The cryptocurrency exchange lost more than $1 billion in the second quarter.
Coinbase, the largest cryptocurrency exchange in the United States, reported a 63 percent decline in revenue on Tuesday, as it weathers a broader downturn in the crypto market.
The company said revenue for the second quarter was $808 million, down from $2.2 billion a year earlier. Its number of monthly customers rose to nine million from 8.8 million last year, but it was down from 9.2 million the previous quarter. Coinbase also swung to a net loss of $1.1 billion, compared with profits of $1.6 billion a year ago.
It was the second quarter in a row that Coinbase has seen declines in revenue and users compared with the prior quarter.
The results emphasized the stark challenges facing Coinbase at a turbulent moment for the crypto industry. The prices of the leading cryptocurrencies crashed in May and June as a series of experimental crypto ventures collapsed, plunging investors into financial ruin. The crash has led to layoffs and cost cutting across the industry, dampening the excitement that surged last fall when the price of Bitcoin reached a record high.
