Robinhood’s trading volume spiked more than 60% to $5.7 billion in November, which was attributed to the collapse of FTX that shared market share with other exchanges.
Signs are showing that the severe crash of FTX last month has benefited other major crypto trading platforms, at least in the short term.
According to The Information, one example is the stock and crypto trading app Robinhood, which reported November trading figures on Wednesday. Most of the data it reports is similar to the October figures, with the total number of funded accounts growing by just 40,000 accounts to 23 million and equity trading volume down slightly from the previous month. But its crypto trading volume increased 60% to $5.7 billion.
As updated in an earlier Coincu News article, on December 6th, Kaiko, a crypto data company, pointed out that due to the FTX crash, the trading volume of crypto exchanges majors grew 23% in November, with Binance trading activity up 30% in November.
This proves that the collapse of FTX not only brought most of the difficulties to the market, it also brought an opportunity for other crypto exchanges to attract customers from FTX. However, now exchanges also need to have strategies to rebuild trust with investors in the market, which can be difficult and requires a lot of effort.
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