Crypto exchange giant Coinbase has cited a “fast and furious” downturn of the crypto markets as the reasons behind a staggering $1.1 billion net loss in the second quarter of 2022, which also saw trading volume and transaction revenue tumbling.
It’s the second consecutive quarter of loss for the crypto company and the largest loss since its listing on the Nasdaq Stock Exchange (Nasdaq) in April 2021.
The results, which also missed analyst expectations, were shared in a Q2 2022 Shareholder Letter from Coinbase on Tuesday, stating:
“The current downturn came fast and furious, and we are seeing customer behavior 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.
“Both metrics were influenced by a shift in customer and market activity, driven by macroeconomic and crypto credit factors alike,” it wrote.
Despite the drop in transaction revenue, Morningstar equity analyst Michael...
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