Coinbase narrows loss while crypto trading volumes fall in Q3

Institutional trading volumes came in at $65 billion, down from $78 million in Q2 and $133 million in Q3 2022. These volumes have actually been trending downwards for five consecutive quarters.Despite this, Coinbase said in a declaration it was pleased with how the quarter played out:” Q3 was a strong quarter for Coinbase. Related: Coinbase launches controlled crypto futures services for United States retail traders Coinbases earnings declaration for Q3 2023.

Cryptocurrency exchange Coinbase narrowed its bottom line to $2 million in the third quarter, as inotched a year-on-year boost in earnings regardless of lower trading volumes. The firms bottom line in Q3 was trimmed from a $545 million net loss in the previous year period, according to a Nov. 2 revenues statement.Total revenue increased 14.2% year-on-year to $674.1 million, though quarter-on-quarter revenue fell 4.8%. The figure beat London Stock Exchange Groups quote of $653.2 million, according to a report from Reuters.Of the overall income, $334.4 million came from subscription and services (primarily stablecoin and blockchain benefits), while $288.6 million originated from transaction-based revenues.Our Q3 23 upgrade is in.Read the complete shareholder letter and tune in to our earnings call here → https://t.co/fod43YZcAY pic.twitter.com/Iusjw1Uysx— Coinbase (@coinbase) November 2, 2023