Coinbase Posts Third Straight Quarterly Loss Amid Crypto Market Downturn

Coinbase, one of the largest cryptocurrency exchanges, reported its third consecutive quarterly loss as the prolonged downturn in cryptocurrency markets weighed on trading volumes.

The company's transaction revenue dropped 21% to $599 million during the April-to-June quarter, from $764 million a year earlier.

Cryptocurrency markets have been under pressure due to uncertainty over U.S. interest rates, geopolitical tensions, and persistent outflows from crypto investment products.

Analyst Jacob Zuller said that without a market turnaround, Coinbase would hope for accelerated adoption of stablecoins, which could offset the decline in spot crypto trading volumes.