Coinbase had its corporate family rating and guaranteed senior unsecured notes cut by Moody's, with the ratings agency citing "challenging conditions in the crypto asset operating environment" for the downgrade. 

Coinbase's outlook was listed as stable, driven by its "currently healthy liquidity position that is absorbing the ongoing cash flow drain the firm is experiencing,” Moody’s said, while also giving a nod to the company's recent job cuts. 

Moody’s downgraded Coinbase’s corporate family rating to B2 from Ba3, while notes fell to B1 from Ba2. The move "reflects Coinbase's substantially weakened revenue and cash flow generation capacity" as a result of the current state of the crypto market.