Gemini posts $107.7 million net loss in Q2, revenue up 37% year-over-year

Odaily News Cryptocurrency exchange Gemini reported Q2 revenue of $45.5 million, up 37% year-over-year, but posted a net loss of $107.7 million. Exchange revenue fell 38% year-over-year to $12.5 million, with trading volume declining from $11.3 billion to $3.8 billion.

Services revenue grew 149% year-over-year to $23.5 million, with credit card revenue up 231% to $16.2 million and staking revenue up 50% to $4 million. Including interest income, combined services and interest revenue reached $26 million.

Trading losses widened from $3.6 million in the same period last year to $20.1 million, primarily driven by identity fraud incidents in the credit card business, which led to a $16.1 million credit loss provision. Q2 operating expenses rose 24% year-over-year to $122.4 million but declined 15% from the first quarter. (Cointelegraph)