Crypto.com surpasses Coinbase in North America with $133B trading volume
Crypto.com surpasses Coinbase in North America with $133B trading volume
Crypto.com has surpassed Coinbase as a leading cryptocurrency exchange in North America, achieving a reported trading volume of $133 billion. This significant shift reflects the platform's growing appeal, driven primarily by a rise in institutional participation and favorable market conditions throughout 2024.
According to The Block, key contributor to Crypto.com’s surge was the launch of the first spot Ether ETFs in the U.S., which catalyzed trading activities across the platform. The exchange’s strategic focus on institutional clients has further bolstered its performance, aligning with the broader trend of institutional adoption in the cryptocurrency space.
In addition to outpacing Coinbase, Crypto.com now commands approximately 38.5% of market share in USD-supported spot trading volume, further cementing its position as a top player in the region. This achievement reflects not only enhanced market conditions but also the platform’s improved offerings that cater to both advanced retail traders and financial institutions.
Crypto.com has overtaken Coinbase as the leading cryptocurrency exchange in North America, achieving a reported trading volume of $133 billion in October, compared to $54 billion on Coinbase. Notably, the gap was even wider in September, with Crypto.com again recording $133 billion, while Coinbase's volume dropped to $46 billion. Kraken, another significant player in the region, reported less than $20 billion during the same period.
VanEck analysts observed that the average trade size on Crypto.com tripled since the beginning of the year, accelerating significantly in July. This surge coincided with the closure of CBOE’s spot crypto trading division, allowing Crypto.com to capitalize on the situation by offering a broader range of spot trading pairs compared to its competitors.
The boost in volume also reflects the success of Crypto.com’s strategy, which focuses on attracting institutional clients and leveraging market shifts such as the launch of the first spot Ether ETFs in the U.S. The platform currently holds about 38.5% of the USD-supported spot trading market share, solidifying its dominance over Coinbase
The competition between exchanges in North America is likely to intensify, especially as regulatory clarity improves and more institutional players enter the market. Crypto.com’s ability to maintain momentum will be critical as it navigates the evolving landscape of digital assets.
We wrote earlier that Crypto.com, a leading cryptocurrency exchange and financial services platform, has entered into a strategic agreement with BENEFIT, the national electronic financial transaction network in Bahrain, to roll out electronic payment services across the country.
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