Coinbase Chief Financial Officer Alesia Haas has defended the cryptocurrency exchange's rising fees and volatility in the digital asset industry after the company's share price fell despite posting better-than-expected Quarter 1 results.
Haas said in an interview on Friday that when we see high transaction volume (which rose sharply in March), we tend to have a lag effect on customer support costs because we staff these teams to deal with the resulting queues, so that will be reflected in the second quarter.
She said that the largest cryptocurrency exchange in the United States is also facing rising infrastructure costs and increased spending related to the company's USDC stablecoin rewards program, but noted that the company will proceed cautiously. We learned the hard way in 2021 and 2022, when we grew too fast, and in January 2023, Coinbase laid off 20% of its workforce, just months after a major layoff in June 2022.
That's creative content, Haas says of memecoins. It's just part of the process.
Haas commented on the recent decline in bitcoin, saying that it was just an ordinary day in the crypto space, and that doesn't mean the long-term outlook won't continue to be as optimistic as it was last week.
Coinbase CFO: Bitcoin's decline is just an ordinary day in the crypto space, and long-term optimism remains high
2024-05-04 08:34:45
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