Coinbase, the world’s second-largest crypto exchange by trading volume, reported $605M in net revenue for Q4 in its earnings call.
The net revenue increased by 5% from $590M in the previous quarter and surpassed analysts’ expectations of $588M.
In Q4, Coinbase users carried out $322M of transactions, a 12% decrease compared to Q3.
- The platform’s subscription and service revenues saw a 34% quarterly growth and reached $283M, accounting for nearly 50% of overall revenue in Q4.
- In its shareholder letter, the company said it gained $120M through transactions in January 2023.
- The crypto exchange also added that it expects more crypto regulations worldwide in the coming year, accusing the U.S. regulators of having a disjointed approach to crypto regulation.
- Coinbase shares fell 67% over the last 12 months, mainly with the impact of the crypto winter that heightened in 2022.
