Coinbase Revenue Dropped By 28% Amid A Brutal Bear Market

On Thursday, Coinbase released its third quarter net sales figures, which fell 28% from the previous quarter’s $803 million to $576 million.

As per the firm’s quarterly report, transaction income fell by 44% compared to Q2 as fewer customers were engaged on the crypto exchange.

The worldwide market capitalization is still locked at $1 trillion, down $2 trillion from a year ago, and exchanges frequently repeat this mantra.

The third quarter of the exchange’s operation, which concluded on September 30, saw a 5% decline in monthly active users and a 27% decline in trade volume.

In addition, it did report a 4% increase in the total asset value on its platform, from $96 billion to $101 billion.

The firm is the largest and only publicly listed crypto exchange in the US and saw a decline in trading volume from $217 billion to $159 billion. However, the company’s subscription and service revenue increased during Q3, from $147 million to $211 million.

In its shareholder letter, the firm also emphasized recent agreements with Google and BlackRock, indicating that it is hopeful about institutional acceptance. It asserts that 25 percent of the top 100 hedge firms use Coinbase.

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Moreover, Surojit Chatterjee, the CPO of Coinbase, recently disclosed that he would be retiring at the end of November. In 2020, Coinbase infamously lured him away from Google and offered him a pay deal of $466 million in stock options. But he recently wrote on LinkedIn that it was time to dismount and collect his breath.

It was another setback in a difficult week for the company. COIN fell 21% from the end of the last week, and down 8% from the previous day. Nevertheless, there have been a few modest causes for hope.

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