Coinbase revenue soaring despite slump in cryptocurrency values

In the past year, the cumulative value of all major cryptocurrencies has tumbled by more than 70 percent. But that doesn’t mean no one’s making money in crypto anymore.

Coinbase, the go-to exchange for cryptocurrencies like bitcoin, is projecting revenue for the year of nearly $1.3 billion, according to a document reviewed by Bloomberg. And investors have taken note. In October, Coinbase raised money at a valuation of $8 billion, which places it among the ranks of the world’s most valuable startups. That valuation is more than five times higher than it was early last year.

The San Francisco company has been able to capitalize better than most on the crypto frenzy of the past few years. The company’s $1.