“Competitive risk has intensified in the crypto exchange sector, with the company’s market share decreasing this year,” S&P Global wrote. “We believe that as a result of market share erosion and a higher risk of margin compression, cyclical variations (peak-to-trough changes in revenue, EBITDA, and EBITDA margin) for Coinbase have exceeded our previous expectations, leading us to revise our assessment of financial risk.”
Source: https://www.coindesk.com/business/2022/08/11/coinbase-outlook-negative-credit-ratings-agency-sp-global-says/?utm_medium=referral&utm_source=rss&utm_campaign=headlines