Coinbase Global Inc. posted a record $1.1 billion second-quarter loss and lower-than-expected revenue as the largest US cryptocurrency exchange was battered by tumbling digital-asset prices.

“Banks are forever going to be trying to play catchup,” said Michael Moro, CEO of digital currency prime brokerage Genesis. “Crypto is going to move way faster than banks can. We have every bank in the world pretty much having some sort of crypto, blockchain working group.”

The finger-pointing has already started after data glitches resulted in the brief display of astronomical gains for many cryptocurrencies late Tuesday.