(Reuters) -Coinbase Global Inc reported a 35% drop in revenue for the first quarter on Tuesday as extreme market volatility drove investors to scale back their exposure to risky assets, crimping trading volumes.
The cryptocurrency exchange operator’s trading volumes fell to $309 billion for the quarter ended March 31, compared with $335 billion a year ago.
Retail trading volumes fell 38% to $74 billion, while institutional grew 9% to $235 billion.
Among crypto assets, bitcoin comprised 24% of trading volume, up from 16% in the last quarter and down from 39% a year ago. https://bit.ly/3Fww0Fs
The cryptocurrency market has been roiled by extreme volatility due to economic and geopolitical uncertainties, leading to a big drop in prices of the assets recently.
Bitcoin has nearly halved from the record high hit in November last year as the world’s largest digital asset becomes a major target of governments and regulators looking to crack down on privately operated currencies.
Total revenue of Coinbase fell to $1.17 billion in the three months ended March 31 from $1.80 billion a year earlier.
Net loss attributable to common shareholders was $429.7 million, or $1.98 a share, for the three months ended March, compared with net income of $387.7 million, or $3.05 a share, a year earlier.
(Reporting by Mehnaz Yasmin in Bengaluru; Editing by Anil D’Silva)
