Gemini net loss of $107.7 million for the second quarter, a 37 per cent increase over the same period

The encrypted currency exchange Gemini received an increase of 37 per cent to $45.5 million in the second quarter of the year, but a net loss of $107.7 million. Exchange income declined from 38 per cent to $12.5 million per year, and the volume of transactions fell from $11.13 billion to $3.8 billion. Services business income increased by 149 per cent to $23.5 million over the same period, with credit card income increasing by 231 per cent to $16.2 million and pledge income increasing by 50 per cent to $4 million. After taking into account interest income, services and interest income totalled $26 million. The transaction losses increased from $3.6 million in the same period last year to $0.9 million, mainly as a result of credit card transactions involving identity fraud and a provision for credit losses of $16.1 million. Operating costs increased by 24 per cent to $122.4 million in the second quarter, a decrease of 15 per cent from the first quarter. (Cointelegraph)