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FTX.US quarterly trading report released, user growth of 52%, daily trading volume increased by over 500%!

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FTX.US quarterly trading report released, user growth of 52%, daily trading volume increased by over 500%!

The cryptocurrency exchange FTX.US released its trading report for the third quarter of this year on the 11th, showing remarkable growth in both trading volume and user numbers. CEO Brett Harrison also explained the reasons behind the data growth in an interview with yahoo.finance and outlined the company's primary goals for future development.

FTX.US Reports Remarkable Growth in Q3

According to a press release by FTX.US, the company's average daily trading volume in the third quarter was approximately $3.6 billion, marking a 512% increase compared to the previous quarter. The number of users grew by around 52%, and the staff increased by about 30%.

As one of the largest cryptocurrency spot exchanges in the United States, FTX.US accounted for about 2% of the spot trading volume in the U.S. market at the beginning of the quarter. It has since more than doubled to 4.5%. Additionally, according to data from Cryptowatch, FTX.US is the exchange with the best liquidity in the U.S., offering the tightest order book spreads and minimal slippage.

The remarkable growth of FTX.US in the third quarter is undoubtedly related to its marketing and acquisition activities in the market. This year, not only did they collaborate with many star athletes from the top four American sports leagues to become brand ambassadors, but they also launched an NFT marketplace and acquired the derivatives exchange LedgerX to expand their business scope. In response to this impressive growth, FTX.US CEO Brett Harrison stated:

"The trust and support of our user base have made FTX.US the fastest-growing and most in-demand cryptocurrency exchange in the United States, but the services we offer only represent a small portion of the demand."

From Brett Harrison's statement, it is evident that he has ambitious plans for the exchange's expansion, with future developments in NFTs, derivatives, and payment-related services expected to flourish.

Yahoo Finance Interview

Regarding FTX.US's rapid expansion, Yahoo Finance conducted a series of interviews with Brett Harrison. Brett was first asked whether this remarkable growth rate is solely due to marketing activities.

Brett explained that it is actually attributed to various factors, where marketing efforts such as sponsoring the Miami Heat's home arena, partnerships with major institutions like Major League Baseball, and endorsements by star athletes undoubtedly helped build brand awareness. Furthermore, product enhancements, improved compliance processes, user security measures, and the introduction of new assets also played a significant role.

The host then inquired about why FTX.US developed the NFT market and whether it helps attract new users. Have many traditional cryptocurrency investors entered the NFT market?

Brett mentioned that it is a combination of both factors, with an increase in users, especially when they started supporting NFTs based on Solana. Simultaneously, even though some people may not understand Ethereum or smart contracts, curiosity about NFTs can lead them into the crypto space.

Regarding the acquisition of derivatives exchange LedgerX, Brett was asked what changes this would bring to existing trading users?

Brett explained that a significant portion of the cryptocurrency market's trading volume comes from derivatives, with over 90% currently traded overseas. Through LedgerX's derivatives licenses, they will be able to offer cryptocurrency futures and options to retail and institutional customers. Moreover, this extends beyond the realm of cryptocurrencies, as they can also provide equity token-type products, aiming to bring more competition to the U.S. derivatives market.

Finally, Brett mentioned that the United States is currently at a regulatory turning point, and once the basic regulatory rules are established, they will provide a secure, regulated, and compliant market for trading these new assets. Therefore, the exact timing of the formal launch of derivatives products remains uncertain.