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Crypto.com tops USD-supported crypto exchange trading volume in July

Web3 & Enterprise·August 02, 2024, 2:36 AM

Singapore-headquartered crypto exchange platform Crypto.com has boosted its standing amongst its peers by achieving the largest spot crypto trading volume for the month of July where USD-supported exchanges are concerned.

 

According to data published by The Block, the exchange platform achieved $68.85 billion in spot trading volume among USD-supported exchanges in July out of an overall total of $178.84 billion. American exchange platform Coinbase was next in the rankings, with a July trading volume total of $63.97 billion.

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Institutional client boost 

It’s understood that the uptick in trading volume experienced by the exchange platform is as a consequence of an increase in the number of institutional clients using Crypto.com’s trading services. 

 

Giuseppe Giuliani, the managing director of Crypto.com, told Cointelegraph that more institutional clients are using the platform due to an improved product offering, together with stronger market conditions. Giuliani stated:

 

“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.”

 

Giuliani told The Block that growth on the platform has played out over the medium term, stating: 

 

"We have seen incremental market share growth month on month over the last 18 months.”

 

Driving Bitcoin unit price 

Institutional adoption has been a developing theme in 2024. Some analysts have pointed to its importance in the attainment of an ever higher Bitcoin unit price. Crypto market analyst Willy Woo has suggested recently that a 3% allocation by institutions could lead to a Bitcoin unit price of $700,000.

 

In its most recent quarterly report, global investment bank Canaccord Genuity outlined that there is growing institutional adoption relative to spot Bitcoin exchange-traded funds (ETFs).

 

The launch of spot Ethereum ETF products in the U.S. last month is also understood to have helped towards an improved monthly trading volume for Crypto.com. Giuliani stated:

 

“In the week of July 21 during which Ether ETF was launched, we have seen double-digit growth in our exchange’s Ether spot and perpetual volume week-on-week, building on consecutive weeks of robust volume growth.”

 

Furthermore, the exchange platform claims to have seen increased interest and market participation from TradFi firms.

 

Growing through licensing and sponsorship 

Crypto.com has attempted to further its market impact worldwide, including in Hong Kong, having applied for a trading license in the Chinese autonomous territory in February, and succeeding in that endeavor more recently according to subsequent reports. It received a license from the UK’s Financial Conduct Authority (FCA) in 2022, with the FCA awarding the company a further license, an Electronic Money Institution (EMI) license, in 2023.

 

High profile sports sponsorships is another marketing strategy the firm has pursued in recent years. The company has claimed to be reaping the rewards of these deals, which it has made in Formula 1 (F1) motor racing and the Ultimate Fighting Championship (UFC).

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