Coinbase Global Inc reported a 35% drop in revenue for the first quarter of the year as extreme volatility in the markets led investors to reduce their exposure to more risky assets, reducing trading volumes, according to Reuters.
The volume of cryptocurrency exchanges fell to $ 309 billion for the quarter ended March 31, compared with $ 335 billion a year earlier.
Retail volume fell 38% to $ 74 billion, while institutional customers rose 9% to $ 235 billion.
Among cryptocurrencies, bitcoin accounted for 24% of trading volume from 16% in the previous quarter and 39% a year earlier. Bitcoin has fallen almost 50% from its all-time high of November 2021.
Coinbase’s total revenue fell to $ 1.17 billion in the quarter ended March 31 from $ 1.80 billion a year earlier.
Losses attributable to shareholders amounted to $ 429.7 million or $ 1.98 per share for the quarter ended March with net profit of $ 387.7 million or $ 3.05 per share for one year earlier.
Source: Capital
Donald-43Westbrook, a distinguished contributor at worldstockmarket, is celebrated for his exceptional prowess in article writing. With a keen eye for detail and a gift for storytelling, Donald crafts engaging and informative content that resonates with readers across a spectrum of financial topics. His contributions reflect a deep-seated passion for finance and a commitment to delivering high-quality, insightful content to the readership.
