday, Coinbase UK reported a turnover of €94.8 Mln [$114.9 Mln] earlier in 2019, down 38% from €153 Mln [$185.6 Mln] earlier in 2018.
The turnover is derived from its cryptocurrency exchange service and debit card service, according to the filing.
Coinbase UK reported after-tax profits of €5.1 Mln [around $6.2 Mln] earlier in 2019, down by 22.5% from the year prior which was around €6.6 Mln [$7.9 Mln].
As per the filing, Coinbase had no U.K. staff incurring costs earlier in 2019 or the previous year, suggesting the local exchange operation is run entirely from its California headquarters.
Despite the drop by turnover, the mixture value of customer funds held in wallets was €1.493 Bln [$1.81 Bln] at the close of 2019, up significantly from €741 Mln [$898.5 Mln] on 31st Dec. 2018.
The exchange added that it’ll still monitor the UK’s departure from the European Union, the so-called Brexit, which can indeed have an impression on the digital exchange’s operational structure.