As the crypto market finds its rhythm, trading platforms like FTX are rejoicing with increased traffic. The crypto exchange’s US arm recently released its quarterly revenue report, showcasing a 500% jump in daily trading volume.
The report released by FTX US also states that the platform held almost 4.5% of the US crypto spot market. The market share stood at 2% at the period’s start, showing a 2.5% growth. The exchange amassed almost 807 million dollars in 24-hour volume at its peak at September’s start.
The period ended with FTX US gaining 50% users and 30% headcount. The report sparked interest among traders as they started looking online for a genuine FTX review.
Brett Harrison, FTX US President, talked about the recent release. Brett stated that with cryptocurrencies rising in value, the market would witness retail involvement. Even now, over 60% of FT US’s volume arises from enterprises. These include hedge funds and proprietary trading funds, whose volumes are less sensitive to cryptocurrency prices. These institutions make markets regardless of the cryptos’ movement.
The market has finally resurfaced from the downward spiral, showing signs of growth and stability. Bitcoin, the biggest crypto, grew 25% from July to September, while Ethereum jumped 33%. The exchange releasing its report is no coincidence, as it intends to leverage the surging crypto demand.
Given the market value the cryptocurrencies hold, such growth is astounding. FTX US also trend contracts with Coinbase Global, the biggest crypto in the US. Unlike FTX US, Coinbase reported under-satisfactory Q3 results.
FTX US appears to be benefiting from FTX’s marketing strategy. For example, one of its sponsors, Major League Baseball, recently purchased naming rights where the renowned Miami Heat basketball team plays. It also established a long-term partnership with Gisele Bündchen and Tom Brady.
In addition, the exchange put an ad in the forthcoming Super Bowl, offering optimal exposure amid the sports enthusiasts. Given the scale of its promotional campaigns, the platform looks forward to an even better quarter.