Coinbase and GDAX products operate differently. Coinbase is a counter-party in all trades e.g., people buy FROM Coinbase or sell TO Coinbase. So $1B revenue n

Coinbase and GDAX products operate differently. Coinbase is a counter-party in all trades e.g., people buy FROM Coinbase or sell TO Coinbase. So $1B revenue number would include all deposits. GDAX accounting would only count commissions as revenue.