Add as a preferred source on GoogleCoinbase Says CFTC Approved It to List Its Own Prediction-Market Contracts
The business surpassed $200 million in annualized revenue in Q3 as daily traders climbed more than 60% from the previous quarter.
Coinbase co-founder and CEO Brian Armstrong said Thursday the CFTC approved the company to list its own prediction-market contracts, an approval he said “will improve our economics.”
The business surpassed $200 million in annualized revenue during the third quarter. Daily traders rose more than 60% from the previous quarter, and more than half of Q3 contracts traded were outside sports. Coinbase’s prediction-markets business also featured in a comparison of five Web3 prediction-market projects.
Coinbase’s total revenue was $1.2 billion, roughly flat quarter over quarter despite a 10% decline in total market crypto trading volume. Its share of crypto trading volume reached 10.7%, marking a fourth straight quarterly increase.
Net income was $719 million, driven largely by unrealized gains on crypto held for investment. Adjusted net income was $78 million.
Riza Dagoc
Riza Dagoc reports on regulation, investing and the digital-asset business for TokenPost. Send corrections or tips to info@tokenpost.com.