Crypto exchange Coinbase logs third straight quarterly loss on trading slowdown
Crypto Exchange Coinbase Reports Quarterly Loss Due to Trading Slowdown
Coinbase Global Inc reported a third straight quarterly loss as investors shied away from the highly volatile cryptocurrency market. The decline in trading volumes, coupled with regulatory woes, has hurt the company's ability to recover after the dramatic fall in major cryptocurrency prices.
The company’s total revenue fell nearly 34% to $590 million in the third quarter. Trading volumes also took a significant hit, falling to $159 billion from $217 billion in the previous quarter.
Coinbase has been navigating a challenging environment, with regulatory scrutiny ratcheting up in key markets like the United States, where it is facing a probe by the Securities and Exchange Commission. The company has been seeking ways to diversify its revenue streams, including the introduction of new products like its subscription service.
The continuous bear market in cryptocurrencies has weighed heavily on Coinbase's financial performance. Compared to last year, when digital currencies were reaching record highs and attracting a swath of new investors, the downturn has underscored the risks facing the industry and its significant players.
This article has been published in reuters.com via Yahoo News.
Crypto exchange Coinbase logs third straight quarterly loss on trading slowdown
Coinbase Global posted a third straight quarterly loss on Thursday as a prolonged downturn in cryptocurrency markets dented its trading volumes, sending the digital-asset exchange's shares 5.3% lower after the bell. Cryptocurrency markets came under pressure during the April-to-June quarter...
finance.yahoo.com
