The Surging Trading Volume of Coinbase’s Non-US Exchange

The Surging Trading Volume of Coinbase’s Non-US Exchange

Recently, Coinbase’s non-US exchange achieved a significant milestone by reaching over $1 billion in daily trading volume on February 20th. This marked the first time that the exchange surpassed the $1 billion mark in terms of trading volume, indicating a significant growth trajectory for the service.

According to live data, as of 8:15 pm UTC on the same day, Coinbase International Exchange recorded a total of $1.098 billion in 24-hour perpetual trading volume. The breakdown of this volume includes $557.5 million from Ethereum (ETH) perpetual trading, $425.9 million from Bitcoin (BTC) perpetual trading, and $50.6 million from Solana (SOL) perpetual trading. It is worth noting that other listings on the exchange had much lower trading volumes in comparison.

In addition to perpetual trading, Coinbase International Exchange also hosts a spot market that saw $12.4 million in 24-hour trading volume. However, only Bitcoin and Ethereum are currently available for spot trading as of February 20th.

While the non-US exchange is experiencing rapid growth, Coinbase’s main US exchange at Coinbase.com reported a spot trading volume of $3.2 billion on the same day. This stark contrast highlights the different market dynamics and trading preferences between the two platforms.

Coinbase launched its international exchange with a primary focus on institutional perpetual trading in May 2023. Later in December, the exchange expanded its offerings to include spot trading as well. It is important to note that, as of now, the international exchange does not allow retail trading.

The surge in trading volumes comes shortly after Coinbase’s earnings report for its US-based exchange, where it commented on the dominance of the crypto derivatives market, accounting for 75% of all trading volume in 2023. Coinbase sees an opportunity to establish itself as a trusted and regulated service provider in the derivatives market, especially given its unregulated nature. This has led to the launch of derivatives for eligible US retail traders through its subsidiary, Coinbase Financial Markets (CFM), in late 2023.

The exponential growth in trading volume on Coinbase’s non-US exchange signifies a growing interest in cryptocurrencies and derivatives trading globally. With a strong emphasis on regulation and institutional trading, Coinbase is poised to expand its market presence and solidify its position as a leading cryptocurrency exchange.

Exchanges

Articles You May Like

The Vision of Robert Kennedy Jr. for a Bitcoin-Powered United States
The Rise of Aayush Jindal: A Visionary in Financial Markets
The Journey of Godspower Owie
Analyzing Bitcoin’s Price Movement: A Critical Perspective

Leave a Reply

Your email address will not be published. Required fields are marked *