New York-based crypto exchange Coinbase reported revenue in the amount of $708 million in the second quarter of 2023, despite the regulatory issues it’s faced in recent months, boosted by a custody deal with Blackrock and institutional focus.
The exchange said Q2 net revenue reached $663 million, down 10% versus the same period last year, yet beating early estimates on its growing market dominance in the United States as competitors such as Binance are bogged down by regulatory trouble.
The crypto exchange’s impressive performance was also attributed to the strong crypto price cycle last quarter where the likes of Bitcoin and other altcoins posted new yearly highs.
Early estimates from the Zacks Consensus Estimate put crypto exchange’s earnings at $643.4 million, a 20.4% decline from the past year during the same time. Another report from Messari suggested that for the first time, Coinbase’s non-trading revenue may exceed its trading revenue.
According to Coinbase, the predictions were correct. Non-trading revenue for Q2 2023 reached $335.4 million against transaction revenue of $327.1 million for the quarter.
Tristan Greene contributed to the story.
This is a developing story, and further information will be added as it becomes available.