Moody's downgraded Coinbase's debt rating to Ba3 from Ba2

BlockBeats: Rating agency Moody's has downgraded Coinbase's debt rating to Ba3 from Ba2 and its senior secured note rating to Ba2 from Ba1, according to CoinDesk. In response to the change, Moody's said the downgrade was due to "the sharp decline in crypto asset prices and reduced client trading activity in recent months, as well as the significant decline in Coinbase's revenue and cash flow." In addition, Moody's noted that Coinbase's profitability will continue to be challenged despite the layoffs of about 1,100 employees.