BlackRock teams up with CoinBaseCoinbase Global Inc. posted a US$1.1 billion second-quarter loss and lower-than-expected revenue as the largest US cryptocurrency exchange was battered by tumbling digital-asset prices.
Revenue declined to US$808.3 million, missing the US$854.8 million estimate from analysts polled by Bloomberg. Monthly transacting users dropped to 9 million in the second quarter, a 2 per cent decline from prior quarter. Trading volume also missed estimates, with Bitcoin’s share of trading volume rising to 31 per cent from 24 per cent.
On full-year outlook, the company now expects 7 million to 9 million average monthly transacting users, narrowing the range from earlier forecast. That compares with the average analyst estimate of 8.7 million users. Coinbase said in May, the Securities and Exchange Commission sent a voluntary request for information on its listings and listing process, and it does not yet know if this inquiry will become a formal investigation.
Source: Digital Coin News (digitalcoinnews.net)
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