They make money from people transacting. Every buy or sell on their platform nets them a commission so their total revenue is directly proportional to how froth

They make money from people transacting. Every buy or sell on their platform nets them a commission so their total revenue is directly proportional to how frothy the market is feeling. A major crash like we’ve been seeing in both the traditional market and crypto space means there is less money coming in, less money moving around, and less fees for Coinbase. And with a persistent recession you’re not going to see people coming back in for a while.