Coinbase posts $1.1B loss in Q2 on 'fast and furious' crypto downturn

Cointelegraph

Published Aug 09, 2022 10:25PM ET

Updated Aug 10, 2022 12:00AM ET

Crypto exchange giant Coinbase (NASDAQ:COIN) has cited a "fast and furious" downturn of the crypto markets as the reasons behind a staggering $1.1 billion net loss in the second quarter of 2022, which also saw trading volume and transaction revenue tumbling.

It's the second consecutive quarter of loss for the crypto company and the largest loss since its listing on the Nasdaq Stock Exchange (Nasdaq) in April 2021.

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