Crypto.com commanded the highest market share of spot crypto trading volume among USD-supported exchanges in July.

Crypto.com ranked No. 1 for the first time in more than two years, with a 38.5% market share of spot cryptocurrency trading volume, according to The Block Data Dashboard. Coinbase ranked second with 35.8%, the data showed.

"We have seen incremental market share growth month on month over the last 18 months," Giuseppe Giuliani, managing director of Crypto.com Exchange, told The Block. "The exchange growth has been primarily driven by the acquisition of new clients on the platform, including large institutions and advanced retail traders."

The last time Crypto.com led spot crypto trading volume among USD-supported exchanges was in April 2022, according to The Block Data Dashboard. That month, it barely edged out Coinbase with 27% of the market.

Earlier in July, The Block Research said that Crypto.com's resurgence "could signal a broader trend of retail investors re-entering the crypto space or shifting their preferences among exchanges." The research analysts also said Crypto.com's growth could be "coming at the expense of smaller U.S. exchanges."

Steven Zheng, research director at The Block, suggested that the exchange's advertising may have also driven growth.

"Crypto.com has been ramping up their marketing efforts over the past few years, like becoming the first crypto advertiser on the Sphere as well as buying naming rights to a sports stadium," he said.

Crypto.com Arena in Los Angeles hosts home games for local professional sports teams, including the NBA's Los Angeles Lakers. In April, award-winning rapper Eminem became Crypto.com's newest celebrity spokesperson.

As with much of the crypto industry, including competitors like Coinbase and Kraken, Crypto.com benefitted from the U.S. launch of spot bitcoin and ether ETFs.

"We have observed strong interest and solid inflows from more traditional institutions this cycle, especially following the approval of bitcoin and ether ETFs in the U.S.," Giuliani also told The Block.

According to The Block Data Dashboard, Crypto.com also led all other exchanges in July as measured by North American-based customer exchange volumes. Crypto.com recorded a total of $68.9 billion for the month, a massive increase compared to the mere $2.5 billion it registered in July 2023.

Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.

© 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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