Coinbase Suffers Third Consecutive Quarterly Loss Amid Cryptocurrency Downturn

Crypto exchange Coinbase has reported its third consecutive quarterly loss due to a prolonged downturn in cryptocurrency markets, which led to lower trading volumes.

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

Coinbase CEO Brian Armstrong expressed optimism about the Clarity Act, introduced last May, providing regulatory clarity for digital-asset trading platforms. He stated that he is 'pretty optimistic' that the legislation will get to a full Senate floor vote.

The company's shares declined by 5.3% after the bell, while Robinhood Markets reported a 38% slump in second-quarter crypto transaction revenue, suggesting softer trading volumes across the market.