Bitcoin (BTC) exchange Coinbase reported a loss of $430 million in the first quarter of 2022. That is the first quarterly loss since the company went public. However, this has not caused any panic for CEO Brian Armstrong. On the contrary. Coinbase’s CEO stated on a conference call never bullish in terms of the direction the company is heading.
Coinbase exchange sees number of users decrease
Armstrong’s Bullish Sentiment Comes After Coinbase Revenue Drops 27%, According to the report of Q1 2022† Also, the number of users with monthly transactions dropped from 11.4 million to 9.2 million, which is a decrease of 19%. The price of Coinbase shares was also hit by this, closing at $73 yesterday, which is 16% lower than the day before. Despite all these negative numbers, Armstrong is positive. He explains why:
“There are so many customers knocking on our door that we have to have all hands on deck to keep everything running. The quiet periods are sometimes a kind of welcome change in that we can focus on building the next innovation layer that will help us in the next cycle.”
Of course, the crypto massacre we are in was also discussed. The Coinbase boss doesn’t seem shocked by this and focuses on the future:
“The markets are low. We see a downmarket for tech stocks and risky assets. Coinbase and crypto are no exception. The good news is that as a crypto company, we’ve been through many different cycles in crypto, including major downs, which I believe make us well-suited to operate through these environments.”
Finally, Armstrong referred to a prospectus that Coinbase released a year ago. It states that crypto adoption is a long-term goal. Armstrong also started talking about the NFT (non-fungible tokens† marketplace, where Coinbase launched a beta version of†