Coinbase CEO says the exchange is cutting costs and reshaping its business model
Coinbase has been one of the exchanges badly affected by the 2022 bear market. The exchange has now announced it will cut costs and change its business model to reflect these changes. Coinbase plans to cut costs A few weeks back, Coinbase released its financial results for the second quarter of 2022. The financial results show a 60% decline in the company’s revenues. Coinbase also reported a $1.1 billion net loss. Coinbase’s CEO, Brian Armstrong, appeared in an interview with CNBC, discussing the exchange’s history and plans for the future. The executive also plans to shift its business model by not having trading fees as its primary source of revenue. Armstrong said that while trading fees generated immense revenue for the exchange during a bull market , the cash flow drops when a bearish trend is reported. He also said that the exchange paid more attention to subscription and service revenue . Buy Crypto Now Your capital is at risk. According to Arms...