Key Points:
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.
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