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While the leading cryptocurrency exchange in the US, Coinbase, reported a drop of 16% in its monthly transacting users to 7.4 million from Q2 and 23.2% in trading volume which fell to $327 billion during the same period, FTX US posted an increase in its numbers. In Q3, the exchange posted an average daily volume of $360 million, an increase of 512%. The total volume peaked at $807 million on 9/7/21. User count also jumped by 52% over the course of Q3. At the end of the quarter, FTX US was holding ~4.5% of US crypto spot market volume, up from ~2% at the start of Q3. Brett Harrison, President of FTX US, said in a statement,
“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 US, but we have barely scratched the surface. We will continue to improve our existing offerings and rapidly expand into new areas, including derivatives, NFTs, and payment services.”
In its report, the company noted that it has expanded its headcount by 30% and further acquired regulated derivatives exchange LedgerX. This acquisition will enable the exchange to provide licensed crypto futures and options to retail and institutional customers. Additionally, FTX US is expanding in Miami with a new office. The company is building a permanent space with a capacity of 16 to 18 employees, an increase from the current four people, Avinash Dabir, FTX US’s vice president of business development, said in an interview. The exchange already owns the naming rights to the Miami Heat basketball arena for $135 million in a 19-year deal. Recently, FTX raised $420,690,000 in its latest round from 69 investors, including BlackRock, Sequoia, Singapore’s Temasek, and Ontario Teachers’ Pension Plan Board, at a valuation of $25 billion.