In the 1st quarter of 2022, the cryptocurrency exchange Coinbase recorded a reduction of up to $ 430 million, leading to the stock to collapse.
On the evening of May ten, the greatest US cryptocurrency exchange Coinbase announced the money report for the 1st three months of 2022.
In the report, Coinbase explained that the exchange’s income in the 1st quarter was $ one.sixteen billion, much less than $ one.59 billion in working costs, which implies a reduction of $ 430 million.
For comparison, in the fourth quarter of 2022, Coinbase reported $ two.five billion in income and $ 840 million in revenue.
Coinbase explained:
“The 1st quarter of 2022 has followed the downward trend in cryptocurrency charges given that the finish of 2021. The unfavorable industry problems impacted the company’s outcomes. But we have foreseen it and we are ready and continue to be optimistic about the long term of cryptocurrencies. “
Coinbase’s trading volume in the 1st quarter was $ 309 billion, down from $ 547 billion in final year’s fourth quarter.
Coinbase’s COIN share value reacted negatively to the information, possessing persistently hit a reduced in April. The COIN stock has fallen to $ 72.99 in the previous couple of hrs, down 78.five% from its peak of $ 340 in April 2021.
Coinbase is also underneath stress due to the unsuccessful launch of the Coinbase NFT platform, regardless of a whole lot of time invested in its development and promotion. Coinbase CEO Brian Armstrong lately had to reassure the local community about “insider trading” allegations.
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