Coinbase sheds £0.9bn in second quarter as revenues plunge amid crypto crash   

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City AM

By Hamza Fareed Malik Crypto giant Coinbase lost $1.1bn ($0.9bn) in the second quarter of the year as revenue dropped declined during the crypto crash. $446mn (£365m) of this loss was due to an impairment charge on the exchange’s crypto and venture investments as the “crypto winter” led to plummeting cryptocurrency prices and caused widespread losses across the industry. Coinbase revenue tumbled over 60 per cent to about $808m (£660m), a sharp change from analyst expectations of near $855 (£699m), Bloomberg reported, with monthly transacting users dropping 2 per cent to 9m from the previous qu…

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