Spirit 
Moody’s noted that the rapid decline in crypto asset prices accelerated during the second quarter of 2022 and will likely result in lower transaction revenue for the remainder of the year.
Between 2020 and 2021, Coinbase experienced rapid increases in revenue due to higher asset prices, higher levels of volatility, more users and higher transaction revenue per user compared to prior periods.
The firm’s rapid growth also fuelled rising expenses.
Coinbase plans to lay off 1,100 employees or 18% of its workforce, chief executive Brian Armstrong said last week.
The exchange indicated that its global workforce will be around 5,000 employees as of the end of the second quarter, still up from 3,730 at the end of 2021.
Much of the firm’s rapid hiring was in areas to support product innovation, international expansion, compliance, scalability and reliability.
