Prior to the 2022 downturn, Coinbase had been among the highest flyers in the tech industry. The company tripled the size of its staff last year to 3,730 employees. Following itsin April 2021, Coinbase reported a 12-fold increase in second-quarter sales to $2.28 billion, while profit climbed 4,900% to $1.6 billion.
But the tech companies with the highest growth rates last year have been hit the hardest this year as investors rotate into assets deemed safer in a world of rising interest rates and soaring inflation. With bitcoin down by more than one-third this year and ethereum off by 50%, fewer people are racing to Coinbase to open accounts and make transactions.
"We always knew crypto would be volatile, but that volatility alongside larger economic factors may test the company, and us personally, in new ways," Brock wrote in Thursday's post. "If we're flexible and resilient, and remain focused on the long term, Coinbase will come out stronger on the other side."
When your pyramid scheme runs out of patsies.
bitcoinkaiser ConBase chasing BTC to the bottom.
Didn’t they just sink $1.5b into NBA advertising?
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