FTX Takes Over Coinbase To Become Second-Largest Crypto Exchange

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Leading American cryptocurrency exchange FTX has managed to topple the ever-present Coinbase, after a series of moves to expand a grow the company over the past year

Leading American cryptocurrency exchange FTX has managed to topple the ever-present Coinbase, after a series of moves to expand a grow the company over the past year. The company now grabs a 10.8% market share for crypto. 

The company has experienced significant growth in the last 12 months, with this just the latest milestone as CEO Sam Bankman-Fried continues to show why he’s one of the smartest minds in the industry. 

On The Way To The Top

Despite a surge in market value, FTX is still a way off Binance, which is miles ahead of the pack with a mouth-watering 64% share of the market. Coinbase is just over one per cent behind FTX now, with a 9.6% market share.

Coinbase has been going through a turbulent period, with low revenue reported in Q1 and the company reporting a net loss of $430 million. But, they remain way ahead of other industries' rivals; other exchanges include Kraken (3.7%), Bitfinex (2.6%), and LMAX Digital (2.6%). 

Bankman-Fried has become a regular face of the industry, appearing on various shows and offering his opinion on the industry at large—recently giving his controversial opinion on the future of Bitcoin. But, behind closed doors, he’s been overseeing the expansion of his company, diversifying its product offerings and exploring new opportunities. 

FTX Broadens Its Horizons

Having seen a great deal of success in the crypto space, FTX eyes participating in the US stock market. FTX’s president of the US division Brett Harrison commented on the move into stocks, stating “With the launch of FTX Stocks, we have created a single integrated platform for retail investors to easily trade crypto, NFTs, and traditional stock offerings through a transparent and intuitive user interface.”

The company recently worked with financial giant Goldman Sachs to introduce a derivatives platform. An application was sent to the US Commodities and Futures Trading Commission (CFTC), with the hope of being able to introduce FTX technologies to various stock market platforms. If FTX gets the approval, it could completely change the landscape of derivatives services, threatening the status quo.

Author

Mark Weaden

Mark Weaden is a British researcher and crypto enthusiast, living in Barcelona. His work has been published on a variety of leading cryptocurrency sites.