Cryptocurrency wallet Exodus has reported strong financial performance in the second quarter of 2024, with revenue surging 80% year-over-year, despite significant losses.
Exodus’ primary source of revenue
According to Exodus’ unaudited Q2 2024 financial results, 89% of the company’s operating revenue was generated through the wallet’s exchange aggregation service, netting $19.9 million. The exchange aggregator allows customers to exchange one crypto asset for another without leaving the Exodus platform. By leveraging API agreements with centralized cryptocurrency exchanges, the aggregator automatically routes customer orders to API providers to secure the best possible prices.
Growth in exchange volumes at Exodus
Exchange provider processed volume was $1.05 billion in Q2 2024, up 78% from $0.59 billion in Q2 2023. Bitcoin, TRC-20 Tether, ERC-20 USDT, and Ether were the top assets traded in Q2 2024, accounting for 25%, 15%, 12%, and 12% of volume, respectively.
Exodus achievements
Exodus has recorded operational milestones, with its monthly active user base reaching 1.5 million in Q2 2024, compared to 1.2 million in Q2 2023. Additionally, Exodus was ranked the 7th most downloaded crypto wallet in July 2024, with 133,000 downloads.
Exodus continues to demonstrate robust growth and development, managing financial challenges effectively. The company aims to leverage its strong reputation and innovative strategies to further expand and solidify its market position.
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