Coinbase, the world’s largest cryptocurrency exchange, recently reported its financial results for the third quarter of 2020. The results showed that Coinbase had higher-than-expected revenue, despite posting a net loss for the quarter.

Coinbase reported total revenue of $483 million, which was up from $322 million in the second quarter. This was higher than the $450 million that analysts had expected. The company also reported a net loss of $30 million for the quarter, which was down from a net loss of $30 million in the second quarter.

The company attributed its higher-than-expected revenue to the growth in trading activity on its platform. Coinbase said that trading volume on its platform was up more than 70% compared to the second quarter. The company also said that it had seen an increase in institutional customers, with more than 1,000 institutions now trading on its platform.

Despite the higher-than-expected revenue, Coinbase posted a net loss for the quarter due to increased expenses related to its growth. The company said that it had invested heavily in its infrastructure and personnel in order to meet the demands of its growing customer base.

Coinbase CEO Brian Armstrong said that the company was “pleased” with its performance in the third quarter and that it was “well-positioned” to capitalize on the growth of digital assets. He added that Coinbase was “confident” in its ability to continue to grow and deliver value to its customers.

Overall, Coinbase reported higher-than-expected revenue in the third quarter despite posting a net loss. The company attributed this to increased trading activity and the growth of institutional customers on its platform. Despite the net loss, Coinbase CEO Brian Armstrong said that the company was well-positioned to capitalize on the growth of digital assets.