Coinbase reported Q1 revenues of $2 billion, falling short of expectations of $2.12 billion, resulting in a net income of $66 million, reflecting a 94% drop from the previous quarter.
The firm experienced a 19% decrease in trading revenues quarter-over-quarter, amidst a backdrop of reduced trading activity and macroeconomic insecurities, as indicated by VP Anil Gupta.
With a significant increase in USDC adoption, which has risen tenfold, Coinbase’s strategic acquisition of Deribit for $2.9 billion aims to enhance its derivatives offerings and bolster future revenue streams.
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