Credit card and staking revenue drove Gemini’s services growth in Q2 as exchange revenue fell 38% and trading volume dropped by two-thirds.
Cryptocurrency exchange Gemini reported a 37% year-over-year increase in second-quarter revenue to $45.5 million, while posting a $107.7 million net loss as exchange trading weakened.
Exchange revenue fell 38% to $12.5 million as trading volume dropped to $3.8 billion from $11.3 billion, the company said Thursday.
Services revenue climbed 149% to $23.5 million, led by a 231% increase in credit card revenue to $16.2 million and a 50% rise in staking revenue to $4 million. Including interest income, services revenue and interest income totaled $26 million.
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