Launched less than two years ago, FTX has become the fourth-largest exchange in the world by adjusted volume. According to data from the Global Volume Monitor, FTX has totaled US$ 11,550,592,455 in transactions at the time of this article writing. Thus, Alameda’s platform is second only to Binance, Huobi Global, and OKex.
In December 2020, FTX reached US$ 3.5 billion in market value and became a “unicorn”. The designation refers to companies whose market value comes to the US$ 1 billion mark.
The milestone crowned an important year for FTX. Since May, it has had a partnership with Transfero and BRZ – Transfero’s real-backed stablecoin – which boosted the platform’s business in Brazil. The company also changed its fees and thus became more competitive for Brazilians.
In 2020, FTX created an alternative network exchange to Ethereum
In addition, the company has expanded its business to the Solana blockchain —a faster and cheaper alternative to Ethereum. There, FTX created the Serum, a decentralized exchange. According to Carlos Russo, CFO of Transfero, Serum is interesting “because it replicates an exchange environment in a fully decentralized way and is therefore immune to any regulatory and governmental interference”.
At the top of the rankings is Binance, with US$ 74,479,872,905. The native cryptocurrency of the Binance ecosystem has recently experienced strong appreciation, thanks to factors such as the growth of this exchange. The second-place runner-up, Huobi Internacional, recorded US$ 35,464,168,519 in trading volume, while OKEx recorded US$ 29,260,291,958.
FTX launched the volume monitor last year to give its customers “more accurate data for them to make more informed decisions”, according to a statement on the company’s website. The platform updates the data several times every hour. That is possible thanks to the assistance of Alameda Research.