Cryptocurrency exchange Gemini reported a net loss of $107.7 million in the second quarter despite a 37% revenue growth to $45.5 million. Services revenue surged 149% to $23.5 million, driven by a 231% increase in credit card revenue to $16.2 million, while exchange revenue fell 38% to $12.5 million as trading volume dropped by two-thirds. The company recorded transaction losses of $20.1 million, including a $16.1 million provision for credit losses tied to an identity fraud event, and operating expenses rose 24% year-over-year to $122.4 million.
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