Crypto.com has surpassed Coinbase in trading volume, marking a significant milestone in the cryptocurrency market. With a 24-hour trading volume of $3.29 billion, Crypto.com has outpaced Coinbase, which recorded $2.32 billion in trading volume.
Giuseppe Giuliani, managing director at Crypto.com, attributes this surge to the influx of new clients, particularly institutions and advanced retail investors. The introduction of the first spot Ether ETFs in the US also played a crucial role in Crypto.com’s growth. Giuliani noted a substantial increase in Ether spot and perpetual trading volumes following the launch of the Ether ETFs.
The rising interest from traditional finance companies in the crypto market has contributed to Crypto.com’s success, with open interest nearly quadrupling since the beginning of 2024. This trend highlights the growing influence of institutional investors and the impact of new financial products on the cryptocurrency market.
In contrast, Coinbase has expanded its board of directors by appointing three new members, including individuals with experience in politics, technology, and law. Despite this, Crypto.com’s recent achievements underscore the shifting dynamics in the cryptocurrency industry and the increasing importance of institutional participation.
As the crypto market continues to evolve, Crypto.com’s rise to prominence serves as a testament to the changing landscape of digital assets and the growing interest from a diverse range of investors.
