Crypto.com has jumped to the top of monthly transaction volume rankings for USD-based exchanges.
The platform owned 38.5% of the market share in July, compared to main competitor Coinbase with 35.77%.Coinbase Posts US $1.45 Billion in Revenue as Crypto.com Outshines in Trading Volume
Despite falling down the leaderboard, Coinbase’s L2 scaling solution, Base, propelled the company to a successful Q2.
Coinbase beat market expectations to post US $1.45b in revenue last quarter.
July has seen Crypto.com surge up the exchange rankings for platforms supporting USD. The US-based company has been a fixture in the crypto sector for years, but has endured a relatively lean past 24 months. The last time Crypto.com won the market share for USD-based exchanges was April 2022, demonstrating the renewed interest in the asset class from institutional clients.
Crypto.com Continues to Attract New Institutional Clients
According to crypto outlet The Block, Crypto.com secured 38.5% market share in July, raking in US $68.5b (AU $105b) throughout the month. By comparison, the last time Crypto.com reigned supreme the exchange had a market share of 27%. This suggests a move toward centralisation within the sector, as a handful of large exchanges dominate most of the market, while smaller, boutique platforms have dropped in popularity.
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Crypto.com’s Managing Director, Giuseppe Giuliani, believes much of the exchange’s recent success is on the back of institutional clients and continued interest in ETF products.
Crypto.com has also become an omnipresent name in the marketing sphere, thanks largely to partnerships with celebs like Eminem and securing the naming rights to the LA Lakers home basketball stadium.
Coinbase Exchange Stumbles While Base Picks Up Slack
Crypto.com’s rise to the top of exchange rankings has come at the expense of popular American platform Coinbase. Brian Armstrong’s company has typically reigned supreme over USD-based exchanges, and still sits barely a tick behind Crypto.com in market share, owning 35.77% of volume.
Despite protracted legal battles with the Securities and Exchange Commission, Coinbase as a whole has been on the up in Q2 2024. One of few public crypto companies, Coinbase has expanded into the DeFi space with its successful L2 scaling solution, Base. Coinbase Posts US $1.45 Billion in Revenue as Crypto.com Outshines in Trading Volume
Although Coinbase’s exchange fell in transaction revenue, the business has adopted additional revenue streams – such as Base, which saw a 300% increase in activity.
All up, Coinbase pulled in nearly US $1.5b (AU $2.3b) in revenue throughout the past quarter – surpassing market estimates and more than doubling its income in the same timeframe last year.
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