FTX.US, the American arm of the international FTX cryptocurrency exchange, has just released its latest quarterly results, showing quarter-over-quarter growth across several key metrics. The most notable piece of data from the Q3 results is the fact that FTX.US boasts higher liquidity than publicly traded Coinbase and long-established competitors like Kraken and Binance.US.
Key takeaways:
- On Thursday, West Realm Shires Services Inc, the operator of FTX.US, shared the exchange’s business results for the third quarter of 2021. The US-regulated crypto trading platform experienced a massive 512% increase in average daily trading volume during the quarter.
- Although the Sam Bankman-Fried-founded FTX.US trails Coinbase, Kraken, and Binance.US in terms of the total trading volume, the US-based exchange fares better than its competitors in terms of asset liquidity.
- According to Investopedia’s definition, 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 the total US spot market trading by the end of September, an almost 40% increase compared to the start of Q3.
- During the three-month period between the start of July and the end of September, the FTX.US userbase had grown by 52%.
- “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 U.S.,” commented President of FTX.US Brett Harrison and continued by adding, “we have barely scratched the surface.”
- Coinbase recently revealed its Q3 2021 results. The publicly traded exchange underperformed expectations in terms of revenues and profits, which led to a dip in its share price.
- The FTX.US is rapidly expanding its list of products and services – in mid-October, for instance, the exchange added support for Solana-based non-fungible tokens (NFTs) and is reportedly planning to add support for Ethereum-based NFTs in the future.
David is a crypto enthusiast and an expert in personal finance. 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.