Coinbase CEO expects revenue to plunge over 50% on battered crypto prices - tweet

FILE PHOTO: A representation of cryptocurrency is seen in front of Coinbase logo in this illustration taken March 4, 2022. REUTERS/Dado Ruvic/Illustration/File Photo

(Reuters) -Coinbase Global Inc's revenue is set to reduce by half this year, the cryptocurrency exchange tweeted on Wednesday, as digital assets reel from a sector-wide rout worsened by a string of high-profile collapses that shattered investor confidence.

"(Chief Executive Officer Brian Armstrong) indicated that he expects Coinbase FY2022 revenue to be less than half of FY2021 revenue,” the company said in a tweet.