As major crypto exchanges are intensifying efforts to assure customers and investors of their stability, Brian Armstrong, the CEO of Coinbase, has revealed that his company holds crypto reserves that include some BTC 2 million worth about $39.9 billion. “We hold ~2M BTC. ~$39.9B worth as of 9/30,” the CEO tweeted, making a reference to the company’s disclosed financial results for the third quarter of this year. “We all need to come together to build this industry in a responsible way going forward.
Be wary of false information,” according to Armstrong. The businessman also referred his followers to Coinbase’s shareholder letter for the same period of 2022.
Amid a crypto market downturn, Coinbase has posted disappointing results for the July-September 2022 period, as the business reported a net loss of some $545 million. “Q3 was a mixed quarter for Coinbase.
Transaction revenue was significantly impacted by stronger macroeconomic and crypto market headwinds, as well as trading volume moving offshore,” Coinbase said in the letter. “Meanwhile, we saw strong growth in our subscription and services revenue, driven by our participation in the USDC ecosystem and higher staking activity.Read more on cryptonews.com