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