The spot trading volume at Coinbase, the largest U.S.-based cryptocurrency exchange, fell to US$76 billion in the third quarter, a 52% year-on-year decrease, Bloomberg reported, citing crypto data firm CCData.
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- This marks Coinbase’s lowest quarterly trading volume since 2020, before the exchange listed on the Nasdaq Stock Market.
- However, Coinbase reportedly gained more market share in Q3, due to the increasing regulatory scrutiny around Binance, the world’s largest crypto exchange, and its U.S. affiliate.
- Coinbase’s monthly exchange volume fell to US$20.42 billion in September, down 23% from US$26.59 billion in August, according to data from The Block.
- Coinbase received a Major Payment Institution license in Singapore at the beginning of October, a year after it received an in-principal approval to expand its digital asset services in the country.
- It has been a difficult quarter for most firms in the Web3 space. The amount of funds raised by crypto firms dropped to a three-year low of US$2.1 billion in the third quarter, according to on-chain intelligence firm Messari.