NewsHK
Digital asset trading volumes across centralized exchanges have fallen sharply over the past year, and Gemini's second-quarter results put a hard number on how much that hurts a retail-heavy platform.
The exchange (NASDAQ: GEMI), led by twin brothers Cameron and Tyler Winklevoss, reported a net loss of $107.7 million for the quarter, 19% narrower than the $133.2 million loss posted in the same period a year earlier.
Total revenue reached $45.5 million, up 19% year-over-year, as the company's card and staking lines partially offset a steep drop in transaction fees.
Trading collapse, revenue diversification The damage is concentrated in the transaction line. Trading revenue fell 38% to $12.5 million as total platform volume dropped to $3.8 billion from $11.3 billion a year ago.
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