The woes of the third quarter did not prevent FTX.US from posting impressive figures for the same period. As a matter of fact, the platform claims to lead all crypto asset exchanges in the United States with respect to liquidity.
FTX.US volume soars over 500%
According to the latest report, average daily volumes of FTX.US increased an astonishing 512% in the third quarter compared to the previous quarter. The metric even increased to $807 million during a 24-hour period on the 7th of September.
The cryptocurrency platform recorded an average daily volume of around $ 360 million in the same quarter, while increasing the number of users by 52% over a three-month period. From holding 2% of the crypto spot market volume at the beginning of Q3, FTX.US has come a long way as it increased to 4.5% at the end of the same quarter.
Speaking about the latest growth, Brett Harrison, President of FTX.US, said:
“The trust and support of our user base has helped FTX US become the fastest growing and most in-demand crypto exchange in the United States, but we’ve barely scratched the surface. We will continue to improve our existing offerings and rapidly expand into new areas, including derivatives, NFTs, and payment services.”
Importance of Ledger X rebranding
The regulated platform in the United States had completed the acquisition of Ledger Holdings Inc., which happens to be the parent company of LedgerX, as a result of which the latter was renamed FTX.US Derivatives. The move was in line with FTX’s strategy to bring regulated crypto derivatives to the US consumer base.
According to Harrison, the acquisition of LedgerX and its subsequent rebranding was a pivotal moment for the FTX ecosystem in the US. This would help the platform to offer futures and licensed encryption options to retail and institutional users.
The exec believes that the move has the potential to transform the country’s derivatives space. It is important to note that the US has been a tough nut to crack. In a statement, Harrison confirmed that he is in “constant communication” with regulatory agencies in an effort to achieve company goals.
Meanwhile, FTX managed to augment its operational presence in the country and expanded its headcount by 30%.
