With a loss of over a billion dollars, the crypto exchange’s quarterly figures missed already dampened expectations. The downturn came “rapidly and stormily,” according to Coinbase.
The largest US crypto exchange Coinbase has fallen deep into the red in view of the price slide in digital currencies such as Bitcoin and Ether.
In the second quarter, there was a loss of $ 1.1 billion (1.08 billion euros), as Coinbase announced after the US market closed. A year ago, the trading platform had made a profit of $ 1.6 billion. High write-downs on investments now weighed heavily on Coinbase.
The wild fluctuations in the balance sheet also show how dependent the trading fee-based business model is on the ups and downs of the crypto markets. In the most recent quarter, revenues fell compared to the previous year by more than 60 percent to 808 million dollars. “The current downturn came fast and stormy,” Coinbase said of the crypto crash. The stock fell 5 percent in after-hours trading. The figures fell short of already dampened expectations.
Source: Stern
Jane Stock is a technology author, who has written for 24 Hours World. She writes about the latest in technology news and trends, and is always on the lookout for new and innovative ways to improve his audience’s experience.
