Spot and perpetual contract trading volume on the platform increased more than sevenfold compared to the previous quarter. The platform’s holdings exceeded $6 billion, reaching a yearly peak. As of March, the trading volume for perpetual contracts on the platform rose to $14 billion.
On April 2, 2024, BingX, a leading cryptocurrency exchange, reported significant strategic progress in the first quarter of 2024, driven by the bull market. BingX outlined several achievements, highlighting its steady growth, market penetration, and improved operational performance.
Financial and operational highlights:
Spot trading volume:
According to recent data from CoinGecko, BingX’s spot trading volume increased by more than sevenfold compared to the previous quarter, indicating a recovery in trader confidence and increased market liquidity. This growth trend was mainly driven by 24 tokens launched on BingX, including prominent tokens such as BOME, WEN, and MANTA. It is worth mentioning that BOME recorded an astonishing increase of 4384.62% on BingX, setting the highest record among all exchanges. Similarly, WEN and MANTA achieved significant growth of 1169.26% and 1033.33% respectively.
Holdings:
CoinGecko’s analysis revealed that BingX reached a new annual high of $6,298,543,514 in holdings on March 26, a fourfold increase compared to the previous year, and has achieved continuous growth for three consecutive months.
Perpetual contract trading volume:
As of March 26, the trading volume for perpetual contracts on the platform rose to $14 billion, a sevenfold increase compared to the previous quarter. This significant growth was primarily attributed to the SuperX Trading Tournament, which had a $1 million prize pool.
Website traffic:
According to ICO Analytics, BingX’s website traffic ranking improved from 11th to 9th place between December and February, reflecting the increasing brand awareness and user engagement of BingX.
Strategic initiatives and global expansion:
Partnership with Chelsea Football Club:
In January 2024, BingX entered the sports industry for the first time by becoming a strategic partner of Chelsea Football Club. Through this partnership, BingX became the official sleeve sponsor for Chelsea’s men’s training kit during the remaining 2023/24 season.
Expansion into Latin America:
To achieve its global expansion strategy, BingX entered the Latin American market in March 2024, starting its operations in Brazil. Brazilian users can purchase cryptocurrencies using Brazilian Real (BRL) through Pix transfers. This initiative demonstrates BingX’s commitment to enhancing financial inclusivity and accessibility in the Latin American market.
Statement from Vivien Lin, Chief Product Officer of BingX:
About BingX:
Founded in 2018, BingX is a leading global cryptocurrency exchange that provides diversified products and services, including spot, derivatives, copy trading, and asset management, to over 10 million users worldwide. BingX is dedicated to offering a trusted platform and empowering users with innovative tools and features to enhance their trading capabilities. In 2024, BingX proudly became the main partner of Chelsea Football Club, marking its first remarkable presence in the sports world.
This article is provided by the official source and does not represent the views or investment advice of this platform. Readers are advised to conduct their own careful evaluation.
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