Cryptocurrency Exchange FTX has been experiencing a period of strong growth and might threaten the biggest exchanges in the market.
FTX and FTX.US have been in the news a lot lately for all the right reasons. Last week, the exchange raised nearly $1 billion in Series B funding and announced a project to become carbon-neutral by the end of 2021. As FTX continues its meteoric rise, the exchange is legitimately in line to compete with the likes of Binance and Coinbase.
The exchange has also expressed interest in buying Goldman Sachs if it continues to grow at such a rapid rate. CEO Sam Bankman-Fried stated that if FTX got big enough, buying Goldman Sachs or CME “is not out of the question at all.”
FTX breaks down its growth
According to a press release, FTX’s push into the United States appears to be working and is being helped a broad rise in interest surrounding cryptocurrency trading. The campaign’s from FTX aim to make it a name that even the most casual crypto fan will be familiar with. So far, it appears things are working out. According to Bankman-Fried, the average daily volume of FTX reached new highs for the first half of 2021.
The FTX CEO attributes this growth to a massive marketing campaign along with the surge in digital asset prices. The release states that daily volume at FTX fell between $150 million and $1 billion. FTX states that daily volume grew by more than 150x year over year between June 2020 and June 2021. Trading volume peaked on April 22, 2021, with $993 million sent during a 24-hour period.
Additionally, according to Cryptowatch, FTX has the deepest liquidity of all US cryptocurrency exchanges and secured a number of sponsorship agreements to grow even more within the US. FTX leads US crypto exchanges by volume and has for much of the year.
The President of FTX.US was quoted as saying, “The fact that we have achieved this growth in roughly one year since the launch of FTX.US is a testament to the hard work and dedication of our entire team. Witnessing their drive to deliver industry-leading technology and service is something that humbles me every day, and together we will continue to strive for excellence in everything that we do.”
Harrison goes on to say that this is just the beginning for FTX.US and that his mission is to become the “preeminent cryptocurrency exchange in the US and will continue to rapidly scale our operations and expand our businesses this year and beyond.”
The press release also highlighted other corporate updates from the 1H of 2021. Among them is the launch of FTX Pay, which allows users to receive payments in both crypto and fiat currencies. Additionally, a Chicago office was opened in June, establishing the exchange in one of North America’s financial centers.