Leading cryptocurrency exchange BingX reported significant strategic progress in the first quarter of 2024, driven by the bull market. BingX detailed several achievements, marking its steady growth, market penetration, and improved operational performance.
Table of Contents:
Financial and Operational Highlights
Spot and Perpetual Contract Trading Volume Increased Over Sevenfold from the Previous Quarter
Platform Holdings Exceeded $6 Billion, Reaching Annual Peak
Perpetual Contract Trading Volume on the Platform Reached $14 Billion as of March
Website Traffic
Strategic Initiatives and Global Expansion
Financial and Operational Highlights:
Spot and Perpetual Contract Trading Volume Increased Over Sevenfold from the Previous Quarter:
According to recent data from CoinGecko, BingX’s spot trading volume increased over sevenfold from the previous quarter, indicating a rebound in trader confidence and increased market liquidity on the platform. This growth trend was mainly driven by 24 tokens that were listed on BingX, including prominent tokens like 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.
Platform Holdings Exceeded $6 Billion, Reaching Annual Peak:
Analysis and insights from CoinGecko show that BingX reached a new annual high of $6,298,543,514 in platform holdings on March 26, which is four times higher than the previous year, and has achieved continuous growth for three consecutive months.
Perpetual Contract Trading Volume Increased to $14 Billion as of March:
As of March 26, the perpetual contract trading volume on the platform reached $14 billion, which is seven times higher than the previous quarter. This significant increase was mainly attributed to the SuperX Trading Tournament, which had a $1 million prize pool.
ICO Analytics report shows that BingX’s website traffic ranking rose from 11th to 9th place from December last year to February this year, reflecting BingX’s growing brand awareness and user engagement.
Strategic Initiatives and Global Expansion:
Partnership with Chelsea Football Club:
In January 2024, BingX entered the sports field for the first time and became a strategic partner of Chelsea Football Club. Through this partnership, BingX became the official sleeve partner for Chelsea men’s training gear for the remaining 2023/24 season.
Entry into Latin America:
To achieve global expansion strategy, BingX entered the Latin American market in March 2024 and started 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.
Vivien Lin, Chief Product Officer of BingX, stated, “These significant achievements highlight BingX’s market position and positive prospects in the rapidly evolving cryptocurrency field. As we continue to focus on global expansion and leverage the bull market trend, BingX is committed to providing our global community with excellent trading experiences and opportunities.”
BingX
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