Gemini Slumps to $108 Million Loss as Crypto Downturn Hits Exchange Volumes

Gemini reported a significant net loss of $107.7 million in the second quarter, as the crypto downturn took its toll on exchange volumes.

The company's main exchange saw trading volume plummet from $11.3 billion to $3.8 billion over the past year, while total assets on the platform decreased from $18.2 billion to $8.4 billion due to a significant drop in cryptocurrency prices.

Gemini's revenue declined by 38% to $12.5 million, but its customer base grew, with an 11% increase in monthly transacting users year-over-year.

The company is diversifying its revenue streams through credit card and staking services, which saw significant growth, with credit card revenue increasing by 231% to $16.2 million and staking generating $4 million, a 50% increase.