Crypto exchange Coinbase revenue drops 35% as retail interest slows

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The cryptocurrency exchange operator’s trading volumes fell to $309 billion for the quarter ended March 31, compared with $335 billion a year ago.

Retail trading volumes fell 38% to $74 billion, while institutional grew 9% to $235 billion.

Among crypto assets, bitcoin comprised 24% of trading volume, up from 16% in the last quarter and down from 39% a year ago. https://

The cryptocurrency market has been roiled by extreme volatility due to economic and geopolitical uncertainties, leading to a big drop in prices of the assets recently.

Bitcoin has nearly halved from the record high hit in November last year as the world’s largest digital asset becomes a major target of governments and regulators looking to crack down on privately operated currencies.

Total revenue of Coinbase (NASDAQ:COIN) fell to $1.17 billion in the three months ended March 31 from $1.80 billion a year earlier.

Net loss attributable to common shareholders was $429.7 million, or $1.98 a share, for the three months ended March, compared with net income of $387.7 million, or $3.05 a share, a year earlier.