![]() ![]() Once your transaction is sent, it will be credited to your gate.io account when the transaction is confirmed on blockchain by two blocks. You may copy the address directly or scan the QR code bar when enter your receiving side on your wallet or another exchange. Every user on gate.io has one unique address.ģ.Then you may send your Bitcoin to your deposit address. Then click Wallet to access wallet page (), Where you can view wallet status for each coin and access Deposit or Withdrawal or trade page of the coin.Īs we support lots of coins, you may have to search for your coin sometimes.Ģ.Enter coin code on the searching box to get the entry of this coin.ģ.Click Deposit button of the coin entry to access deposit page to generate deposit address distributed to you. For coins we are supporting, please check here.ġ.Access your account first. You can only deposit crypto-currencies we are supporting. ![]() We can focus on our expense management in down markets, and, frankly, we can ensure that we just don't get distracted or disillusioned by short-term thinking."Īrmstrong added that he expects the company's current efforts to result in "disproportionate share in the next up cycle."Ĭoinbase shares declined almost 11% in Tuesday's regular trading session.Fiat currency is not supported on Gate.io. We can focus on staying on the forefront of crypto technology to make sure that we're creating compelling use cases and making those available to our customers. "We don't really even control the crypto market more broadly, right? So what do we control? Well, obviously we can focus on building great products for our customers. "Of course, we don't control the macroeconomic factors or downturn," CEO Brian Armstrong said on a conference call with analysts. That includes optimizing infrastructure spending. It also reduced its forecast for technology, development and general and administrative expenses to $4 billion to $4.25 billion from the $4.25 billion to $5.25 billion range a quarter ago. To reduce marketing spending, the company is doing less with paid media and incentives, while pursuing ways to attract nonpaid traffic. ![]() Management said it expects average transaction revenue per user in the low $20 range, rather than pre-2021 levels. It now expects 7 million to 9 million monthly transacting users, down from a range of 5 million to 15 million three months ago. "As a result, our market share of the total crypto market capitalization declined to 9.9% from 11.2% in Q1."īitcoin accounted for 31% of transaction revenue in the quarter, the highest level since the first quarter of 2021, while 22% of transaction revenue was associated with ethereum.Ĭoinbase updated its outlook for the full year. "While we did see net outflows in Q2, we observed that the majority of this behavior was institutional clients de-risking and selling crypto for fiat as opposed to withdrawing their crypto to another platform," Coinbase said in the shareholder letter. Assets on platform fell quarter over quarter to $96 billion from $256 billion, mostly because of pressure on cryptocurrency prices, Coinbase said. Coinbase said it was extending its hiring freeze into the foreseeable future and cutting 18% of headcount. Macroeconomic and cryptocurrency credit resulted in lower trading volume during the quarter, the company said.Ĭoinbase is being forced to resize its business in response to market conditions.Ĭryptocurrency controversies helped to push down prices in what some called a "crypto winter." Coinbase's stock tumbled 75% during the second quarter, while the price of bitcoin plunged by about 59%. The company said it had 9 million monthly transacting users during the period, down from 9.2 million in the first quarter but more than the 8.7 million StreetAccount consensus. "Dramatic market movements shifted user behavior and trading volume, which impacted transaction revenue, but also highlighted the strength of our risk management program." "Q2 was a test of durability for crypto companies and a complex quarter overall," the company said in the letter. Over 40% of the cryptocurrency assets were in bitcoin. Coinbase's own cryptocurrency assets at the end of June were worth $428 million, down from about $1 billion at the end of March. One factor was a $377 million noncash cryptocurrency-related impairment charge. Retail transaction revenue came in at $616.2 million, down 66% and below the $667.1 million consensus among analysts polled by StreetAccount.Ĭoinbase reported a $1.1 billion net loss, compared with $1.59 billion in net income in the same quarter last year, according to a letter to shareholders. Personal Loans for 670 Credit Score or LowerĬoinbase's revenue declined nearly 64% as investors exited the crypto market after last year's dramatic run. Personal Loans for 580 Credit Score or Lower Best Debt Consolidation Loans for Bad Credit ![]()
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