S&P Global has lowered its credit rating of Coinbase Global Inc (NASDAQ: COIN) citing a “negative” outlook for the cryptocurrency exchange.
What Happened: S&P Global lowered its long-term issuer credit rating and unsecured debt ratings on Coinbase to ‘BB’ from ‘BB+’ on Thursday.
The ratings agency said it had revised its assessment of the crypto exchange’s financial risk after Coinbase reported weak earnings in the second quarter.
See Also: HOW DOES COINBASE MAKE MONEY?
“The negative outlook reflects uncertainties about the duration of the crypto market downturn and …
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