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FTX Sees 'Explosive Growth' With More than 1M Sign-Ups This Year

Cryptocurrency
04.08.2021
507
FTX Sees 'Explosive Growth' With More than 1M Sign-Ups This Year
Source: Adobe/Stanislav

A two-year-old crypto unicorn, derivatives exchange FTX, just showed an “explosive growth and adoption” as it has seen more than a million sign-ups in the first half of 2021, marking a nearly 400% rise in this period of time.

“And it’s safe to say that users keep coming back for more,” said the exchange in their review of the year’s first half, as they’ve recorded more than 10m 1-day active users since January 1.

Further “enormous growth” has been seen in volume, with USD 1.88trn in total volume and an average daily volume (ADV) of USD 10.97bn – which represents a 934% increase since January. In comparison, last year’s total volume was over USD 385bn, while ADV was USD 1.06bn.

Additional points made by the review include:

  • spot margin lending saw “massive increases”: the total notional value of outstanding loans (in a 24 hour period) exceeded USD 2.5bn in May;
  • FTX.us (the exchange’s US operations) has the deepest liquidity of all US competitors, having gone from less than USD 1m a day in mid-2020 to a peak of nearly USD 1bn a day;
  • FTX and FTX.us over-the-counter volume averaged USD 500m-USD1bn in daily volume across over 100 different currencies on FTX.com and some 20 currencies on FTX.us;
  • in January alone, the exchange listed 70 new markets and overall added more than 100 listed markets and support for 125 assets as collateral, compared to the end of 2020 when they had had 1,100 listed markets and had added support for 71 assets to be used as collateral.

As for the year’s second half, the exchange said that they see opportunities for further expanding their global product line, the US operations, international presence, and charitable efforts.

As reported in July, the operator of the exchange, FTX Trading Ltd., said it closed USD 900m Series B fundraise, with over 60 investors valuing the company at USD 18bn, as it looks to expand its global presence and accelerate growth. A year ago, it was valued at USD 1bn. ____Learn more: – NBA, MLB, E-sports, And Now Bündchen & Brady Join FTX’s Marketing Team – FTX Boss Bankman-Fried Says He Is Worth a ‘Mostly Illiquid’ USD 10B

– Regulators Take Notice as Bragging Crypto Derivatives Traders Get Caught – Crypto Exchange Self-Regulation Kicks In as Regulators Start to Kick

Author:cryptonews
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