Among exchanges that support USD, Crypto.com held the largest market share in spot cryptocurrency trading volume in July.
The Block Data Dashboard reports that Crypto.com, with a 38.5% market share in spot cryptocurrency trading volume, ranked #1 for the first time in more than two years. Coinbase came in second place with 35.8% of the total.
According to Giuseppe Giuliani, general director of Crypto.com Exchange, “we have seen incremental market share growth month on month over the last 18 months,” The Block was informed. “The exchange growth has been primarily driven by the acquisition of new clients on the platform, including large institutions and advanced retail traders.”
According to The Block Data Dashboard, Crypto.com last led spot crypto trading volume among exchanges that support USD in April 2022. With 27% of the market, it just managed to beat Coinbase that month.
A result of a more general trend?
Crypto.com’s comeback “may signal a broader trend of retail investors re-entering the crypto space or shifting their preferences among exchanges,” according to a July analysis by The Block Research. Additionally, according to the research experts, Crypto.com’s expansion may be “coming at the expense of smaller U.S. exchanges.”
The Block’s research director, Steven Zheng, hypothesized that growth might have also been fueled by the exchange’s advertising.
“Crypto.com has been ramping up their marketing efforts over the past few years, like becoming the first crypto advertiser on the Sphere as well as buying naming rights to a sports stadium,” he stated.
The Los Angeles Lakers of the NBA play their home games at the Crypto.com Arena in Los Angeles, one of the city’s professional sports teams. The renowned musician Eminem was become the newest celebrity spokesperson for Crypto.com in April.
Institutional acceleration
Like a large portion of the cryptocurrency market, including rivals like Coinbase and Kraken, Crypto.com benefited from the introduction of spot bitcoin and ether ETFs in the United States.
“We have observed strong interest and solid inflows from more traditional institutions this cycle, especially following the approval of bitcoin and ether ETFs in the U.S.,” Giuliani told The Block as well.
In July, Crypto.com outperformed all other exchanges based on customer exchange volumes based in North America, according to The Block Data Dashboard. In July 2023, Crypto.com registered a meagre $2.5 billion, a far cry from the $68.9 billion it recorded for the entire month.