Crypto.com Expands Market Share in the USD Support Exchange Volume Market, Reaching 31%

Crypto.com has expanded its share in the USD support exchange volume market, reaching 31% as it continues recovery toward its peak of 44% in April 2022.

Crypto.com has seen a significant increase in its share of the USD support exchange volume market, now reaching 31% as it continues to recover towards its peak of 44% in April 2022, according to The Block’s Data & Insights. This growth appears to be coming at the expense of smaller U.S. exchanges, which have collectively seen their market share decrease from 14% to 12% this year.

Among the leading competitors, Coinbase continues to dominate the U.S. market with roughly 45% of the market share, while Kraken's market share has seen a slight decrease from 20% to 17% this year.

Interestingly, Crypto.com's growth in market share has historically been linked to increased retail trader activity. Despite other exchanges experiencing volume reductions, Crypto.com's trading volumes have remained stable at around $30 billion monthly, suggesting strong user retention by the exchange.

Recently, Crypto.com also received approval as a Virtual Asset Service Provider (VASP) from the Central Bank of Ireland.

Throughout its history, Crypto.com has been known for its substantial marketing expenditures, engaging in high-profile initiatives. In 2021, the company became a global partner of Formula 1, gaining track-side presence at events and co-branded digital content exposure.

Moreover, Crypto.com secured the naming rights to the former Staples Center in Los Angeles in a $700 million deal over 20 years, renaming it “Crypto.com Arena,” which is home to major sports teams like the LA Lakers and LA Clippers.

Earlier in April, Crypto.com's planned launch in South Korea was postponed following a report by the local news outlet Segye Ilbo, which stated that the exchange platform was undergoing an “urgent on-site inspection” due to concerns over money laundering.

According to reports, the Financial Intelligence Unit (FIU) of South Korea was holding up approval for a key leadership change at Crypto.com’s local branch, which could impact the debut of a new trading platform. In 2022, Crypto.com acquired the locally licensed crypto exchange OK-BIT, and the launch was intended to replace OK-BIT as it winds down operations.

However, despite these gains, Crypto.com's native coin CRO has seen a decline of 9.4% in 2024.

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