(Reuters) – Coinbase Global posted a third-quarter profit on Wednesday, helped by strong trading volumes at the exchange as cryptocurrency increasingly becomes a part of the mainstream investment industry following a string of regulatory clearances.
Crypto markets have been volatile this year, gaining after the U.S. Securities and Exchange Commission approved an exchange-traded fund to track the spot price of bitcoin and ether, only to lose steam later on economic fears.
In the last few weeks, sentiment towards the industry has shifted in lockstep with the odds of a Republican win in the presidential election, as Donald Trump has positioned himself as the pro-bitcoin candidate.
The volatility in the asset class has helped third-quarter trading volumes grow to $185 billion from $76 billion at the largest cryptocurrency exchange in the world, giving a boost to transaction fees.
Net income attributable to shareholders came in at $75.46 million, or 28 cents per share, for the three months ended Sept. 30, compared with a loss of $2.27 million, or 1 cent per share, a year earlier.
(Reporting by Pritam Biswas in Bengaluru; Editing by Anil D’Silva)
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