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Coinbase, which the crypto bear market has severely damaged, is slashing costs and changing its business strategy, according to CEO Brian Armstrong.
Coinbase had a 60% decline in revenue in Q2 of this year and recorded a $1.1 billion financial loss. Armstrong discussed the future ambitions for the cryptocurrency exchange in an interview with CNBC that was released on Tuesday.
Armstrong wants to stop using trading fees as its primary revenue stream because they provide income during bull markets; they quit when gloomy sentiment takes hold. Armstrong stated his future ambitions, "We're investing so much in subscription and services revenue now.
“We understand that trading fees… [will] still be a significant portion of our business in ten or twenty years, but I’d like to get to a situation where more than 50% of our revenue is subscription and services,” said the executive.
According to him, 18% of Coinbase’s revenue comes from subscription services.
Which subscription options will Coinbase provide in the future? Armstrong hinted at subscription-based staking services and other products when he added, “There’s a number in the works.”
The exchange provides Cloud services and a different subscription package called Coinbase One, which is still in beta but offers better customer service and additional perks.
Armstrong thinks Coinbase needs to abandon a U.S.-centric strategy as it moves away from fee dependence.
Looking back, we could have viewed the world through a little bit of a U.S. lens, and he said it might have been a mistake we made in the past few years. “That’s changing,” I said.
Coinbase provides buy and sell services for cryptocurrencies in several locations, including most industrialized countries in North America and Europe. Still, it is not yet a completely worldwide exchange.
Coinbase, which was established in 2012, has now experienced four bear market cycles, according to Armstrong. While he claims to be unconcerned, Coinbase has already reduced costs and laid off 18% of its workforce to prepare for a bear market that lasts 12 to 18 months or more.
Armstrong responded that “you never want to say never” when asked if additional layoffs would be forthcoming but noted that the initial round of layoffs “was supposed to be a one-time occurrence.”
Coinbase has other issues to consider when trying to maintain a lean operation.
Due to suspected securities violations and the fact that Coinbase services allegedly crashed during periods of economic unpredictability, leaving a trader unable to manage their funds, a customer has filed a $5 million lawsuit against the exchange.
Meanwhile, three Australian financial experts claim that Coinbase is a haven for insider trading, estimating that 10 and 15 percent of the 146 new cryptocurrency listings they looked at contained some form of insider trading. (Coinbase previously informed Decrypt that it had “zero tolerance” for such illegal activity and conducted inquiries “when appropriate.”)
Armstrong stated, “We want to be the most regulated, compliant, and trustworthy product out there.
