The third quarter of the year, which started in July and ended in September, didn’t really bring good news the top crypto exchanges during a long crypto winter. The Coinbase crypto exchange revealed in a letter to shareholders that its trading revenue has dropped significantly. On the other hand, the Robinhood cryptocurrency exchange has seen similar results. The popular trading platform recorded a drop in crypto-related revenue on its platform, leading to an expected drop in funding.

Coinbase’s trading revenue fell 44% in the third quarter of 2022. In the July-September period, Coinbase’s sales reached $365.9 million (approximately Rs. 30.22 billion).

This figure has almost doubled to $655.2 million (approximately 5,411 crore) in the April-June period in Q2 2022.

Overall, Coinbase reported a 28 percent drop in its third-quarter revenue, totaling $576.4 million (approximately 6.3 billion).

On the other hand, Robinhood noticed a 12% decrease in revenue generated from crypto activities.

Of Robinhood’s $361 million (approximately 29.8 crore) net income, crypto activities earned just $51 million (approximately Rs 4.2 crore) in the past quarter.

While Coinbase pointed to a poor macro environment behind its losses, Robinhood observed that most of its trading revenue was generated through stocks and options.

The total market of the crypto industry remained below the trillion-dollar mark most of September.

The market situation has indeed some cryptocurrency players by surprise.

example, crypto-staking platform Freeway stopped buying and withdrawing services on its platform, citing market volatility.

Genesis Trading also reduced its headcount by 20% after being hit by the so-called “crypto winter.” ByBit cryptocurrency exchange, Coinbase and CryptoCom have similar steps to maintain their respective businesses.

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By Rebecca French

Rebecca French writes books about Technology and smartwatches. Her books have received starred reviews in Technology Shout, Publishers Weekly, Library Journal, and Booklist. She is a New York Times and a USA Today Bestseller...