Coinbase has a loss of $ 1.1 billion, as the crypto trade volume breaks in

The Coinbase cryptocurrency exchange announced that the income had broken up by 61 percent in the last quarter, since the crypto prices fell and the trading volume collapsed.

The company based in San Francisco reported on Tuesday after taxes of USD 1.1 billion compared to the net profit of USD 1.6 billion, which it had recorded in the middle of the crypto boom a year ago. It was said that $ 446 million of the loss reflected a reduction in its crypto and risk investment.

Coinbase shares fell 4 percent in post-market trade after they had lost almost 11 percent a day.

The slump in Bitcoin and other crypto prices sent the company into the red in the first quarter, which caused it to relieve 18 percent of its employees in June. With a further decline in the trading volume of a further 30 percent compared to the weak first quarter, the company still suffered a loss of 620 million in the reduction, and its net $ 2,8 billion $ 2.8 billion.

With $ 46 billion, the trading volume on behalf of private customers decreased by more than two thirds compared to the previous year. Despite the setback, the company claimed that the downturn was part of a typical cycle on the cryptoma markets, and said that his analysis "Stand near [retail] customers does not leave the coin base platform".

Coinbase reported a net turnover of $ 803 million in the quarter and a loss per share of USD 4.98. Wall Street had expected a loss of $ 2.65 per share with $ 832 million in turn.

The company's shares have been very volatile in the past few days and rose by more than 30 percent last week due to an alliance with black rock. They had given up two thirds of the profit before the winnings were announced on Tuesday.