Coinbase Q2 Reports $1 Billion Loss with 60% Drop in Revenue
The largest cryptocurrency exchange Coinbase has reported a massive loss in both revenue and profit in Q2-2022.
According to a shareholder letter released on Tuesday, coinbase registered a $1.04 billion loss in Q2.
Q2 was a tough quarter, with trading volume and transaction revenue each down by 30 percent and 35 percent sequentially, respectively.
Coinbase claimed that "Q2 was a test of durability for crypto companies and a complex quarter overall. Dramatic market movements shifted user behavior and trading volume, which impacted transaction revenue, but also highlighted the strength of our risk management program,"