Home » Coinbase Survives the Bear

Coinbase Survives the Bear

by Carolina Lynch

Coinbase, one of the world’s leading crypto exchanges, reported net revenue of $605 million in Q4 2022, a 5% increase compared to the previous quarter. Despite this, annualized net revenue fell from $7.4 billion in 2021 to $3.1 billion in 2022 due to weak macro conditions. Transactions accounted for over half of the revenue ($322 million), while subscriptions and services made up the rest ($283 million). The exchange has taken steps to reduce costs, including a 20% headcount reduction and other cost management efforts.

Coinbase also noted that 2023 is likely to be a “significant year for crypto policy in the United States and abroad”, with increased regulation following the collapse of FTX last year. Coinbase CEO Brian Armstrong has spoken out against the SEC’s recent crackdown against Kraken’s staking service, and the company has denied that stablecoins like BUSD constitute securities. Coinbase is concerned that the regulatory actions are more punitive and reactive than addressing actual consumer interests and the reality of how crypto works.

Popular News

Leave a Comment

Ads Blocker Image Powered by Code Help Pro

Please support us to continue to provide free news for everyone

We have detected that you are using extensions to block ads. Please support us by disabling these ads blocker.

Powered By
Best Wordpress Adblock Detecting Plugin | CHP Adblock