Monitors display Coinbase signage during the company's initial public offering (IPO) at the Nasdaq MarketSite in New York, on Wednesday, April 14, 2021.
Coinbase Wednesday reported weaker-than-expected third-quarter results, weighed down by muted trading in the cryptocurrency market.
Coinbase has been an active lobbyist for the crypto industry this year, spending millions backing pro-crypto political action committees.
While crypto price action has been tepid, the market cap for stablecoins reached new highs, helping push Coinbase's third-quarter stablecoin revenue to $246.9 million.
That revenue could be challenged in the current quarter with interest rates expected to continue coming down.
Persons:
Bitcoin, Coinbase, Stablecoins, stablecoins
Organizations:
Nasdaq, Coinbase, LSEG, Revenue
Locations:
New York, U.S