Crypto exchange Coinbase reported a drop in first-quarter profit on Thursday as a steep rise in costs more than offset revenue growth in its transaction and subscription units, sending its shares down 3 per cent in extended trading. Total operating expenses soared 51 per cent to $1.3 billion in the quarter, driven by increased marketing expenses as well as losses on crypto assets held for operations, the company said. U.S. President Donald Trump's erratic trade policy had triggered volatility

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