Coinbase has beaten their Q4 2022 earning estimates despite decreases in transactions and crypto exchange usage.
The company recently shared its financial report for Q4 and FY’22 and surprised industry speculators.
With the SEC on the hunt for retail staking services during an ongoing bear market, Coinbase has managed to stay afloat.
Coinbase exchange beats earnings expectations in Q4 report
With over 110 million registered users Coinbase reported a net revenue of $605 million in Q4. Although there has been a 12% decrease in transaction volume, the exchange made up for it with services and subscriptions.
Coinbase is now facing the SEC, which is pushing to shut down retail staking services in the United States. In February, Kraken exchange terminated their staking services in the U.S. in response to pressure from regulators.
In a recent letter to shareholders, Coinbase acknowledged concerns with U.S. regulators and underlined the business's decision to become a publicly traded company that values transparency and honesty in the crypto industry and finance.
From Coinbase’s letter:
We remain committed to working with global regulators and policymakers to drive prudent regulation to this emerging asset class.
We have avoided offering high leverage products to consumers which has both protected consumers and helped us avoid credit risk. We do not operate as a market maker that trades against our customers, and we do not issue exchange tokens. We do not believe we have violated any
securities laws
Get the latest news on Coinbase, Kraken exchange, Binance and the SEC’s ongoing battle against stablecoins and unregistered securities.