Cryptocurrency exchange Coinbase reported a 64% revenue loss in the second quarter, down $1.1 bln from last year. The company said the loss was heavily impacted by non-cash impairment charges.
In a shareholder letter, Coinbase said at the end of Q2, Assets on Platform were $96 bln, while at the end of Q1 the amount was $256 billion. The company noted that the fall was due to lower prices of cryptocurrencies, as the total market cap dropped by around 60% from the previous quarter.
The number of Coinbase’s monthly transacting users in the second quarter was 9 M, falling 2% compared to Q1. As the report shows, users have been more inclined to non-investing activities, notably staking. 67% or 6M monthly transacting users implemented activities related to non-investing products. Coinbase mentions that trading users have relatively higher levels of revenue per user, and as a result of activities there was a downward pressure on the platform's revenue based on the average transaction per user.