Facing a slump in cryptocurrency prices on one hand, and less revenue from user transactions on the other, Coinbase CEO Brian Armstrong said the company isn’t focused on turning a profit. It’s focused on staking.
“Any given quarter it could be up or down,” he said of the crypto market on Coinbase’s most recent earnings call. “It’s important to distinguish between what is in our control and what’s out of our control.”
The chill of crypto winter has cooled interest in trading digital assets from both retail and institutional investors. The trading volume on Coinbase fell by over 50% when compared to the same quarter from a year ago, down to $217 billion from $462 billion.
On the company call, Coinbase CFO Alesia Haas admitted that when facing headwinds, “investors tend to shift from traders to hodlers.” But, she said, the number of monthly transacting users is still up by 200,000 in the recent quarter compared to the same period from last year.
In its shareholder letter, Coinbase...
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