FTX US Reports 500% Volume Increase in Q3 Despite Market-Wide Headwinds
The Q3 woes have not hindered FTX.US from posting impressive figures for the same time period. As a matter of fact, the platform claims to lead all crypto asset exchanges in the United States with respect to liquidity.
FTX.US’ Volume Soars More Than 500%
According to the latest report, the average daily volumes of FTX.US have surged by an astonishing 512% in its Q3 than the previous quarter. The metric even increased to $807 million during a 24-hour period on the 7th of September.
The cryptocurrency platform witnessed an average daily volume of approximately $360 million in the same quarter while scaling up the user count by 52% over a period of three months. From holding 2% of the crypto spot market volume at the beginning of Q3, FTX.US has come a long way as it increased to 4.5% at the end of the same quarter.
Talking about the latest growth, Brett Harrison, President of FTX.US, was quoted saying,
“The trust and support of our user base has allowed FTX US to become the fastest growing and most in-demand crypto exchange in the US, but we have barely scratched the surface. We will continue to improve our existing offerings and rapidly expand into new areas, including derivatives, NFTs, and payment services.”
Significance of Ledger X Rebranding
The US-regulated platform had finalized the acquisition of Ledger Holdings Inc., which happens to be the parent company of LedgerX, following which the latter was rebranded to FTX.US Derivatives. The move was in line with FTX’s strategy to bring regulated crypto derivatives to the US consumer base.
According to Harrison, the acquisition of LedgerX and its subsequent rebranding was a pivotal moment for the FTX ecosystem in the US. It would help the platform to offer licensed crypto futures and options to both retail as well as institutional user base.
The exec believes that the move has the potential to transform the country’s derivatives space. It is important to note that the US has been a tough nut to crack. In a statement, Harrison confirmed to be in “constant communication” with regulatory agencies in a bid to achieve the company goals.
Meanwhile, FTX managed to augment its operational presence in the country and expanded its headcount by 30%.