Gemini has reported a $108M net loss for Q2, despite achieving 37% revenue growth, according to reporting from CoinTelegraph.
Credit card and staking revenue drove Gemini’s services growth in Q2, helping to offset a decline in exchange revenue and trading volume. Exchange revenue fell 38% and trading volume dropped by two-thirds, contributing to the net loss.
Gemini's financial results highlight the challenges faced by cryptocurrency exchanges in a rapidly changing market environment.