Crypto.com Overtakes Coinbase in Trading Volume With Institutional Growth

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Hongji Feng

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Hongji Feng

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Hongji is a crypto and tech reporter. He graduated from Northwestern University's Medill School of Journalism with a Bachelor's and a Master's. He has previously interned at HTX (Huobi Global),...

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July 31, 2024

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Crypto.com has surpassed Coinbase in daily trading volume, reaching $3.16 billion on August 1.

According to a social media post by Crypto.com, the exchange led in USD-supported spot trading volume in July. Open interest on its derivatives market is nearing $1 billion, marking a fourfold increase since January this year.

Reported Trading Volume Continues to Grow

The post indicated that the exchange led the competition with 38.5% of the market share, followed by Coinbase, Kraken, Bitstamp, and other industry players.

In addition, the reported volume of exchanges ranked by the crypto market intelligence provider Messari showed that Crypto.com had a 25.33% increase in trading volume for the past 24 hours.

🏆 https://t.co/A7lhUEyVZW Exchange was the leading exchange with USD support by Spot trading volume in July @TheBlock__ https://t.co/4q334NqkLV

➕ Open interest on its derivatives market is approaching $1B, up around 4x from Jan this year

🔥 The Exchange is built for advanced… pic.twitter.com/t4Cx5cEiKI

— Crypto.com Exchange (@Cryptocom_Exch) August 1, 2024

Crypto.com Receives License in Ireland

Crypto.com received approval from the Central Bank of Ireland (CBI) as a Virtual Asset Service Provider (VASP) in June. This approval allows the company to expand its offerings in Ireland, including crypto-to-fiat exchanges and fiat wallets.

With this approval, Crypto.com joined other major crypto firms regulated by the CBI, such as Coinbase, Ripple, Gemini, MoonPay, and Zodia Custody. This inclusion demonstrated the growing acceptance and regulation of digital assets within the country.

As of June 7, Ireland has approved 15 entities as VASPs, highlighting the country’s progressive approach to the digital asset industry. In 2024 alone, the CBI has approved four new VASPs: Foris DAX Global, Fortuna Digital Custody, Ramp Swaps, and Crypto.com.

The company was also “deemed to be licensed” in Hong Kong. According to the Hong Kong Securities and Futures Commission (SFC), only two exchanges are currently licensed to provide services to retail investors.

Crypto.com was founded in Hong Kong in 2016 and is now based in Singapore. It is the largest crypto exchange by trading volume and is seeking a license from the SFC.