As expected, most crypto exchanges reported weak Q2 results due to lower global crypto trading volumes. Although this company’s results were below our expectations, they were better than larger crypto exchanges. Shares of this company and other crypto exchanges have significantly underperformed Bitcoin prices YTD. Although several crypto exchanges have suspended customer withdrawals, this company has not deployed such restrictions, which we believe increases customers’ confidence in this company’s platform. This company has also not laid off any employees, unlike several other exchanges.
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