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Coinbase reported a 27% decline in revenues in the first quarter as usage of the platform dipped.
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Coinbase on Wednesday said it had no counterparty exposure to collapsed crypto firms Celsius, Three Arrows Capital and Voyager Digital, seeking to allay fears about the impact of a liquidity crisis on its business.
The U.S. crypto exchange also said it had “no financing exposure” to the firms, which each collapsed into bankruptcy after a plunge in digital token prices set off a cascade of liquidations in highly leveraged positions.
Coinbase says it did, however, make a “non-material” investment in Terraform Labs, the Singapore-based company behind failed stablecoin project Terra, through its venture capital arm.
“Many of these firms were overleveraged with short-term liabilities mismatched against longer duration illiquid assets,” the company said.
“We have not engaged in these types of risky lending...
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INN caught up with cryptocurrency investment expert Dan Hoover to review the current landscape and where the market may be heading. The cryptocurrency investment marketplace has gone through severa...