Gemini revenue falls 19% to $40.9M as crypto trading volume plunges

The Winklevoss founded crypto exchange narrowed its quarterly loss to $58.6 million as cost reductions offset declining trading activity. Gemini Space Station reported third quarter revenue of $40.9 million, down 19% from $50.6 million a year earlier, as declining crypto trading activity weighed on the company’s exchange business. The Nasdaq listed crypto exchange, founded by Cameron and Tyler Winklevoss, recorded a net loss of $58.6 million, narrowing from $159.5 million in the same period last year. Total trading volume fell to $4.5 billion from $16.4 billion a year earlier, reflecting weaker retail participation in crypto markets. Exchange revenue declined 47% as lower retail trading fees offset increased institutional activity. Despite the decline, spot trading volume increased 18% from the previous quarter, supported by institutional activity involving Zcash .

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