Coinbase is no longer in the top 10 cryptocurrency exchanges

The cryptocurrency exchange Coinbase has left the list of the top 10 digital asset exchanges in terms of trading volume, moving to 14th place. Since 2021, Coinbase has been ranked 4th in the ranking, Bloomberg reports, citing a report by Mizuho Securities USA.

According to Mizuho, in July, Coinbase’s share among the world’s 30 largest exchanges was only 2.9%. On average, it held 5.3% of the market in the first quarter of 2022, and 3.6% in the second quarter. According to experts, this demonstrates the problematic nature of the company’s further growth trajectory. They added:

«We are concerned that the competitive nature of the industry is likely to require further increases in marketing spending. This, combined with subdued trading volume trends, could negatively impact profitability going forward.»

In mid-June, Coinbase cut its staff by 18%. This decision was made as part of the platform’s cost-cutting efforts amid the oncoming crypto zoom.