Arbitrum

Bitcoin

Million

<![CDATA[<figure class="image"><img src="https://cimg.co/news/123448/326479/exodus.jpeg" srcset="" width="" class="content-img" alt=""><figcaption>Source: Adobe / Ascannio</figcaption></figure><p>Crypto wallet company Exodus recorded a revenue of $12.4 million in the second quarter, experiencing a 4% decline compared to the previous year, the company <a href="https://www.exodus.com/investors/documents/Q2-2023_Exodus-Reports-Second-Quarter-2023-Results.pdf">announced</a> on Tuesday.</p><p>Despite the revenue dip, Exodus achieved a net income of $1.9 million, a significant outcome that was influenced by cost reductions of 6% year-over-year.</p><p>Exodus attributed a significant portion of its total revenue to its exchange aggregation business, accounting for $11.6 million during the quarter.</p><figure class="image"><img src="https://cimg.co/news/123448/326478/exodus-financials.jpg" srcset="https://cimg.co/news/123448/326478/responsive-images/exodus-financials___media_library_original_1418_700.jpg 1418w, https://cimg.co/news/123448/326478/responsive-images/exodus-financials___media_library_original_1200_592.jpg 1200w, https://cimg.co/news/123448/326478/responsive-images/exodus-financials___media_library_original_900_444.jpg 900w, https://cimg.co/news/123448/326478/responsive-images/exodus-financials___media_library_original_720_355.jpg 720w, https://cimg.co/news/123448/326478/responsive-images/exodus-financials___media_library_original_600_296.jpg 600w, https://cimg.co/news/123448/326478/responsive-images/exodus-financials___media_library_original_300_148.jpg 300w" width="1418" class="content-img" alt=""><figcaption>Exodus Q2 2023 financial highlights. Source: Exodus</figcaption></figure><h2 id="surge-in-fiat-onboarding-revenue">Surge in fiat onboarding revenue</h2><p>At the same time, revenue related to fiat onboarding witnessed substantial growth, surging by 220% to $561,000 from the previous year.</p><p>However, the volume of exchange provider transactions in Q2 dropped by 12% compared to the same period in 2022, amounting to $591.5 million.</p><p>Among the most traded assets were <a href="https://cryptonews.com/coins/bitcoin/">Bitcoin (BTC)</a>, <a href="https://cryptonews.com/coins/tether/">Tether (USDT)</a>, and <a href="https://cryptonews.com/coins/ethereum/">Ether (ETH)</a>, contributing 27%, 16%, and 12% of the trading volume, respectively, the company said.</p><h2 id="cost-reduction-efforts">Cost reduction efforts</h2><p>While monthly active users experienced a decrease of 6% to 772,839 in Q2, down from 817,972 in the previous year, Exodus managed to streamline its costs, the report revealed.</p><p>The company's efforts resulted in a 6% reduction in expenses, totaling $7.1 million in Q2.</p><p>Exodus also significantly trimmed down administrative and marketing allocations by 65%, leading to $4 million in expenses.</p><p>As a result of these efforts, the general and administrative expenses represented 32.2% of the company's revenue, notably lower than what was seen in Q2 of last year.</p><h2 id="large-btc-holdings">Large BTC holdings</h2><p>Exodus holds $55 million in cash, cash equivalents, and U.S. Treasury bills, along with $46.2 million worth of Bitcoin in its treasury.</p><p>Exodus ranks as one of the world&rsquo;s top corporate holders of BTC with 1,300 BTC on its balance sheet, according to Buybitcoinworldwide.com.</p><figure class="image"><img src="https://cimg.co/news/123448/326477/exodus-btc-holdings.jpg" srcset="https://cimg.co/news/123448/326477/responsive-images/exodus-btc-holdings___media_library_original_952_478.jpg 952w, https://cimg.co/news/123448/326477/responsive-images/exodus-btc-holdings___media_library_original_900_452.jpg 900w, https://cimg.co/news/123448/326477/responsive-images/exodus-btc-holdings___media_library_original_720_362.jpg 720w, https://cimg.co/news/123448/326477/responsive-images/exodus-btc-holdings___media_library_original_600_301.jpg 600w, https://cimg.co/news/123448/326477/responsive-images/exodus-btc-holdings___media_library_original_300_151.jpg 300w" width="952" class="content-img" alt=""><figcaption>Exodus&rsquo; BTC holdings. Source: Buybitcoinworldwide.com</figcaption></figure><p>In a comment, Exodus&rsquo; CEO and co-founder JP Richardson said Exodus is now firmly positioned as a leader in the digital wallet space, noting that the company has seen &ldquo;significant technical and engineering achievements&rdquo; during the quarter.</p><p>&ldquo;Our product launches in Q2 included Robinhood Connect. Robinhood users can purchase crypto to hold in Exodus with Robinhood cash and buying power. We&rsquo;ve also brought full support for the leading Ethereum Layer-2 solutions, Arbitrum and Optimism, to Exodus. Furthermore, Matic staking is live in Exodus Mobile,&rdquo; Richardson said.</p>
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Exodus Records Solid Q2 with $12.4 Million Revenue – Crypto Wallets Making a Comeback?

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