The current painful situation in the crypto market affects investors and crypto companies. This is apparent from the results of these companies that they achieved in the third quarter. Major US crypto exchange Coinbase announced that the company's revenue fell by 28% compared to the second quarter. 

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Coinbase is feeling the crypto winter

In a report addressed to the shareholders of the crypto exchange, it can be read that the company has managed to achieve a turnover of $576 million. That's a significant decrease from the previous quarter when Coinbase still generated revenue of $803 million.

One of the biggest causes of the decline is of course, the falling crypto prices. In addition, the interest in making trades for trading appears to have decreased considerably. Coinbase has announced that revenue from transaction costs has fallen by no less than 44%. 

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Overall, the total trading volume on the platform fell 27% in the third quarter. The number of monthly active users decreased by 5%

Not only bad numbers for the bitcoin exchange 

However, not everything looked bad for the major publicly traded crypto exchange. Coinbase saw its subscription and service revenue grow 43% to $211 million. In addition, the exchange is said to have managed to snare several large customers.

25% of the top 100 largest hedge funds are reportedly Coinbase clients. It also lists big names like BlackRock and Google as partners. With that, Coinbase says it “couldn't be more excited about these industry-leading collaborations.” It previously stated that the institutional adoption of Bitcoin (BTC) is “very, very fast”. 

Recently, the crypto news reported that Coinbase is assisting Ripple in the XRP lawsuit against the Securities and Exchange Commission (SEC). It did this by submitting an Amicus Letter. 

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