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US Crypto Exchanges Are Booming Despite Economic Fallout

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US Crypto Exchanges Are Booming Despite Economic Fallout

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  • Several crypto exchanges are seeing a massive growth in retail and institutional investors, particularly in the US.

The crypto industry is persistently moving forward despite the current situation. Several exchanges have been seeing a relentless growth in retail investors.

US-based Square’s Cash App reported its record-breaking financial quarter at the beginning of the year. A quarter of the company’s revenue was generated by the purchases of Bitcoin alone. Many other exchanges also saw the influx of retail investors. London-based financial services firm eToro started offering crypto trading services in April last year. Since then, the platform has gravitated a larger customer base comprising of crypto-investors, particularly from the US. eToro reported a 300-400% increase in crypto trading volume in the US since December, followed by a 270% increase in revenue. eToro’s Managing Director (USA), Guy Hirsch told Decrypt:

“We see [legitimization] across the board. The entire industry has seen a boom since the beginning of the year. Everything that’s happened with COVID-19, we see very strong resilience in cryptoassets, particularly Bitcoin, and an increase in interest from web searches, family and friends asking about it. I wouldn’t be surprised to see similar growth across the industry.”

The rising interest of retail investors seems to have created a ripple effect on institutional investors. Binance has seen steady growth in the institutional investors trading on the platform, with a 47% upswing of clients since 2019.

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