FTX overtakes Coinbase to become the world’s second-largest exchange in May

FTX surpassed Coinbase in May as the world’s second-largest cryptocurrency exchange by market share.

The market-dominating exchange so far is Binance, which holds 64.1% of the market share, followed by FTX (10.8%) and Coinbase (9.6%) statistically on a monthly basis.

The next most popular centralized exchanges during this period were Kraken (3.7%), Bitfinex (2.6%), and LMAX Digital (2.6%). Overall, crypto trading volume increased 19.6% in May, totaling $830.4 billion.

Not only that, but FTX also surpassed Coinbase in terms of BTC trading volume on USDT pair with 13.1% market share with Coinbase’s 12.9%.

Coinbase has recently faced some struggles, posting a net loss of $430 million for Q1 2022 and falling on the stock market by roughly 36% in May.

Besides, the product quality of the exchange has shown a significant step backward when the beta version of Coinbase NFT marketplace is open to all users, but the response from the community is not really positive. Even the launch of a new Web3 application, allowing users to easily access the Ethereum dApp right on the exchange’s platform, has not received many positive signals.

The company has pointed toward current market conditions — with declining prices in crypto across the board — as a driver for its most recent results, as well as a reason to tread with caution. It recently announced that it was slowing hiring and launching an initiative to cut spending.

Last week, Coinbase became the first crypto company to enter the Fortune 500.

In the past time, it can be seen that FTX CEO Sam Bankman-Fried is focused mainly on the legal field to “expand” the position of the exchange in the international market, and that has brought FTX many successful members. unexpected work.

This will help FTX not only position itself as a mere crypto company but also become a representative of the connection between the two markets, helping the cryptocurrency to gain wider acceptance. globally. Even Sam Bankman-Fried confidently affirmed that FTX is a profitable company and is willing to spend billions of dollars to make future acquisitions to further expand the size of the organization.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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Harold

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