Coinbase's third-quarter earnings report revealed total revenue of $1.2 billion, falling short of the Wall Street estimate of $1.26 billion, with a stark drop in trading volume.
Anil Gupta, vice president of investor relations, stated, 'Really solid results across the board… you definitely see volatility playing a role in trading revenues and we saw that play out with softer market conditions in Q3 but we're overall happy with the results.'
The company indicated that 'Crypto asset volatility - a key driver of trading volume - declined approximately 5% when comparing the Q3 average with the Q2 average,' impacting transaction fee income.
Despite regulatory uncertainty, Coinbase launched new features to diversify revenue sources and reduce reliance on trading volume, including a service for Visa debit card users to transfer funds to their accounts.
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