While this year’s market downturn has crimped trading volume for all major exchanges, Coinbase has suffered more than some of its peers. Retail users, whose trading activity makes up the majority of its revenue, are sitting on the sidelines. And Coinbase missed — perhaps for the best, as users may have avoided taking on risk — a trading-volume spike in May connected to the downfall of Luna, a token it didn’t support. Meanwhile, some of its competitors are pushing derivatives products and offering lower fees.
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