2022 was a difficult year for US crypto exchange Coinbase as well as for many other crypto companies. In January, the US stock exchange announced a staff cut of another 20%.
On February 21, Coinbase released its fourth quarter of last year. The net loss of the company amounted to $557 million, and for the year it grew to $2.625 billion.
In 2021, by contrast, the company earned $840 million in the fourth quarter. In annual terms, Coinbase’s net profit then reached $3.624 billion. Revenue in 2022 decreased by about 57% to $3.1 billion. For comparison, in 2021, the exchange was able to earn $7.3 billion, the press service emphasized.
The company has attributed the deterioration of financial indicators to the dominance of bearish sentiment in the market.
The first wake-up call was the collapse of the Terra ecosystem in May last year. After that, many crypto companies were forced to start bankruptcy proceedings.