The crypto industry has found new ways to grow. Making money from them is another story
Source: CoinDesk ·
From the source
Coinbase, Robinhood and Circle are expanding into stablecoins, payments and prediction markets, but their latest earnings show how hard it is to escape crypto's boom-and-bust cycles. Cryptocurrency companies have spent years trying to make money from more than just people buying and selling bitcoin BTC $75,571.39 . Their latest earnings show how hard that can be. Coinbase COIN $134.55 and Robinhood HOOD $79.23 reported weaker crypto trading revenue last week. Circle CRCL $66.31 , the company behind the USDC stablecoin, reported an 8% drop in reserve income , little change in USDC supply from a year earlier and a 5% cut to its workforce in its latest earnings statement on Wednesday. Shares of all three companies are down significantly over the past 5 days led by Circle which fell 11%. The results come as crypto prices slide following Tuesday's midterm elections , adding to the pressure on an industry already dealing with a slowdown in trading. Coinbase and Robinhood have moved into…