Coinbase CEO: Crypto Exchange Revenue to Drop by Half or More This Year

Coinbase CEO Brian Armstrong said crypto exchange revenues will be cut in half or more this year due to the FTX incident.

"In 2021, we did about $7 billion in revenue and about $4 billion in positive EBITDA (which is a measure of earnings that excludes certain costs like interest and depreciation), and this year with everything down, it's looking like, you know, about half or less." Armstrong said in an interview with Bloomberg.

The company didn’t previously provide a full-year outlook for overall revenue, but Armstrong’s estimate is in line with the approximately $3.2 billion expected by analysts, according to data compiled by Bloomberg.