Coinbase, a cryptocurrency exchange Coinbase reported an increase of 35% in revenue during the initial quarter, as market volatility and lower prices for crypto assets directly affected its performance.
The Coinbase Company’s total revenue for the quarter decreased to $COIN – $1.17 billion, down from $1.80 billion in the same period the previous year.
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The volume of trading and the monthly number of users declined:
The trading volume in the initial quarter dropped to $309 billion from $547 in the previous period, the firm reported on Tuesday. The number of monthly users who transacted in the period of 9.2 million, compared to 11.4 million in the last quarter, which was a drop of 2.2 million, or 19 percent.
The first quarter in 2022 saw an increase in the number of institutional customers compared to last year’s one,” the cryptocurrency exchange announced during its annual earnings release. The volume of transactions for institutional customers was $235 billion, and it is a reduction of 37% when compared to the prior quarter.
Coinbase declared: (Exploring Opportunities Beyond Trading)
We believe that the current market conditions aren’t permanent, and we will remain focused on the longer term. In addition, its focus will be on the upcoming generation of cryptocurrency opportunities that go beyond trading.
The first quarter of the year saw the debut of Coinbase Pay. Coinbase Pay, which allows any cryptocurrency wallet or Dapp to connect to the fiat rails, applies to both Coinbase Chrome extension for Wallet and Coinbase NFT as an attempt to simplify the hassle of transacting on Web 3.0.
Build Future of Crypto Coinbase announced: indicating its future outlook for the coming year:
We are planning to invest a lot but with a cautious approach throughout the year to keep developing the future of cryptocurrency. As we navigate turbulent and uncertain marketplaces, we’ve over a decade of experience as we continue investing smartly to help drive growth over the long term.
The decline in revenue led to Coinbase’s shares falling to 63.83 and dropping -9.16 percent during after-hours trading. In the past, the shares were trading at about $72.
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