"The first quarter of 2022 continued a trend of both lower crypto asset prices and volatility that began in late 2021. These market conditions directly impacted our Q1 results," the firm said. "But, we entered these market conditions with foresight and preparation, and remain as excited as ever about the future of crypto."
Trading volumes came in at $309 billion for the period, down from Q4 2021's $547 billion.
Monthly transaction users were reported as 9.2 million, per the earnings release. Coinbase said in its letter that the decline in this user count was anticipated.
In the letter, Coinbase said that "we believe these market conditions are not permanent and we remain focused on the long-term." The firm said future plans include continued investments in its wallet and NFT-related services.