Coinbase announced a loss of $ 1 billion

Cryptocurrency exchange Coinbase reported a loss of approximately $1.1 billion in the second quarter of this year, driven by the decline in cryptocurrencies.

Coinbase announced its balance sheet for the April-June period of 2022.

Accordingly, the company’s revenue decreased by approximately 61 percent in the second quarter of the year compared to the same period last year, to $803 million. Coinbase generated $2 billion in revenue in the same period last year.

Coinbase lost about $1.1 billion in the second quarter of this year, driven by the decline in cryptocurrencies. The company announced a profit of $ 1.6 billion in the April-June period of last year.

The loss per share of the cryptocurrency exchange was $ 4.98 in this period.

Coinbase said in a statement that despite the nearly 60% drop in the value of the cryptocurrency market in the second quarter due to macroeconomic conditions and shocks in the crypto credit environment, the company remains optimistic about the future of this technology.

In the statement, which described the second quarter of the year as a “resilience test” for crypto money companies, it was noted that striking market movements affected transaction revenue by changing user behavior and trading volume.

In the statement, it was reported that the transaction volume, which was 462 billion dollars in the second quarter of last year, decreased to 217 billion dollars in the same period of this year.

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