FTX.US reports growth of ADV by over 150x YoY

Karthik Subramanian

FTX.US, the US-based subsidiary of the crypto exchange platform FTX, has announced that its average daily volume grew by over 150 times when compared to the same time last year with the peak of $993 million coming in a 24 hour period on April 22, 2021.

ftx

The ADV varied between $150 million and $993 million during the first half of the year when the crypto prices rose to new highs amidst a lot of volatility and then crash towards the end of the first half of the year presenting the traders’ lots of buying as well as selling opportunities and also liquidating a lot of accounts along the way as well.

Brett Harrison, President of FTX.US stated, “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. We’re proud to share that our platform has offered investors the deepest liquidity in the US, despite the recent market volatility across all digital assets. But it’s really just the beginning for FTX.US, and we see every success we experience as a mandate to keep building. Our mission is to be the preeminent cryptocurrency exchange in the US, and we will continue to rapidly scale our operations and expand our businesses this year and beyond.”

FTX.US is one of the fastest-growing crypto exchanges in the US and it has also been aggressively expanding via partnerships and acquisitions and also through upgrades and launch of new features that are attractive for the users of the platform. During the first half of the year, the company also announced the launch of FTX Pay which helps users to receive and send payments in fiat or crypto through a fast and secure payment processor. It also announced the opening of a new office in Chicago in June 2021.

Among the marketing highlights is the naming rights to the Miami Heats basketball arena as well as for the esports organization ‘Team SoloMid’. It also entered into a multi-year partnership deal with Major League Baseball as well as an equity-based partnership deal with Tom Brady and Gisele Bundchen.

The company looks to expand rapidly beyond crypto as well and it will be interesting to see how it develops considering the regulatory challenges that it is likely to face along the line.

Read this next

Technology

SteelEye tries ChatGPT for market surveillance

This capability can be used as a starting point for initiating a surveillance investigation and to standardize workflow processes to boost the throughput and consistency of cases. It is also useful when analyzing communications in foreign languages, as the system returns the above insights in English regardless of the languages being used.

Industry News

SEC charges ex-Morgan Stanley advisor of NBA players after $13m fraud

Darryl Matthew Cohen was arrested this week and is facing three different federal counts of fraud, which could amount to 20 years in prison if convicted, besides the SEC complaint. 

Industry News

AWS FinTech Africa Accelerator launched, applications until April 27, 2023

Founders will be offered tech resources, expert guidance, and a global network of industry leaders, technologists, entrepreneurs, investors, associations, and partners, in order to build their fintech products. 

Industry News

Interactive Brokers pays unmatched interest up to USD 4.33% on cash balances over $10,000

For clients of Interactive Brokers, interest accrues daily, and payments are posted on a monthly basis. Interactive Brokers’ cash management is integrated into client broker accounts, making it simple to earn interest and borrow at the lowest rates without transferring cash.

Retail FX

FP Markets adds cTrader to roster of trading platforms that include MT4, MT5, Iress

“Our market share swings towards the more sophisticated segment of traders and we have been inundated with requests for an additional platform with more institutional-style characteristics. The addition of the cTrader trading platform offering allows our clients the choice to further shape their trading experience with us.”

Digital Assets

SEC mulls lawsuit against Coinbase’s staking and spot trading

Shares in Coinbase fell 15 percent after the US Securities and Exchange Commission threatened a potential enforcement action against the crypto exchange over certain products.

Digital Assets

Kraken halts ACH transactions amid banking crisis

San Francisco-based cryptocurrency exchange Kraken says it will no longer process Automated Clearing House (ACH) following the failure of its payments partner, Silvergate Bank.

Digital Assets

French influencers face two years in jail for promoting crypto products

France’s National Assembly’s Economics Committee voted in favor of a law that bans social media influencers from touting risky financial services, including cryptocurrencies.

Interviews

Exberry’s Guy Melamed on paradigm shift with cloud-native exchanges at FIA Boca 2023

FinanceFeeds Editor-in-Chief Nikolai Isayev spoke with Guy Melamed about Exberry’s cloud-native exchange SaaS platform certified by AWS to bring about a paradigm shift in the industry at a time of cybersecurity concerns.

<