Crypto Wallet Exodus Sees Significant Revenue Growth

Exodus, the cryptocurrency wallet service, saw a notable surge in revenue for Q2 2024, reporting an 80% increase year-over-year to $22.3 million.

However, the company also experienced a significant financial setback with a net loss of $9.6 million, reversing the $1.9 million profit from the same period last year.

Adjusted EBITDA rose 43% to $5.8 million, up from $4.1 million in Q2 2023. The bulk of Exodus’ revenue, 89%, came from its exchange aggregation service, which saw nearly 94% growth, reaching $19.9 million. This service enables users to trade cryptocurrencies directly within the wallet using APIs to secure competitive rates.

Other revenue sources, such as fiat transactions, staking, and consulting, contributed a smaller share of total earnings.

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Exodus also reported operational growth, with its user base expanding to 1.5 million and transaction volumes through its platform increasing by 78% to $1.05 billion. Key traded assets included Bitcoin, Tether, and Ethereum.

CFO James Gernetzke highlighted the impressive revenue and operational improvements, emphasizing confidence in their B2B strategy and market momentum.

Exodus, a self-custodial wallet launched in 2016, continues to be a leading player in the crypto wallet space, ranking seventh in downloads with 133,000 monthly installs as of July 2024.

Alexander Stefanov

With over 8 years of experience in the cryptocurrency and blockchain industry, Alexander is a seasoned content creator and market analyst dedicated to making digital assets more accessible and understandable. He specializes in breaking down complex crypto trends, analyzing market movements, and producing insightful content aimed at educating both newcomers and seasoned investors. Alexander has built a reputation for delivering timely and accurate analysis, while keeping a close eye on regulatory developments, emerging technologies, and macroeconomic trends that shape the future of digital finance. His work is rooted in a passion for innovation and a firm belief that widespread education is key to accelerating global crypto adoption.