BitGo Q3 Revenue Drops Amid Quiet Crypto Trading
Cryptocurrency custodian BitGo reported a 51% decline in third-quarter revenue due to softer trading activity and stablecoin transaction volume.
Cryptocurrency custody and infrastructure provider BitGo experienced a significant drop in quarterly revenue during the third quarter. According to the data, revenue fell by 51% as a result of a persistently slow digital asset trading environment alongside an increased proportion of lower-margin stablecoin transactions.
Despite the reduction in top-line revenue, the firm noted an increase in net income for the same period. This growth in net income was primarily supported by gains from treasury holdings rather than core operating revenue from trading.
Original report: The Block ↗
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