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Leading global cryptocurrency exchange Coinbase recently reported a 'beyond-imagination' quarterly loss as investors have been worried by this year's adverse impact on risky assets like cryptocurrencies and stocks. Coinbase shares declined by almost 6% earlier this week. Trading volumes of the crypto platform doubled down quite dramatically, with retail participation declining by over 60% and institutional trading falling below 50%. The executives of the platform have denoted that the platform expects a further decline in trading volumes in the current quarter. Amid these adverse conditions, the platform has declared that it would be offering Ethereum staking services to institutional investors in the United States.
Experts believe that Coinbase is looking to reverse losses by leveraging the speculations and anticipations revolving around the launch of the Ethereum upgrade. This means that US institutional investors can now join other institutional clients on Coinbase to stake ETH using Coinbase Prime accounts and claim their yield after the Merge, which is expected before the end of the year. Amid adverse financial conditions, Coinbase's idea to introduce Ethereum staking services, right before the launch of the Merge upgrade might actually help the crypto platform to engage more investors and reverse losses.
A few days ago, the ETH network developers announced the details of the final preparations, denoting that the Merge will be simulated on the testnet, and if the test is successful with no significant concerns, the Merge is expected to be implemented by September 19. As the Merge is just a few months away, Ether holders are impatiently waiting for the crypto to raise its market value. But the drastically falling condition of the crypto businesses is making investment propositions quite difficult for investors.
Even Coinbase, one of the top crypto exchanges in the world reportedly had a drastic financial loss. These triggers are enough for investors to flee away from the market. But the platform's future initiatives to retrieve its market value might need more support from the investors, who are contemplating leaving the market.
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