Gemini Space Station reported third-quarter revenue of $40.9 million, down 19% from $50.6 million a year earlier, as weaker crypto trading activity reduced exchange revenue. The Nasdaq-listed exchange, founded by Cameron and Tyler Winklevoss, narrowed its net loss to $58.6 million from $159.5 million. Total trading volume fell to $4.5 billion from $16.4 billion, although spot trading volume rose 18% from the previous quarter on increased institutional activity involving Zcash. Operating expenses declined 30% to $119.9 million, the third consecutive quarterly decrease, while Gemini continued cost reductions and diversified into stock trading, prediction markets and credit cards. Credit card revenue increased 82% year over year, but chargeoffs rose to $11.5 million from $3.4 million, partly because of a previously disclosed fraud incident. The figures were reported by CoinPost Terminal, and Gemini is scheduled to discuss the results on an earnings conference call Friday, November 13.