Coinbase beats estimates but sees lower trading volumes in third quarter
© Reuters. FILE PHOTO: A smartphone with displayed Coinbase logo and representation of cryptocurrencies are placed on a keyboard in this illustration taken, June 8, 2023. REUTERS/Dado Ruvic/Illustration/File PhotoTrading volumes at the crypto exchange in the third quarter came in at $11 billion, compared with $26 billion a year earlier, mirroring a similar fall in the prior quarter ended June 30.
Total revenue in the three months ended Sept. 30 was $674.1 million, compared with analysts' estimate of $653.19 million, according to LSEG data. Investor sentiment toward cryptocurrencies has been lukewarm this year after a string of high-profile collapses in 2022 led to outflows of more than a trillion dollars from the sector.The decline in trading volumes comes as Coinbase continues to battle the U.S. Securities and Exchange Commission , which sued it and rival Binance in June, alleging it traded at least 13 crypto assets that are securities without registering them with the regulator. Both have denied the allegations.
In its previous earnings call, Coinbase Chief Legal Officer Paul Grewal said he expects Coinbase to prevail in the case.We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: Include punctuation and upper and lower cases.
{username} Just Now Share Follow this postUnfollow this post Save Saved. See Saved Items . This comment has already been saved in your Saved Items Author's response{commentContent} Reply 00 Report {username} Just NowAuthor's response Share Follow this postUnfollow this post Save Saved. See Saved Items .
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Coinbase beats estimates but sees lower trading volumes in third quarterCryptocurrency exchange Coinbase (COIN.O) on Thursday beat estimates for third-quarter revenue, but saw trading volumes decline for the second quarter in a row.
Read more »
Coinbase sees trading volume continue to fall, but revenue beats expectationsCoinbase sees $76 billion in total trading volume during September quarter, down from $92 billion on a sequential basis
Read more »
Coinbase Beats Q3 Earnings Estimates, But Trading Volume FellAoyon Ashraf is managing editor with more than a decade of experience in covering equity markets
Read more »
Coinbase posts Q3 beat but trading volumes drop again, shares plunge 4%Coinbase posts Q3 beat but trading volumes drop again, shares plunge 4%
Read more »
Coinbase crypto futures for retail US traders goes live, includes 'nano' bitcoin tradingThe largest cryptocurrency exchange in the U.S. continues to expand its offerings as it launches futures trading for retail customers.
Read more »