Cryptocurrency exchange Coinbase (COIN.O) on Thursday beat estimates for third-quarter revenue, but saw trading volumes decline for the second quarter in a row.
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,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. Hannah Lang covers financial technology and cryptocurrency, including the businesses that drive the industry and policy developments that govern the sector. Hannah previously worked at American Banker where she covered bank regulation and the Federal Reserve. She graduated from the University of Maryland, College Park and lives in Washington, DC.Two years after being taken private in a $4.
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