Coinbase Posts Sharp Decline in Crypto Trading Volumes in Q3 2021

The California-based crypto trading platform Coinbase Global, Inc. (Coinbase) has released its financial metrics for the third quarter of 2021, unveiling that its overall crypto trading volume declined sharply of MoM 29% to $327 billion.

Net revenues stood at $1.2 billion, down 39% compared to that of last quarter at $2.0 billion. This includes $1.1 billion in transaction revenue and $145 million in Subscription and services revenue. Net income fell from $1.6 billion of last quarter to $406 million, and adjusted EBITDA deceased from $1.2 billion to $618 million.

In addition, the number of verified users at the platform rose to 73 million, and that of retail Monthly Transacting Users (MTUs) dropped from 8.8 million to 7.4 million.