Crypto exchange Coinbase posts smaller first-quarter loss - Reuters

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May 4 (Reuters) - Cryptocurrency exchange Coinbase Global Inc (COIN.O) posted a smaller first-quarter loss on Thursday after investors tiptoed back to the strained asset class to hedge their bets against a worsening economic backdrop.

Coinbase's shares, which lost 85% in 2022, rose 40% so far this year as cryptocurrencies gain some ground.

The San Francisco-based company's net loss narrowed to $79 million in the three months ended March, from $430 million in the year-ago quarter, sending its shares up 3% in extended trading.

After a brutal selloff in 2022, investors slowly return to the speculative asset class to hedge against elevated market risks from worsening recession concerns and a crisis of confidence in the banking sector.

Still trading volumes more than halved to $145 million in a signal that the reversal is yet to materialize into gains for the cryptocurrency exchange.

Reporting by Mehnaz Yasmin in Bengaluru; Editing by Maju Samuel

Our Standards: The Thomson Reuters Trust Principles.

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