Cryptocurrency exchange COINBASE is going through tough times as it has reported a net loss of $1.1 billion in Q2, while it made $1.6 billion in the same period last year.
The US-based cryptocurrency exchange says Q2 was a "test of durability for crypto companies" as Coinbase has started focusing on its top business priorities only with more "tightly managing expenses." Coinbase added it has lowered its full year expense range for a few departments, with pausing developing on the product side to focus on "key areas."
According to a letter to shareholders, the exchange had in Q2 around $6.2 billion in cash (with the largest accumulation of $2.7 billion in money market funds and $2.7 billion in corporate cash). Net revenue was $803 million, down 31% compared to Q1, and down 63.5% from Q2, 2021.
