Cryptocurrency exchange Coinbase managed to close the first quarter with net losses of more than five times compared to the same period last year. In this respect reported in a report posted on the company’s website.
Coinbase’s January-March net loss was $78.9 million, or $0.34 per share, compared to $429.7 million, or $1.98 per share, in the same period last year.
In the document, it was stated that the revenue amount, which was at the level of 1.17 billion dollars a year ago, decreased to 772.5 million dollars, while the transaction volume decreased from 309 billion dollars to 145 billion dollars.
According to the organization, the cryptocurrency industry is still volatile, as evidenced by the frequent disruptions to the banking industry. In general, it is no longer possible to predict the outcome of certain events, so the company will focus on reducing costs.
In mid-February, Coinbase cryptocurrency exchange reported Net loss for the fourth quarter of 2022 (October-December) was $557 million and for full last year was $2.625 billion.
Prior to that, The Japan Times wrote that Coinbase Global has terminated its operations in Japan following the rival Kraken exchange.