The leading U.S.-based crypto exchange reported $604 million in revenue in the fourth quarter of 2022, beating estimates that it would bring in $589 million. That’s 5% up from the $590 million the company made in the third quarter of the year.

Coinbase’s performance was partially due to a growth in its interest income, which came in at $186 million—compared to $101 million in the previous quarter. Of the $186 million, $146 million came from the company’s USDC interest income. Coinbase CEO Brian Armstrong had previously stated his ambition to move the exchange away from relying primarily on transaction fees as a source of revenue in order to decrease the company’s dependency on good market conditions. 

“Coinbase and crypto proved to be largely resilient in 2022 despite major shocks to the system,” stated the report. While the crypto market capitalization declined 64% year-to-year and volatility reached multi-year lows, the company claimed that long-term fundamentals remained strong for both Coinbase and the crypto sector.

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