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News

Coinbase Surpasses Q4 Profits Projections Despite Declining Transaction Volume

February 21, 2023 - Around 2 mins mins to read

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.
coinbase 1

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

Coinbase

Cryptocurrency exchange

SEC

Securities and Exchange Commission

Avatar of Annie

Author

Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.
News

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.
coinbase 1

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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