The crypto exchange has suffered huge losses.
(Photo: AP)
Bangalore Crypto platform Coinbase Global has to pay tribute to an industry-wide downturn. The US company on Tuesday reported a net loss of $557 million for the fourth quarter after a surplus of $840 million a year earlier. Net revenue fell to $605 million from $2.49 billion due to a slump in transaction volume.
The crypto world is struggling with high volatility. Because of high inflation, rising interest rates, and geopolitical tensions, many investors have shed risky assets, which include cryptocurrencies.
In addition, the crypto exchange FTX filed for bankruptcy protection in November after customers withdrew en masse. The collapse of FTX shook the entire industry.
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