TL;DR Breakdown
- FTX sees a spike in daily volume and userbase in Q3.
- The exchange now boasts 4.5% of the U.S trading volume..
- FTX is now worth $25 billion.
The United States-based crypto exchange FTX US has announced a large increase in its platform’s userbase and trading volume. Generally, this is down to the rise in the number of participants hoping to take advantage of the bullish run by digital assets in the last few months. According to FTX US, its average daily volume went as high as 512% during the third quarter, which ended in September. Also, the exchange mentioned that it saw its highest volume on September 7 after hitting close to $807 million. According to the exchange owners, West Realm Shire Services Limited, it also recorded an increase in user base by about 52% in the same period.
FTX US witnesses spike in its trading volume
In its report, FTX US claimed that it is responsible for nothing less than 4.5% of the trading volume of the spot markets across the United States. According to the exchange, this figure is huge in the sense that it only held about 2% of the volume in July. This third quarter has been adjudged the best quarter for top digital assets Bitcoin and Ethereum.
The digital assets started their bullish run at the beginning of the quarter, claiming highs towards the end of October. Bitcoin had the most surprising turnaround after the digital asset went from a bearish turn in July to record bullish returns in October.
FTX is now worth $25 billion
The Sam Bankman-Fried led investment also shattered some crypto records to end the third quarter in grand style. According to records, the crypto exchange is now one of the few platforms with the highest funding from private investors. The crypto exchange reportedly saw an influx of $900 million from investors in the third quarter. With this, FTX crypto exchange has earned the title of crypto exchange decacorn, which is used to describe exchanges that own $10 billion or higher in their confines.
October was another great month for the exchange as it gathered $420 million from about 69 investors to wrap up the month. With that, the exchange now boasts of a figure of around $25 billion in its confines.
FTX US also announced the finalization of plans to take control of LedgerX, a crypto options exchange. According to the exchange, the move will be able to help U.S traders do business with regulated crypto exchanges in the country. Finally, FTX US also announced the launch of its NFT marketplace in September and announced that it would open it grounds to support Solana in October.
