Coinbase reported losses in $430 million for Q1 2022 of the year – Bits Media

I quarter 2022 year was not very successful for the American cryptocurrency exchange Coinbase – the company’s total income decreased significantly, and the net loss was $430 million.

In a letter to shareholders, the management of the cryptocurrency exchange Coinbase reported, that the company's total income for the first quarter 2022 the year was $1.165 billion, and the net loss is $430 million. For comparison, for the IV quarter 2021 year, the corresponding indicators were $2.49 billion and $840 million.

"First quarter 2022 of the year will continue the downward trend in the cryptocurrency market and volatility, which started at the end 2021 of the year. These market conditions directly impacted our financial results in the first quarter.. But we were prepared for such market conditions and are still excited about the future of the cryptocurrency industry.”, – noted in the letter.

The total trading volume also decreased significantly - $309 billion in the first quarter 2022 year against $547 billion a quarter earlier. Number of users, made at least one transaction on the Coinbase platform, for the quarter decreased to 9.2 million people, and the total volume of assets in exchange wallets decreased to $256 billion.

Coinbase management emphasizes, that such market conditions will not last forever and the company is “focused on the future”. Coinbase plans to continue investing in the development of its cryptocurrency wallet and services, related to NFT.

Recently reported, that the number of bitcoins in exchange wallets decreased by 36% in two years. The current figure is 649 500 BTC.