Coinbase CEO: Company is cutting costs and looking to change its revenue model

According to CNBC, Coinbase CEO Brian Armstrong said in an interview that Coinbase is cutting costs and changing its revenue model as the company faces industry challenges and headwinds from the economic environment. Armstrong said Coinbase is looking at reducing costs related to marketing, outside vendors and Amazon Web Services. Coinbase hopes to boost to 50 percent of its revenue from subscriptions and services, which include interest income, Coinbase’s premium membership, blockchain rewards and fees for storing cryptocurrencies on the platform on behalf of customers. In addition, Armstrong stated that it will actively cooperate with the US Securities and Exchange Commission (SEC), and hopes to understand the US SEC's regulations after the midterm elections.