Major crypto exchanges expand non-trading businesses amid lower trading volumes

Major global cryptocurrency exchanges are expanding non-trading businesses to mitigate earnings volatility from reduced trading volumes. Coinbase reported a sharp decline in the gap between trading revenue and non-trading revenue, narrowing to about 44 million from roughly 132 million a year earlier. The company has diversified its product offerings to include stablecoins and prediction markets, with average USDC holdings in Q3 rising 44% year over year to 20 billion. Gemini has tripled its prediction-market maker metrics since early this year and launched rebate and rewards programs. However, its second-quarter trading volume and revenue fell 66% and 38%, respectively, totaling 3.8 billion. Bullish is also implementing a rewards program to boost trading activity, with adjusted trading revenue in Q2 decreasing 21% from the previous quarter to 29.9 million, though it remains up 24% from a year earlier.

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