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Brian Armstrong talks about reorienting Coinbase’s business

Cryptocurrency exchange Coinbase is cutting costs and shifting focus to subscriptions and services in the crypto winter. This was stated in an interview with CNBC by its CEO, Brian Armstrong.

According to the second-quarter results, the platform recorded twice as many losses as forecasts. The company attributed this to the drop in the prices of digital assets – trading volume on the platform reached $217 billion compared to $462 billion a year ago.

Trading commissions accounted for 82% of net income. The remainder came from revenue grouped under the subscriptions and services category.

In an interview, Armstrong talked about efforts to increase the share of the latter aspect as cash flow from trading dries up during times of worsening market conditions.

“We understand that transaction fees will be an important part of our business ten years from now, or even twenty years from now. “I want to reach a situation where more than half of our revenue comes from subscriptions and services.” explained.

The head of the exchange said that Coinbase is developing a number of products, including a staking service. The platform provides cloud services and Coinbase One service. The latter is still in beta, but provides better customer support and other benefits.

Armstrong called for a move away from the US-centric approach.

“Looking back, we may have been putting too much pressure on US regulators’ requirements. […] Maybe this was a mistake. we change it‘, he explained.

Coinbase CEO reminded that the stock market has survived four bear markets and is well prepared for the current bear. According to him, the current crypto winter will last 12-18 months. On June 14, it was learned that approximately 18% of stock market employees decreased.

Armstrong did not rule out that further staff optimization might be required in the future, although the steps taken earlier were initially intended as a “one-off event”.

Recall that in August, S&P Global downgraded the stock market’s corporate rating from ‘BB+’ to ‘BB’ and kept its outlook ‘negative’.

Previously, Coinbase had agreed to cooperate with BlackRock. Clients of the latter will have direct access to digital asset trading through a portfolio management system. Aladdin.

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Source: Fork Log

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