The company said: 'It's never as good as it seems, and it's never as bad as it seems.' 🤷♀️
Coinbase suffered a $1.1 billion net loss in the second quarter of 2022 as the crypto winter scares away retail investors.
Trends suggest Coinbase users are becoming more passive investors, but this is bad news for a company that relies heavily on fees for profits. "The current downturn came fast and furious, and we are seeing customer behavior mirror that of past down markets. During these down markets, we remain focused on building great products, while we typically see more casual competitors step back. Each crypto cycle has landed higher than the previous one, due to innovations built during the downturns."
Armstrong said Coinbase's focus is now on "building great products" and "staying at the forefront of crypto technology" — adding it was important to think longer term.
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