), the country’s largest crypto exchange, posted its seventh consecutive quarterly loss as its trading volumes and the number of people trading on its platform fell.
The company is choosing to defend itself in court and its CEO Brian Armstrong has been vocal about his disagreements with the SEC. Oral arguments set to be heard January 17 in a Manhattan courtroom. Despite the legal and regulatory challenges, Coinbase's stock is up 128% since the beginning of the year.
During the third quarter, the number of people transacting on Coinbase's platform per month fell below levels not seen since the first quarter of 2021.Coinbase's trading volume in the third quarter also fell more than 17% from the previous quarter and 52% from a year ago. Subscriptions and services rose to $334 million, a 59% increase from the second quarter of last year, driven by Coinbase's stablecoin and interest income revenue streams.Meanwhile, operating expenses fell 4% from the previous quarter and 32% from the year ago period to $754 million, driven lower by "a shift in timing of certain sales and marketing and legal-related expenses" -- Japan’s state pension fund, the world’s largest, posted a loss of ¥683.
Russia adds fresh capital controls to prop up ruble, but Kremlin is 'applying a Band-Aid to gangrene'
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