Crypto.com has overtaken Coinbase in trading volume. According to BitDegree data, Crypto.com's 24-hour trading volume reached $3.29 billion at the time of writing, compared to Coinbase's $2.32 billion.
Giuseppe Giuliani, managing director at Crypto.com, attributes this surge mainly to an influx of new clients, including institutions and advanced retail investors.
The introduction of the first spot Ether ETFs in the US was also a major factor in Crypto.com's expansion. Giuliani observed that during the week of July 21, when the Ether ETFs were launched, the exchange saw an increase in Ether spot and perpetual trading volumes, with double-digit growth from the previous week.
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The crypto exchange has noted a rising interest from traditional finance (TradFi) companies, reflecting a broader trend of growing investor interest in the crypto market. Crypto.com's open interest has nearly quadrupled since the beginning of 2024, largely due to new institutional participants.
Thus, Crypto.com's success highlights the increasing influence of institutional investors and the impact of new financial products like Ether ETFs on the cryptocurrency market.
In other news, Coinbase has recently expanded its board of directors by appointing three new members: Chris Lehane, known for his role in Bill Clinton's 1992 presidential campaign, Christa Davies, former senior executive at Microsoft, and Paul Clement, former US Solicitor General.
