Coinbase CEO Sees Revenue Falling 50% or More on Crypto Rout

Crypto investor confidence hit by price drops, FTX collapse
Sees rival FTX’s downfall as case of ‘massive fraud’

Watch: Coinbase CEO Brian Armstrong talks about the bankruptcy of FTX.Show: Peer-to-Peer Conversations.” This was recorded Dec. 6.

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By Yueqi Yang

December 7, 2022 at 5:45 PM UTC

This article is for subscribers only.

Coinbase Global Inc. Chief Executive Officer Brian Armstrong said the cryptocurrency exchange’s revenue is set to be cut by half or more this year as declining prices and the collapse of rival FTX rattle investors’ confidence.

The rapid downfall of FTX capped what was already a brutal year for the cryptocurrency industry, with speculators in retreat as prices of some of the most frequently traded tokens tumbled. Coinbase’s shares have fallen more than 80% in 2022 and the company’s third-quarter revenue was about one-fourth of what it was during the last three months of 2021, when the price of Bitcoin peaked.