Coinbase plans to cut costs and is engaged with regulators, says the CEO

Coinbase has been negatively affected by the ongoing bear market, and the exchange plans to cut costs.

Coinbase’s CEO Brian Armstrong Coinbase-ceo-brian-armstrong-cnbc-interview.html rel=noopener noreferrer target=_blank>told CNBC’s Kate Rooney in an interview on Tuesday that the cryptocurrency exchange plans to cut costs. The company’s shares are down by more than 70% as the crypto winter continues to affect its operations.

Armstrong added that the downturn is not unusual, as the company has been through four down cycles in the 10 years since he started the cryptocurrency exchange. He said;

“We have this saying internally, I like to repeat a lot, which is, you know, it’s never as good as it seems, it’s never as bad as it seems. I think one of the reasons Coinbase has been so successful in the last 10 years is we just try not to get focused on short-term ups and downs.”