American crypto exchange giant Coinbase released its Q4 2022 statements, showing a net loss of $557 million, signalling a quarter-on-quarter consecutive loss to the tune of $2.6 billion.

In Q1 2022, the Brian Armstrong-led company recorded a $340 million loss which it blamed on lower transaction volume and investment commitments.

In Q2 2022, Coinbase recorded the year’s biggest quarterly losses of $1.1 billion. It fired over 1000 staff representing close to one-fifth of the company workforce, to cut back on costs. 

Q3 2022 saw a shrinking user base and rapid loss in the company’s share price value as it posted $545 million in quarterly net losses. Brian, however, expressed optimism that the company will pull through the mire of regulatory landmines that has clawed back on the industry’s effort at progress.