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- Brian Armstrong, CEO of Coinbase, blamed fast growth for the downfall in ranking and trading volume.
- Coinbase said that the market trading volume of Coinbase decreased by more than 45%.
Coinbase Global Inc is an American-originated cryptocurrency exchange platform that Brian Armstrong and Fred Ehrsam co-founded on 20th June 2012.
Coinbase established its workplaces in more than seven different regions: San Francisco, Portland, London, Dublin, Tokyo, New York, and Chicago.
According to the latest report Brian Armstrong, operation chief executive officer, informed about lowering the number of employees in the company by 18 percent because of market volatility.
Further continuing his statement, Armstrong said the remaining employees would work with the firm until there is any problem in the market. If the market continues its volatility, the number of employees will be cut off.
Coinbase has a user base of more than 55 million and more than 8.5 million active users on the ecosystem monthly and has generated 2.5 billion profit from their platform.
After the severe volatility of the crypto market and its continuing trend, Armstrong posted on his Twitter account about the market’s growth in the upcoming second quarter of 2022.
Brian Armstrong mentioned about 300 percent of coin base growth and the happening with Coinbase in 2021.
Ex official of Coinbase said that the market trading volume of Coinbase decreased by more than 45%, and this is not because of the downtrend of the crypto market.
But according to market data, Coinbase started regaining its position, and while framing this article, Coin base was holding the second position globally in the listed crypto exchanges.
Conclusion
Coinbase is listed among the top five cryptocurrency networks globally, with a user base of more than 55 million and more than 8.5 million active users on the ecosystem monthly. But for the last couple of months, the firm has been facing severe losses because of crypto winters and its continuing downtrend. But while framing this article, Coinbase was holding the second position in the global market of cryptocurrencies.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
