When it comes to Crypto exchange platforms, Coinbase has been one of the top contenders for a long time. The American crypto exchange platform has been the top dog and has stayed that way for years. But out of nowhere, a new top dog has emerged and has left Coinbase in the dust.
More: Crypto.com Review – Full Overview of Crypto.com Crypto Exchange
Crypto.com has slowly crept in to pass Coinbase regarding trading volume, and no one saw it coming. According to Messari data, as of August 1, Crypto.com now has a trading volume of $3.16 billion, a staggering 23% increase in reported 24-hour trading volume. Coinbase is not doing too badly either, but its $2.12 billion 24-hour trading volume can’t hold a candle to what Crypto.com is packing anymore.
No one saw it coming, but it was not out of the blue either. You can trust analysts to find the reason behind phenomena like this growth. The leading reason for this growth is Crypto.com's growing list of institutional clients and the launch of the first-ever Spot Ether exchange-traded funds (ETFs) in the United States.
The first spot Ether ETF was launched in the US on July 23, and reports show that it has already significantly contributed to Crypto.com’s growing trading volume.
🚨 Crypto(.)com surpasses #Coinbase in trading volume as institutional demand grows
— Ajay Kashyap (@EverythingAjay) August 1, 2024
The trading volume was largely boosted by new TradFi institutions, along with the launch of the first spot #Ethereum ETFs. pic.twitter.com/iaXkQI0jTa
Giuliani Giuseppe, managing director at Crypto.com, also confirmed that their exchange has seen some growth in the list of institutional clients. He said: “
This growth has been primarily driven by the acquisition of new clients on the platform, both large institutions and advanced retail traders, and is being supported by stronger market conditions in 2024.
But while those are the primary reasons behind the growth in trading volume, Guiseppe also mentioned some other factors that helped the cause.
One of them was the market conditions, which, according to him, had grown stronger. He also attributes an improved product offering from Crypto.com as another reason. Lastly, he mentioned that their exchange has seen an increase in interest from TradFi companies, which has also added to their astonishing numbers.
Related: Top Safest Crypto Exchanges in 2024
Regardless of what caused Crypto.com to rank higher, the team is going to be more focused on celebrating their win as they continue to double down on their efforts. For Coinbase, they’ll be doing a lot more research as to why traders are taking their coin to another base. Perhaps being top dog for too long made them relax, but for sure, they now know that they need to up their game and fortify their base.
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