FTX.US, the U.S. arm of the international FTX cryptocurrency exchange, just released its latest quarterly results, showing quarter-over-quarter growth according to several key metrics. The most notable data from the third quarter results is the fact that FTX.US enjoys higher liquidity than publicly traded Coinbase and longtime competitors like Kraken and Binance.US.
Key points to remember:
- On Thursday, West Realm Shires Services Inc, the operator of FTX.US, shared the exchange’s trading results for the third quarter of 2021. The US-regulated crypto trading platform saw a massive increase of 512% of the average daily volume of transactions during the quarter.
- Although FTX.US, founded by Sam Bankman-Fried, is behind Coinbase, Kraken and Binance.US in terms of total trading volume, the US-based exchange does better than its competitors in terms of market liquidity. active.
- As defined by Investopedia, in finance, liquidity refers to the efficiency with which an asset or security can be converted into fiat without affecting its market price.
- The exchange accounted for 4.5% of total trading in the US spot market at the end of September, an increase of almost 40% from the start of the third quarter.
- During the three-month period between early July and late September, FTX.US ‘user base had grown by 52%.
- “The trust and support of our user base has enabled FTX.US to become the fastest growing and most demanded crypto exchange in the United States,” commented FTX.US President Brett Harrison and went on to add: “We have barely scratched the surface.”
- Coinbase recently unveiled its third quarter 2021 results. The publicly traded exchange underperformed expectations for both revenue and earnings, causing its share price to fall.
- The FTX.US is rapidly expanding its list of products and services – in mid-October, for example, the exchange added support for Solana-based non-fungible tokens (NFTs) and plans to add support. Ethereum-based NFTs in the future.
David is a crypto enthusiast and a personal finance expert. He has created numerous publications for different platforms. He loves to explore new things, and that’s how he discovered blockchain in the first place.