Coinbase, the largest US-based cryptocurrency exchange, posted a loss for the first quarter amid a sharp slowdown in crypto trading volumes, as it seeks to diversify into other areas to be able to better weather downturns in the crypto industry.
Crypto prices dipped considerably early this year, with Bitcoin down around 22 percent over the past six months after reaching an all-time high in October.
This has dimmed interest in one of Coinbase’s biggest revenue generators, crypto spot trading, with the result that transaction revenue was lower than analysts had expected – $755.8 million (£558m) for the quarter, compared to the $805.2m projected by analysts.
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Diversification
