2 years ago
Transaction measurement connected the speech fell 12% successful 2022's 4th quarter, but the steadfast inactive bushed forecast net contempt a 57% year-on-year gross drop.
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United States-based cryptocurrency speech Coinbase has beaten gross expectations for the 4th fourth of 2022 but continued to spot its transaction measurement decline.
Net gross for the speech came successful astatine $605 million for the quarter, beating the $589 cardinal gross reportedly estimated by Wall Street analysts
Transaction volumes decreased 12% compared to the anterior quarter, however, Coinbase pointed to a 34% summation successful subscription and work revenues arsenic the crushed for its 5% full gross maturation for the quarter.
Our Q4 and FY'22 fiscal results are in.
Our missive to shareholders tin beryllium recovered connected the Investor Relations website astatine https://t.co/8ovHEtPRgf
While Coinbase reiterated its content that its staking products are not securities, staking revenues fell compared to the anterior 4th arsenic the autumn successful crypto prices outweighed the summation successful staked balances crossed each crypto tokens.
Related: US regulatory crackdown leads to $32M integer plus outflows: CoinShares
The speech is presently facing an investigation by the Securities and Exchange Commission (SEC) into its staking products, akin to the 1 which resulted successful its adjacent crypto speech Kraken settling with the regulator for $30 million.
Coinbase noted that 2022 was "a challenging twelvemonth for crypto markets," with macroeconomic events and events specified arsenic the bankruptcies of crypto hedge money Three Arrows Capital and exchanges Voyager and Celsius resulting successful beardown headwinds for the industry.
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