Coinbase reports unexpected loss, CEO shows optimism
Crypto exchange platform Coinbase has released its earnings report for Q1 2022, which discloses its first net loss as a public company of $430 million.
Coinbase revenue down by 27% YoY
The Q1 earnings report by Coinbase reports revenue of $1.165 billion, a year-on-year decrease of 27.05%, and a month-on-month decrease of 53.2%, resulting in a net loss of $430 million. The exchange reported a profit of $840 million in the fourth quarter of last year.Coming to the trading volume, the first quarter of this year recorded a trading volume of $309 billion, down 44% from Q4. Retail Trading Volume was $74 billion, down 58% from the previous quarter. According to the exchange, the sequential drop in Q1 was mostly due to weaker crypto market conditions in Q1 than in Q4. Institutional Trading Volume was $235 billion, down 37% from the previous quarter and accounting for 76% of total Trading Volume. Institutional Trading Volume was concentrated mainly in Bitcoin and Ethereum as compared to Retail Trading Volume.
Despite the net loss reported, the CEO brain Armstrong said that he has “never been more bullish” on where the Coinbase is as a company. During an earnings call, he expressed optimism by stating:
“There are so many customers beating a path to our door that we have to have all hands on deck just to keep everything running, so the down periods are often sometimes kind of a welcome change from that in the sense that we get to focus on building the next layer of innovation that will benefit us in the next cycle.”
Recent payment rails
Coinbase recently launched Coinbase Pay for both the Coinbase Wallet Chrome extension and Coinbase NFT, allowing any crypto wallet or dApp to connect to fiat rails. It has also started offering payouts to Visa debit cards via Checkout.com in dozens of countries as part of our international effort to "go broad." The exchange has now added Citi to its banking group, furthering its goal of providing robust global banking coverage for its clients.Continue reading by joining Cryptonary Pro
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