Coinbase Global went for a ride when digital collectibles like Bitcoin soared. The excitement meant more customers, rising trading volumes and rocketing fees. Last year’s revenue was 14 times higher than 2019. First quarter earnings on Tuesday show everything has now switched into reverse, and hard.
Users declined by about a fifth from the previous quarter and revenue fell more than half. The formerly profitable Coinbase racked up a $430 million loss as the company invests in expansion. A new disclosure, that crypto assets held in custody on behalf of customers could be treated as general unsecured creditors in the event of bankruptcy, won’t help.
over the space of a few days. Coinbase, whose shares fell about 20% on the news and are down about 80% since their debut about a year ago, is crypto’s conjoined twin.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Coinbase CEO has ‘never been more bullish’ even after $430M Q1 lossBrain Armstrong the CEO of Coinbase explained why he’s still “bullish” on the crypto exchanges future despite its Q1 losses hitting $430 million, its first loss as a public company.
Read more »
dYdX releases an app: Why haven't more DeFi protocols followed suit?The app also supports a long list of well-known crypto wallets such as MetaMask, Coinbase Wallet, Trust Wallet App and Huobi Wallet to name a few.
Read more »
Coinbase posts net loss of $430 million for Q1 2022Crypto exchange company Coinbase said it incurred a net loss of $430 million during 2022's first quarter.
Read more »
Breakingviews - Stablecoin crash drags crypto ideals back to earthDo Kwon had one job. The self-titled “master of stablecoin” designed a popular digital token, TerraUSD, that was supposedly pegged to the dollar. On Wednesday its value slumped below 30 cents. The collapse brings highfalutin cryptocurrency ideals back to earth.
Read more »
4 Must-Have Crypto Browser Extensions | HackerNoon'4 Must-Have Crypto Browser Extensions ' decentralizedinternet quicknode
Read more »
Consensus 2022 presented by CoinDesk | Crypto UnlockedWe've all got to start somewhere — if you're new to this community, we're launching Crypto Unlocked, our Consensus2022 free warmup webinar series, focusing on the fundamentals. Register for this get-up-to-speed session:
Read more »