Crypto exchange Gemini has published its financial results for the second quarter, showing that total revenue came in at $45.5 million, up by 37% from the $33.3 million it reported in the same period a year ago. The company, whose figures were relayed by PANews and originally reported by The Block, cut its net loss by 19% to $107.7 million, versus a loss of $133.2 million in the second quarter of last year. Revenue from credit card products jumped by 231% to $16.2 million, and staking revenue grew by 50% to $4 million. The exchange's prediction market produced $500,000 in revenue, slightly more than the $400,000 the firm disclosed when it launched that offering in December. The volume of event contracts traded on the platform rose 93% compared with the first quarter, even though overall revenue growth was modest. Monthly transacting users increased 11% on a year-over-year basis. However, assets on Gemini's platform fell to $8.4 billion from $18.2 billion, as the value of bitcoin and other major digital assets dropped 50%.
Crypto exchange Gemini published its second-quarter financials on Aug. 14, showing total revenue of $45.5 million, up 37% from $33.3 million a year earlier. According to The Block, as relayed by PANews, the company's net loss narrowed 19% to $107.7 million from $133.2 million in the year-ago quarter.
The growth was led by Gemini's card business. Credit card revenue surged 231% to $16.2 million, while staking revenue rose 50% to $4 million. The prediction market added $500,000 in revenue, slightly above the $400,000 the exchange disclosed when the product launched last December.
Event contract volume on the platform grew 93% from the first quarter, even though overall revenue growth remained modest. Monthly transacting users rose 11% year over year.
Assets on the platform fell to $8.4 billion from $18.2 billion as the value of bitcoin and other major assets dropped 50%.
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