FTX.US, the American affiliate of FTX , Sam Bankman-Fried's global cryptocurrency brokerage, is catching up with its rivals.
This Thursday (11), West Realm Shires Services Inc, operator of FTX.US, announced the broker's financial results for the third quarter of 2022, with a 512% increase in average daily trading volume (approximately US$ 360 million) among the key metrics.
The platform has had US$768 million traded in the last 24 hours, according to the website CoinGecko , a number that is not far from the record value of US$807 million registered on 7 September.
Currently, FTX.US is the fourth largest crypto broker in the US in terms of volume, behind only Coinbase , Kraken and Binance .US.
However, there is one crucial metric on which FTX.US already outperforms Coinbase and Kraken: liquidity.
The term “liquidity” is used in financial markets to describe the ease with which an asset can be converted into cash or exchanged for another asset. The greater the liquidity, the lower the risk that a brokerage firm will not be able to complete a trade at the indicated price.
According to the CryptoWatch website, FTX.US holds the number one spot in terms of liquidity among all crypto brokers in the US, as the company points out that it has held that position since the beginning of the year.
FTX.US is also reported to have accounted for about 4.5% of all trading volume on the US spot market through the end of September (a 2% increase from the start of the third quarter).
The number of users in the period between July and September increased 52%, said the broker.
“The trust and support of our user base has allowed FTX.US to become the fastest growing and most in-demand crypto broker in the US, but we have barely started,” said Brett Harrison, president of FTX.US.
According to him, the broker will continue to increase its current offerings and "quickly expand into new areas, including derivatives, NFTs and payment services".
FTX and its regulatory ambitions
During the third quarter, FTX.US also announced the launch of its own market for non-fungible tokens (or NFTs). Still, the main focus remains on the company's derivatives plans.
In August, the company announced the acquisition of LedgerX, a crypto derivatives trading platform regulated by the Commodity Futures Trading Commission (or CFTC).
The deal was finalized in October and LedgerX was renamed FTX US Derivatives.
According to Harrison, this acquisition puts FTX.US "in a unique position to reshape the US derivatives market" as it allows the company to provide licensed crypto futures and options to both retail and institutional customers.
FTX.US also hopes to play a central role in defining regulatory policy for crypto, according to Harrison.
To further strengthen its position in this sector, the broker has hired Mark Wetjen, a former CFTC representative, as its policy and regulatory strategy leader.
*Translated and edited by Daniela Pereira do Nascimento with permission from Decrypt.co .
Post FTX USA surpasses Kraken and Coinbase and becomes the most liquid brokerage in the country first appeared in the Bitcoin Portal .