Wednesday, November 30, 2022

Daily Exchange Volume Back Above $50B, ByBit Reports 77% Increase in Users While KuCoin Surpasses 10M

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Daily Exchange Volume Back Above $50 Bln, ByBit Reports 77% Increase in Users while KuCoin’s Surpass 10 Million

Binance, meanwhile, is in talks with Indonesia’s richest family and the country’s largest telecom operator to launch a crypto trading platform.

Ever since early November, when the total crypto market cap surpassed $3 trillion for the first time, digital assets have been experiencing a drawdown, save for some exceptions.

But while price action isn’t looking enticing, there is no lack of interest in the sector, and money is still flowing in.

The largest cryptocurrency exchange Binance is actually in discussions with Indonesia’s richest family, the Hartonos, and the country’s largest telecom operator to launch a crypto trading platform, according to a Bloomberg report citing people with knowledge of the matter.

Binance is having talks with state-owned PT Telkom Indonesia, and billionaires Budi and Michael Hartono controlled PT bank Central Asia regarding the venture.

Through its venture capital arm MDI Ventures, Telkom Indonesia is studying new blockchain and crypto markets opportunities, said Ahmad Reza, the firm’s senior vice president of corporate communications and investor relations.

“We are supportive of the sustainable growth of the blockchain industry globally, and we are constantly looking at business opportunities in every country,” a Binance spokesperson said.

This week, another crypto exchange KuCoin reported great progress in its operations as its number of users reached past 10 million.

The exchange recorded a 9x increase in the number of its newly registered users this year, compared to 2020. KuCoin said 1.17 million of its new users were invited via the referral program by 30k users.

Trading volume on the platform grew by almost 23x year-over-year. This growth also led its native token KCS to rise 3,000% in 2021 to make a new all-time high since 2018.

Another crypto exchange Bybit announced a 77% increase in the past six months in its global user base to 3 million in more than 150 countries. The platform also reported more than 1.7 trillion worth of crypto transactions over the last quarter.

“2021 has been a rollercoaster year for crypto,” said CEO Ben Zhou at the ‘Bybit Next Level’ annual session in regards to the progress made by the exchange this year.

The total daily exchange volume has also climbed back above $50 bln, surging since late July when it fell to $17.5 bln from May top of $88.28 bln.

When it comes to app usage, Coinbase reached #1 in late October and since then has fallen to 85. The same trend can be seen with other apps, including Binance, Kraken, eToro, Blockfolio, and Voyager.

However, tweet volume for Bitcoin and Ether is uptrending throughout this year, going from 500k and 113.5k at the beginning of the year to now 761.2k and 606.4k, respectively.

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