Key Points
- Crypto.com overtakes Coinbase in daily trading volume, reaching $3.16 billion on August 1, 2024, driven by institutional clients and the launch of spot Ether ETFs.
- The exchange expands its global presence with regulatory approvals in Ireland and Hong Kong, positioning itself for further growth in the cryptocurrency market.
Crypto.com, a leading centralized cryptocurrency exchange (CEX), has achieved a significant milestone by surpassing Coinbase in daily trading volume. This development comes as the crypto industry witnesses increased institutional adoption and regulatory advancements worldwide.
According to data from Messari, on August 1, 2024, Crypto.com reported a 24-hour trading volume of $3.16 billion, a 23% increase over Coinbase’s $2.12 billion. This surge in trading activity has propelled Crypto.com to the top spot among USD-supported spot trading platforms, commanding a 38.5% market share in July.
The increase in trading volume coincides with the launch of the first spot for Ether exchange-traded funds (ETFs) in the United States, indicating growing interest from traditional finance (TradFi) institutions in the cryptocurrency market. This trend aligns with analysts’ predictions that continued institutional adoption is crucial for cryptocurrencies like Bitcoin to reach new all-time highs.
Crypto.com’s derivatives market has also seen significant growth, with open interest approaching $1 billion – a fourfold increase since January 2024. This spot and derivatives trading expansion underscores the exchange’s growing influence in the crypto trading landscape.
In addition to its trading success, Crypto.com has been making strides in regulatory compliance and global expansion. In June 2024, the exchange received approval from the Central Bank of Ireland (CBI) as a Virtual Asset Service Provider (VASP). This license allows Crypto.com to offer crypto-to-fiat exchanges and fiat wallets in Ireland, joining other major crypto firms like Coinbase, Ripple, and Gemini in the country’s regulated digital asset space.
The company has also made headway in the Asian market, being “deemed to be licensed” in Hong Kong. Founded in Hong Kong in 2016 and now based in Singapore, Crypto.com is seeking a license from the Hong Kong Securities and Futures Commission (SFC) to provide services to retail investors.
As institutional demand grows and regulatory frameworks evolve, Crypto.com’s recent achievements position it as a major player in the global cryptocurrency exchange market. The company’s ability to attract institutional clients, expand its product offerings, and secure regulatory approvals in key markets suggests a promising outlook for its continued growth and influence in the crypto industry.
