Coinbase, a leading cryptocurrency exchange, has reported a narrower net loss of $2 million in the third quarter, along with a total transaction volume of $76 billion. Despite a year-on-year increase in revenue, the company faced lower trading volumes. The third-quarter earnings statement revealed that Coinbase’s total revenue increased by 14.2% to $674.1 million, exceeding the estimated figure of $653.2 million. However, there was a 4.8% decline in revenue compared to the previous quarter.
The decrease in revenue was due to a decline in quarterly trading volume, which reached $76.1 billion, missing expectations of $80.1 billion. Transaction revenue also declined by 21% to $289 million as a result of decreased cryptocurrency asset volatility. However, the company’s bottom line was improved by a $50 million gain in strategic investments and an $82 million debt repurchase.
