Coinbase has posted four consecutive quarterly losses since going public in April 2021.
The collapses of multiple high-profile crypto-based companies, leading to regulatory pressure, were claimed to be at the heart of Coinbase’s poor performance.
Coinbase performed better than expected in Q4 and improved upon its Q3 posting.
The ongoing crypto winter has seen the cryptocurrency market cap drop to a low of $1.5 trillion, down from its all-time high of $2.9 trillion.
In its fourth-quarter earnings, released on Tuesday, February 20th, Coinbase addressed the impact of the ongoing bear market, listing high-profile bankruptcies and increased regulatory scrutiny as reasons for its fourth consecutive quarter of losses.
Source: Reuters
The collapse of FTX, TerraUSD, and Celcius Network over the last year forced the hand of regulators, but Coinbase’s CEO, Brian Armstrong, sees this as a positive development.
“Policy is my top priority for this year,” Armstrong said on the earnings cal
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