Crypto exchange Gemini released its mid-year financial report, showing revenue of $50.3 million in the first half of the year, a 42% increase year-over-year. The net loss narrowed by 27% to $109.1 million from $149.3 million a year earlier. The company attributed the improved performance to cost-cutting measures and increased trading volumes amid a crypto market recovery. Gemini has been focusing on operational efficiency and regulatory compliance since its expansion into new markets. The exchange also noted that its custody business saw significant growth, with assets under custody increasing. Despite the positive trends, Gemini still faces headwinds from ongoing regulatory scrutiny and competition. The company expects continued improvement in the second half of the year as market conditions stabilize.

Key facts

• Gemini revenue up 42% YoY to $50.3M in H1.
• Net loss narrowed 27% to $109.1M from $149.3M.
• Improvement due to cost cuts and higher trading volumes.
• Custody business saw significant growth in assets under custody.