US-based cryptocurrency change Coinbase beat income expectations for the fourth quarter of 2022 however continued to see a decline in transaction quantity.
Transaction quantity declined 12% sequentially, however Coinbase pointed to a 34% enhance in subscription and providers income as the rationale behind the 5% general income development for the quarter.
Our monetary outcomes for This autumn and FY'22 are in.
Our letter to shareholders is out there on the Investor Relations web site at https://t.co/8ovHEtPRgf
— Coinbase (@coinbase) February 21, 2023
Whereas Coinbase reiterated its perception that its staking merchandise should not securities, staking income declined sequentially because the decline in crypto costs outweighed the rise in staking balances throughout all crypto tokens.
Associated: US Regulators Crackdown Results in $32M Digital Asset Outflows: CoinShares
The change is at present dealing with an investigation by the Securities and Alternate Fee (SEC) into its staking merchandise, much like the investigation that led to its peer crypto change Kraken receiving a $30 million settlement with the regulator -dollars got here in.
Coinbase famous that 2022 was "a difficult 12 months for crypto markets," with macroeconomic occasions and occasions such because the chapter of crypto hedge fund Three Arrows Capital and exchanges Voyager and Celsius leading to extreme headwinds for the trade.