One of the world’s largest cryptocurrency exchanges Coinbase, announced yesterday the financial records and reports for the first quarter. Although Coinbase seems to have suffered an incredible loss compared to the previous quarter, CEO Brian Armstrong spoke assertively about the subject. Coinbase, which is on the agenda especially with its public offering, is spoken with a great decrease.
Coinbase CEO Positive Despite Fall
According to the transmitted information and the company’s public records, Coinbase is in the first quarter. 430 million dollars suffered a loss. Brian Armstrong, in his statement at the meeting, stated that as a company, they have never been this bullish or optimistic.
Coinbase reported a 27% drop in revenue in the first quarter of 2022 compared to the first quarter of 2021, declining to $1.17 billion. Total revenue in the first quarter of the previous year was $1.6 billion.
In the fourth quarter of 2021, the total revenue is seen to be $ 2.5 billion, and the effects of the decrease in revenue can be clearly understood. It is seen that the number of monthly transactions of users decreased by 19% to 9.2 million. It is stated that this was 11.4 million units in the previous quarter.
Despite these data, Armstrong stated the following on the subject:
There are many users knocking on our door right now, and periods of decline are often seen as a shift, and they will help us create the next layer of innovation that will benefit us in the next cycle.”
Armstrong said the company is greedy about hiring new talent while other companies fear it, adding that they will be hiring more during this decline.