Coinbase reports $400M Q1 loss

Coinbase experienced a significant financial setback in the first quarter, reporting a net loss of nearly $400 million. This downturn highlights the company's ongoing efforts to diversify its business model. CEO Brian Armstrong is actively steering Coinbase away from its heavy reliance on spot cryptocurrency trading. The strategic shift aims to transform the platform into a more comprehensive trading venue capable of handling a wider array of asset classes, thereby reducing vulnerability to the volatile nature of the spot crypto market and fostering more stable revenue streams.