Crypto exchange Coinbase revenue drops 35% as retail interest slows

People watch as the logo for Coinbase Global Inc, the biggest U.S. cryptocurrency exchange, is displayed on the Nasdaq MarketSite jumbotron at Times Square in New York, U.S., April 14, 2021. REUTERS/Shannon Stapleton

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May 10 (Reuters) – Coinbase Global Inc (COIN.O) reported a 35% drop in revenue in the first quarter on Tuesday as extreme market volatility drove investors to scale back their exposure to risky assets, crimping trading volumes.

Total revenue of the cryptocurrency exchange operator fell to $1.17 billion in the three months ended March 31 from $1.80 billion a year earlier.

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Reporting by Mehnaz Yasmin in Bengaluru; Editing by Anil D’Silva

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