Coinbase, one of the most popular crypto exchanges, recently revealed how much negative impact the past 12 months have incurred.
Coinbase boasts the capability of becoming the most popular crypto exchange in Australia. Seeing how it has already partnered with JPMorgan and Zepto, it has gained access to 95% of the Australian banking institutions.
The trading platform has lost 50% of its retail volume. It has incurred a total of $2.6 billion in losses. During the December 2022 quarter, now known as the “crypto winter,” Coinbase’s consumer trading volume decreased.
The metric went from 177 billion dollars to 20 billion dollars. During the period, the Fed maintained interest rates between zero and 0.25%. Now, Brian Armstrong, the CEO and co-founder of Coinbase, has announced that the exchange has no plans to compete with Robinhood’s stock-style trading feature.
As a popular crypto exchange Australia, Coinbase wants to prioritize product development in Web3 and the crypto space. However, according to Brian, there is an exception to this.
If Coinbase finds a method to map or tokenize traditional securities, it will make them crypto-native. This will also create an interesting setting for customers. The development will unlock additional functionalities for 24/7 trading.
Daniel Seifert, Coinbase’s regional managing director for EMEA, has just confirmed the company’s plans to expand into the United Kingdom, however he has hinted that recruiting is not yet happening.
At the same time, it will let people trade a portion of shares or access global capital. However, the current regulatory setting in the US is highly inhospitable to such products. That is why Coinbase is trying to change this stuff, added Brian.
With more than $56 million daily active users, Coinbase is the most trusted cryptocurrency exchange in the world. With Coinbase, users can buy, sell, and exchange cryptocurrencies with ease. More than $50 billion in cryptocurrency has been transacted on its platform, while the company itself possesses more than $20 billion in assets.
During the December quarter, the exchange amassed a massive loss of $557 million dollars. When the crypto mania was at its peak, Coinbase also reached its highest valuation of 77 billion dollars.