Citing “fast and furious” downturn of the crypto markets, Coinbase, one of the largest cryptocurrency exchanges; in the world by exchange volume, posted a staggering $1.1 billion net loss in the second quarter of 2022; caused by a fall in trading volume and transaction revenue.
It’s the second consecutive quarter of losses for Coinbase and its largest loss since its listing on the Nasdaq Stock Exchange (NASDAQ) in April 2021. The results, which also miss analyst expectations, were share in a Q2 2022 Shareholder Letter from Coinbase yesterday.
In the shareholder letter, Coinbase stated, “The current downturn came fast and furious, and we are seeing customer behaviour; mirror that of past down markets.” Coinbase said that Q2 was a “tough quarter,” with trading volume falling 30% and transaction revenue down 35% sequentially.
