Crypto exchange giant Coinbase has cited a “fast and furious” downturn of the crypto markets as the reasons behind a staggering $1.1 billion net loss in the second quarter of 2022, which also saw trading volume and transaction revenue tumbling. This is the  largest loss since its listing on the Nasdaq Stock Exchange (Nasdaq) in April 2021. Coinbase said that Q2 was a “tough quarter” with trading volume falling 30% and transaction revenue down 35% sequentially.In order to cut expenses and improve profit margins, Coinbase cut 18% of employees in June, and has also taken a “pause, maintain and prioritize” approach toward product development: