S&P Global downgrades Coinbase credit rating for weak Q2 earnings, competitive pressures

Cointelegraph

Published Aug 12, 2022 07:43AM ET

Updated Aug 12, 2022 09:20AM ET

Major American cryptocurrency exchange Coinbase (NASDAQ:COIN) saw its long-term issuer credit rating downgraded from BB+ to BB status by rating agency S&P Global following its latest earnings report this year.

The agency confirmed the downgrade in a note on Aug. 11, pointing toward Coinbase’s weaker performance in the second quarter of 2022 as a driving factor. Intensified competitive risk in the cryptocurrency exchange sector was also highlighted, with Coinbase losing market share to competitors this year.

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