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I don't think $1B is the transaction amount. In the last 24 hours, trade volume on GDAX(Coinbase's exchange) for Bitcoin alone was $247 million.[1] Their trade fees are around 0.25%[2] so in the last 24hr they made over $60M in Bitcoin trading alone.

[1] https://coinmarketcap.com/exchanges/gdax/ [2] https://support.gdax.com/customer/en/portal/articles/2425097...

.25% of 247 million is $617,500, not 60 million

247 * 365 * 0.0025 = 225,387,500 / year. How is that 1B?

$1B in revenue sounds reasonable, seeing as there are higher volume days than just yesterday, and those trading revenues don't include revenue from fees on (non-GDAX) Coinbase buy transactions.

I Am not sure if all of transaction volume is subject to fees. Market makers get a discount, or can even do it for free, and part of their larger customers might be other exchanges which would get similar discounts.

$1 Billion in REVENUE, not volume transacted. They transacted $681,271,650 USD in the last 24 hours alone.

Probably most of that was in December, so: massive growth.