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Financial Times

Business

Richard Waters

Coinbase racks up $1.1bn loss as crypto trading volumes slump

Coinbase Crypto

Cryptocurrency exchange Coinbase revealed that revenue had plummeted 61 per cent in the latest quarter as crypto prices fall and trading volumes slump.

The San Francisco-based company on Tuesday reported an after-tax loss of $1.1bn compared to the $1.6bn net profit it registered in the midst of the crypto boom a year ago. It said $446mn of the loss reflected an impairment charge on its crypto and venture investments.

Coinbase shares fell 4 per cent in after-market trading, having already lost nearly 11 per cent earlier in the day.

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