In a report issued on Thursday, Cryptocurrency exchange Coinbase Global  Inc stated that the first quarter of the year had a net loss of $79  million, marking the fifth consecutive quarter in which a deficit was  recorded.

However, compared to the quarterly losses experienced throughout 2022,  the net loss in the most recent quarter was significantly lower.

Coinbase lost money every quarter of the previous year, for a total net  loss of nearly $2.6 billion in 2022, after generating a net income  profit of around $3.6 billion in 2021.