The US-based cryptocurrency exchange Coinbase disclosed in its shareholder letter on 3 November that the company transaction revenue in Q3 saw a 44% decrease when compared to that in Q2, which fell from $655.2 million to $365.9 million. The exchange attributed the decline to macroeconomic factors such as high inflation and interest rates and geopolitical factors contributing to a 30% drop in daily average crypto market capitalization. The exchange observed that the lack of regulatory clarity in the US , more retail customers preferred holding to trading crypto and advanced traders chose its competitors with more complex products were also the reasons for the drop in its transaction revenues. However, the company’s net loss decreased by 50% to $544.6 million in this quarter.
Source: https://cointelegraph.com
