Crypto.com Surges to Become World’s Second-Biggest Crypto Exchange
Crypto.com has made waves in the cryptocurrency world as it has now become the world’s second-biggest crypto exchange by trading volume. The Singapore-based exchange is set to register an impressive $139 billion worth of trades in October, marking its best monthly performance to date.
Founded in 2016, Crypto.com has surpassed both ByBit and Coinbase in recent months, attracting a significant number of institutional clients who have contributed to its surge in trading volume. George Tucker, a general manager at Crypto.com, explained that the exchange’s liquidity has supported the demand of high-frequency traders who have chosen Crypto.com over other platforms to capitalize on market inefficiencies at scale.
The rapid growth of Crypto.com’s trading volume this year is evident as it has outperformed rival Coinbase, handling more than double the trading volume in October. Despite this achievement, the exchange still falls short of the top crypto exchange Binance, which recorded a staggering $706 billion in trading volume for the same month.
The unexpected rise of Crypto.com in the second half of the year has surprised many, considering it has a smaller number of monthly visitors and lower app store rankings compared to Coinbase. However, the exchange’s ability to attract users from a wide range of jurisdictions where other exchanges do not operate has contributed to its growth.
With favorable market conditions and the increasing popularity of cryptocurrencies like Bitcoin, Crypto.com has capitalized on the growing interest in the market. As Bitcoin continues to soar in value, fueled by various factors such as the launch of Bitcoin spot exchange-traded funds and government stimulus measures, Crypto.com is well-positioned to continue its upward trajectory in the crypto exchange industry.
Overall, Crypto.com’s success story serves as a testament to the evolving landscape of the cryptocurrency market and the potential for exchanges to attract a diverse range of traders and investors from around the world.