Kraken's share of spot trading volumes hits 18-month high
Date: 2023-07-18 Author: Karina Ziganova Categories: BLOCKCHAIN, CRYPTO PAYMENTS
Cryptocurrency exchange Kraken has more than doubled its share of spot trading volume in the United States over the past 18 months. This is stated in a study by The Block.
Analysts note a coincidence in the increase in demand and interest in the Kraken Pro app, which allows access to spot, margin trading and staking. From January to June 2023, the number of users of the platform increased fivefold.
"We have seen a dramatic increase in customer usage and activity to use the new Pro platform compared to previous platforms. This is a segment that we have doubled in the last 18 months," said Kraken Chief Product Officer Shannon Kurtas.
What's more, Kraken's share of the global spot market has also doubled in the last 18 months, although it's still not as high in the US. In the European region, the share of the crypto exchange has grown from 35% to just over 50% over the past 12 months.
To increase market share, the platform will add a number of features to enhance the user experience, such as price alerts to inform users of their preferred markets and interact with the platform.
Binance.US has lost almost all of the U.S. market share
Meanwhile, cryptocurrency exchange Binance.US faced a drop in US market share to 0.9% on June 26. In April, its share was more than 22%.
The main reason for such indicators is the lawsuit of the US Securities and Exchange Commission (SEC) against Binance.US, Binance and the founder of the platform, Changpeng Zhao. In early June, the regulator filed several charges at once, including operating as an unregistered securities exchange and misusing customer funds.
Coinbase and Staking Share
Last month, crypto exchange Coinbase also lost market share in staking Ether (ETH), a product that makes up a significant portion of the exchange's revenue. At the end of last month, the exchange's share in ETH staking fell to 9.7%. This is the lowest level since May 2021.
Over the same period, it faced a net outflow of $517 million (272,315 ETH) — the second largest amount after the Kraken crypto exchange.
