Coinbase’s second-quarter loss narrowed and revenue exceeded estimates, according to an earnings report released Thursday, but the cryptocurrency exchange no longer gets the lion’s share of its revenue from trading.
In Q2, Coinbase earned $335 million, or 51% of net revenue, from subscriptions and services. It was the first time the category, which includes custodial fees, interest income on the USDCstablecoin and staking revenue, surpassed transaction revenue, which fell 50% to $327 million from more than $655 million a year earlier, as volume on the exchange decreased.
Interest income dropped to $201.4 million from $240.8 million after USDC’s market value declined about $15 billion in the quarter.
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