> >I'm starting to think that crypto exchanges can't be run profitably. > Coinbase and Kraken would beg to differ. They have been operating since 2011 and 2012

> >I'm starting to think that crypto exchanges can't be run profitably. > Coinbase and Kraken would beg to differ. They have been operating since 2011 and 2012 respectively. Kraken isn't public, and we don't know their inner balance sheet. However, Coinbase seems to have lost more than a billion dollars in the four quarters [0]. Definitely not how I define "running profitably." [0] https://www.wsj.com/market-data/quotes/COIN/financials https://www.wsj.com/market-data/quotes/COIN/financials