The largest American cryptocurrency exchange, Coinbase, reported a net loss of $557 million for the fourth quarter of 2022 (October-December), with losses totaling $2.625 billion for the full last year. published press service of the trading platform.
For comparison, Coinbase net profit for full 2021 was $3.624 billion from October to December 2021 — $840 million.
A net loss is recognized when total expenses (including taxes, fees, loan interest and depreciation) for a given period exceed revenue.
Coinbase’s annual revenue fell 57%. For the full last year, the marketplace earned $3.1 billion, more than half of the $7.3 billion generated in 2021.
Press service of Coinbase Global in the first half of February reportedthat the trading platform will lay off 20% of its employees (approximately 950 people) due to the intensification of the crisis in the sector. One of the factors behind this decision was the bankruptcy of the FTX trading platform.
Last week on Coinbase said on the end of its operations in Japan following the rival exchange Kraken.