Coinbase reports third-quarter loss as volumes drop
Due to weaker demand for risky assets due to high inflation, increasing interest rates, and geopolitical unrest

Due to weaker demand for risky assets due to high inflation, increasing interest rates, and geopolitical unrest, U.S. cryptocurrency exchange Coinbase Global Inc. posted a loss for the third quarter on Thursday.
In comparison to a profit of $406.1 million, or $1.62 per diluted share, a year before, Coinbase reported a net loss of $544.6 million, or $2.43 per diluted share, for the three months ended September 30.
To $365.9 million, transaction revenue decreased 64% from the prior year.
The business said in a statement to shareholders that "stronger macroeconomic and crypto market headwinds, as well as trade volume going offshore, adversely reduced transaction revenue."
At $576.4 million, net sales was down 53.3% from the previous year.
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