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Getting to the point where you don't have to sell off parts of your company to get the cash to sustain your growth. Coinbase is certainly on a nice trajectory, but assuming your goal is to build a real business you haven't succeeded yet if you're still talking about your funding rounds rather than how much money you made last year.


They made a billion dollars in revenue in 2017 and about $520M in 2018, in the midst of a massive bear market. For a company whose primary product is software and doesn't need to worry about cost-of-goods-sold the way that sharing economy companies do. Supposedly they made $450M in profit. They're doing way better than Uber and Lyft are, which continue to lose money even after going public.




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