Coinbase Surpasses Q4 Profits Projections Despite Declining Transaction Volume
Key Points:
- Coinbase, a cryptocurrency exchange based in the United States, exceeded revenue projections for the fourth quarter of 2022 but saw a sustained fall in transaction volume.
- Despite a 12% drop in transaction volumes from the prior quarter, Coinbase attributed its 34% increase in subscription and service revenues for the quarter’s 5% overall revenue growth.
- The Securities and Exchange Commission (SEC) is now looking into the exchange’s staking products. This investigation is similar to the one that led to Kraken, a peer cryptocurrency exchange, reaching a $30 million settlement with the SEC.
Coinbase, a cryptocurrency exchange based in the United States, exceeded revenue projections for the fourth quarter of 2022 but saw a sustained fall in transaction volume.
The exchange’s net revenue for the quarter came in at $605 million, exceeding the $589 million revenue that Wall Street analysts allegedly predicted.
Despite a 12% drop in transaction volumes from the prior quarter, Coinbase attributed its 34% increase in subscription and service revenues for the quarter’s 5% overall revenue growth.
Staking income decreased compared to the preceding quarter as the decline in cryptocurrency prices outpaced the rise in staked balances across all crypto currencies, even though Coinbase restated its belief that its staking products are not securities.
The Securities and Exchange Commission (SEC) is now looking into the exchange’s staking products. This investigation is similar to the one that led to Kraken, a peer cryptocurrency exchange, reaching a $30 million settlement with the SEC.
A “difficult year for crypto markets,” according to Coinbase, 2022 will see a number of macroeconomic upheavals, as well as the collapse of exchanges Voyager and Celsius and the crypto hedge fund Three Arrows Capital.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your research before investing.
Join us to keep track of news: https://linktr.ee/coincu
Website: coincu.com
Annie
Coincu News
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Coinbase Surpasses Q4 Profits Projections Despite Declining Transaction Volume
Key Points:
- Coinbase, a cryptocurrency exchange based in the United States, exceeded revenue projections for the fourth quarter of 2022 but saw a sustained fall in transaction volume.
- Despite a 12% drop in transaction volumes from the prior quarter, Coinbase attributed its 34% increase in subscription and service revenues for the quarter’s 5% overall revenue growth.
- The Securities and Exchange Commission (SEC) is now looking into the exchange’s staking products. This investigation is similar to the one that led to Kraken, a peer cryptocurrency exchange, reaching a $30 million settlement with the SEC.
Coinbase, a cryptocurrency exchange based in the United States, exceeded revenue projections for the fourth quarter of 2022 but saw a sustained fall in transaction volume.
The exchange’s net revenue for the quarter came in at $605 million, exceeding the $589 million revenue that Wall Street analysts allegedly predicted.
Despite a 12% drop in transaction volumes from the prior quarter, Coinbase attributed its 34% increase in subscription and service revenues for the quarter’s 5% overall revenue growth.
Staking income decreased compared to the preceding quarter as the decline in cryptocurrency prices outpaced the rise in staked balances across all crypto currencies, even though Coinbase restated its belief that its staking products are not securities.
The Securities and Exchange Commission (SEC) is now looking into the exchange’s staking products. This investigation is similar to the one that led to Kraken, a peer cryptocurrency exchange, reaching a $30 million settlement with the SEC.
A “difficult year for crypto markets,” according to Coinbase, 2022 will see a number of macroeconomic upheavals, as well as the collapse of exchanges Voyager and Celsius and the crypto hedge fund Three Arrows Capital.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your research before investing.
Join us to keep track of news: https://linktr.ee/coincu
Website: coincu.com
Annie
Coincu News
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