Exodus Reports Q2 2023 Financial Results with Decreased Revenue
Exodus, the multichain wallet, has released its financial results for the second quarter of 2023. Here are the key points:
– Revenue for Q2 2023 was $12.4 million, showing a 4% decrease compared to the previous year.
– The majority of revenue came from the exchange aggregation business, totaling $11.6 million.
– Fiat onboarding revenue increased by 220% to $561,000.
– The volume of exchange provider transactions in Q2 was $591.5 million, down 12% from Q2 2022.
– Bitcoin, Tether, and Ether were the top assets traded in the quarter.
Despite the decline in revenue, Exodus managed to reduce costs by 6% compared to the previous year. This was achieved through a reduction in headcount and cloud infrastructure expenditures. Administrative and marketing allocations were also decreased by 65% in the quarter.
Exodus ended the quarter with $55 million in cash, cash equivalents, and U.S. Treasury Bills, as well as $46.2 million worth of Bitcoin. The company also announced several major developments, including an integration with Robinhood Connect and support for Arbitrum, Optimism, and Matic staking.
JP Richardson, CEO and co-founder of Exodus, stated that the next step for the company is to provide its technology to other companies, known as Wallet-as-a-Service or Infrastructure-as-a-Service.
Hot Take
Exodus’ financial results for Q2 2023 show a decrease in revenue, but the company managed to reduce costs and achieve positive net income. The integration with Robinhood Connect and support for various cryptocurrencies demonstrate Exodus’ commitment to innovation and expanding its services. As the crypto market continues to evolve, providing technology to other companies could be a strategic move for Exodus to maintain its position in the industry.
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