(Bloomberg) -- Coinbase Global Inc., the biggest exchange for cryptocurrencies, doesn’t expect the industry to rebound swiftly from the trading slump that’s battered its revenue. 

“We are preparing for 2023 with a more conservative bias with more headwinds,” Alesia Haas, Coinbase’s chief financial officer, said in an interview. “We are preparing and we are developing plans that we will be more conservative next year. These headwinds could persist or possibly intensify.”

The market value of outstanding cryptocurrencies has plunged by more than half this year as the Federal Reserve raised interest rates, pulling back the flood of pandemic-era stimulus that fueled a steep run up in the price of risky assets. Investors’ interest in speculating in the tokens has dimmed since prices tumbled sharply from their peak, slashing Coinbase’s revenue to $590.3 million in the third quarter, less than half what it was a year earlier.

“Sustained low revenue for multiple years, I think that’s a scenario that’s very probable,” Haas said.

To prepare, Coinbase has been slashing costs, with third-quarter headcount coming in below second quarter as it stopped filing vacant positions. 

©2022 Bloomberg L.P.