Crypto exchange Coinbase profit surges on strength in trading volumes
(Reuters) -Coinbase Global reported a jump in its third-quarter profit on Thursday, as heightened volatility in digital assets boosted trading volumes at the cryptocurrency exchange, sending its shares up more than 3% after the bell.
Digital assets rallied in July as crypto-friendly policies by U.S. President Donald Trump attracted institutional investor interest, catapulting bitcoin, the world’s largest cryptocurrency, to new peaks.
However, weak economic data in the following month sparked recession fears, triggering a sell-off across the sector as investors moved to liquidate riskier assets. Volatility in the sector often benefits cryptocurrency exchanges, with trading volumes typically rising as investors seek to hedge…
