Coinbase warns of upcoming slowdown even as profit jumps

The US crypto exchange’s Q2 profit jumped but it warned that trading volumes had dropped in the current quarter.

US cryptocurrency exchange Coinbase Global Inc beat market estimates for second-quarter profit boosted by a near 38 percent jump in trading volumes on a sequential basis, but forecast a drop in current-quarter volumes. Coinbase, which makes money by charging fees on trades and which has benefitted from the growing adoption of digital assets, said on Tuesday the reported quarter illustrated the volatility of the still nascent sector that faces calls for more regulation. Chief Financial Officer Alesia Haas said Coinbase is paying close attention to comments by the US Securities and Exchange Commission (SEC) Chair Gary Gensler, who called on Congress last week seeking more authority to better police cryptocurrency trading, lending and platforms.