Gemini posts 19% drop in Q3 revenue

Gemini, the U.S. cryptocurrency exchange founded by the Winklevoss twins, reported weak third-quarter results as crypto trading activity slowed. Gemini Space Station said Q3 revenue fell 19% year over year to $40.9 million from $50.6 million, while net loss narrowed to $58.6 million from $159.5 million. Total trading volume dropped sharply to $4.5 billion from $16.4 billion a year earlier. Compared with the previous quarter, spot trading volume rose 18%, which Gemini said was driven by increased institutional trading activity tied to Zcash (ZEC). The company is also pursuing a strategy to reduce its reliance on crypto trading fees by expanding into stock trading and prediction markets.