Spot and perpetual contract trading volume on the platform has grown over sevenfold compared to the previous quarter. The platform’s total holdings have exceeded $6 billion, reaching the peak for the year. As of March, the trading volume for perpetual contracts on the platform has risen 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 detailed several achievements that signify 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 has increased over 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 surge 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 shows that BingX’s holdings reached a new annual high of $6,298,543,514 on March 26, a four-fold increase from the previous year, and have continued to grow for three consecutive months.
Perpetual Contract Trading Volume: As of March 26, the trading volume for perpetual contracts on the platform has surged to $14 billion, a sevenfold increase compared to the previous quarter. This significant growth was mainly attributed to the SuperX Trading Tournament, which featured a $1 million prize pool.
Website Traffic: According to ICO Analytics, BingX’s website traffic ranking has risen from 11th to 9th place from December to 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 partner for Chelsea’s men’s training kit for the remainder of the 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 highlights BingX’s commitment to enhancing financial inclusiveness and accessibility in the Latin American market.
Vivien Lin, Chief Product Officer of BingX, stated:
About BingX:
Founded in 2018, BingX is a leading global cryptocurrency exchange, offering diversified products and services such as spot trading, derivatives, copy trading, and asset management to over 10 million users worldwide, catering to different levels of expertise from beginners to professionals. BingX is committed to providing 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 exciting first appearance in the sports world.
This article provides official information and does not represent the stance or investment advice of this platform. Readers are advised to conduct their own thorough evaluations.
