The first quarter of 2022 was not very successful for the American cryptocurrency exchange Coinbase – the company’s total income decreased significantly, and the net loss amounted to $430 million.
AT letter The management of the cryptocurrency exchange Coinbase reported to shareholders that the company’s total income for the first quarter of 2022 amounted to $1.165 billion, and a net loss of $430 million. For comparison, for the fourth quarter of 2021, the corresponding figures were $2.49 billion and $840 million.
“The first quarter of 2022 will continue the downward trend in the cryptocurrency market and volatility that began at the end of 2021. These market conditions directly affected our financial results in the first quarter. But we were ready for such market conditions and are still excited about the future of the cryptocurrency industry,” the letter says.
The total trading volume also decreased significantly – $309 billion in the first quarter of 2022 against $547 billion a quarter earlier. The number of users who made at least one trade on the Coinbase platform dropped to 9.2 million in the quarter, while the total assets on the exchange’s wallets fell to $256 billion.
Coinbase management emphasizes that such market conditions will not last forever and the company is “focused on the future.” Coinbase plans to continue investing in the development of its cryptocurrency wallet and NFT-related services.
It was recently reported that the number of bitcoins in the wallets of the exchange decreased by 36% in two years. Now the figure is 649,500 BTC.
Source: Bits
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