Crypto-friendly Trump administration helps bitcoin to record valuation
Trade
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Crypto exchange Coinbase has posted a robust profit in the third quarter, thanks in part to increased trading volumes in digital assets.
For the three months ending 30 September, the company reported a net profit of $432.6 million, compared to $75.5 million in the same period last year.
Digital assets experienced strong growth in July, after crypto-friendly measures by US President Donald Trump sparked interest among institutional investors. As a result, bitcoin, the world’s largest cryptocurrency, reached new record highs.
The following month, however, weak economic figures led to growing fears of a recession, resulting in a wave of sell-offs.
Nevertheless, Coinbase’s transaction revenues rose to $1.05 billion, compared to $572.5 million a year earlier.
Meanwhile, Citigroup and Coinbase are joining forces to offer their institutional clients improved digital payment solutions.
Initially, the collaboration will focus on facilitating deposits and withdrawals of regular (fiat) currency via Coinbase, making the transition between traditional money and digital assets such as cryptocurrencies smoother.
Citi emphasises that the partnership will also help streamline payment processes. In the coming months, both parties will reveal further details about additional features, including the ability to convert fiat into stablecoins.
The partnership comes at a time when regulation for stablecoins in the US is gaining greater clarity with the approval of the GENIUS Act, which is expected to further drive the adoption of digital assets.
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