FTX surpassed Coinbase as second-biggest centralized crypto exchange in May


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FTX overtook Coinbase’s spot in May as the second biggest centralized crypto exchange in terms of market share, according to data compiled on The Block Research.

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The dominant player in the market was still Binance by far, which commanded a 64.1% share, followed by FTX (10.8%) and Coinbase (9.6%) during the monthly period.

Coinbase has recently faced some struggles, posting a net loss of $430 million for Q1 2022 and falling on the stock market by roughly 36% in May.

The company has pointed toward current market conditions — with declining prices in crypto across the board — as a driver for its most recent results, as well as a reason to tread with caution. It recently announced that it was slowing hiring and launching an initiative to cut spending.

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Last week, Coinbase became the first crypto company to enter the Fortune 500.

After Coinbase, the most popular centralized exchanges during the period were Kraken (3.7%), Bitfinex (2.6%), and LMAX Digital (2.6%).

Overall, crypto trading volumes increased by 19.6% in May, hitting in total of $830.4 billion, according to The Block’s legitimate volume index.

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