Following two record-smashing quarters, Coinbase reported that its cryptocurrency revenues had dipped to $1.24 billion in Q3 2021. That's well below the company's peak of $2.23 billion the previous quarter, but nonetheless a significant leap compared with Q3 2020, when its crypto revenues were only $287 million.
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Following two record-smashing quarters, Coinbase reported that its cryptocurrency revenues had dipped to $1.24 billion in Q3 2021. That's well below the company's peak of $2.23 billion the previous quarter, but nonetheless a significant leap compared with Q3 2020, when its crypto revenues were only $287 million.
Coinbase isn't the only company to experience a decline. Overall, global trading volume in Q3 fell 37%. Specifically, Coinbase's trading volumes declined by 29%, while Robinhood's crypto trading volumes dropped 78% quarter over quarter. "But we expect both fintechs to see another spike in Q4, similar to Q2, as crypto prices have rebounded," said Victor Chatenay, fintech analyst at Insider Intelligence. "The global crypto market hit the $3 trillion mark for the first time last week."
Looking ahead, Coinbase is looking to expand its crypto wallet capabilities beyond trading, to areas such as decentralized applications (dApps), as well as non-fungible token (NFTs).
During its Q3 earnings call, Brian Armstrong, CEO of Coinbase, announced a plan to roll out a platform for NFTs. "We'd like to make our Coinbase NFT a little bit more like Instagram as opposed to, say, an auction like eBay," he said.
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As other fintechs like Square and Robinhood have launched crypto wallets that will allow users to facilitate transactions within Facebook's metaverse, Coinbase's recent announcements suggest that it too may be positioning itself as a gateway for users to access services in the next iteration of the internet.
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