Crypto.com has pulled off a stunner. It's now handling more daily trades than Coinbase.
On August 1, Crypto.com hit $3.16 billion in daily trading volume. That's huge.
The company bragged about it on social media. They said they led in USD spot trading volume in July. Their derivatives market is booming too. Open interest is nearly $1 billion now. That's four times what it was in January.
Crypto.com claims they've got 38.5% of the market share. Coinbase, Kraken, and Bitstamp are trailing behind.
Messari, a crypto data provider, backs this up. They report Crypto.com's trading volume jumped 25.33% in 24 hours.
But Crypto.com isn't just winning the numbers game. They're playing nice with regulators too.
In June, they got the green light from Ireland's Central Bank. Now they can offer more services there, like crypto-to-fiat exchanges.
This puts them in the big leagues. They're now rubbing shoulders with Coinbase, Ripple, and Gemini in Ireland.
Ireland's warming up to crypto. They've approved 15 companies as Virtual Asset Service Providers. Four of those were just this year.
Crypto.com's also making moves in Hong Kong. They're "deemed to be licensed" there.
That's a big deal. Only two exchanges can serve retail investors in Hong Kong right now.
Crypto.com's come a long way. They started in Hong Kong in 2016. Now they're based in Singapore and gunning for that Hong Kong license. It's been quite a ride for Crypto.com. From underdog to top dog in trading volume. Coinbase might want to watch their back.
