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Cryptocurrency exchange COINBASE reported a 35% drop in revenue in the first quarter as volatile market conditions and lower crypto asset prices directly impacted its results. Its total revenue in the quarter fell to $1.17 billion from $1.80 billion in the same quarter last year.
Trading volume and monthly users fell
Trading volumes in the first quarter fell to $309 billion from $547 in the last quarter, the company announced on Tuesday. The monthly transacting users in the three months were 9.2 million as against 11.4 million in the last quarter, a decrease of 2.2 million or 19%.
“In the first quarter of 2022, we grew the number of institutional customers compared to the last quarter,” the cryptocurrency exchange said in its earnings report. However, institutional trading volume was $235 billion, a decrease of 37% compared to the last quarter.
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Exploring Opportunities Beyond Trading
“We believe these market conditions are not permanent and we remain focused on the long-term,” Coinbase said, adding that its focus will be on the next generation of crypto opportunities beyond trading.
The first quarter saw the launch of Coinbase Pay, which allows any crypto wallet or Dapp to connect to fiat rails, for both Coinbase Wallet chrome extension and Coinbase NFT, in a move to reduce the complexity of transacting in Web 3.0.
Build Future Of Crypto
“We plan to invest significantly, yet prudently, throughout this year to continue building the future of crypto. While we are navigating uncertain and volatile markets, we have a decade of experience to draw from and will continue to invest wisely to drive long-term growth,” it said, indicating its outlook for the year.
The drop in revenues resulted in Coinbase’s shares plummeting to 63.83, a drop of ?9.16% in after hours trading. Earlier, the shares closed trading at around $72.
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