BingX Rides the Bullish Market Wave with Global Expansion and Record-Breaking Performances
- Spot and perpetual futures trading volume rose more than sevenfold from the previous quarter
- Open interest hit a one-year high at $6 billion
- The platform's perpetual futures trading volume soared to $14 billion as of March
VILNIUS, Lithuania, April 2, 2024 /PRNewswire/ -- BingX, a leading crypto exchange, reports significant achievements and strategic advancements, propelled by a favorable market trajectory in the first quarter of 2024. The company has delineated a series of accomplishments signifying its robust growth, market penetration, and heightened operational performance.
Key Financial and Operational Highlights:
- Spot Trading Volume: According to recent data from CoinGecko, BingX's spot trading volume witnessed a more than sevenfold increase from the previous quarter, showcasing the growing trader confidence and market liquidity on the platform. The growth trajectory is significantly driven by 24 initial token offerings that were listed on BingX as the first exchange, including standout tokens like BOME, WEN, and MANTA. Notably, the price of BOME recorded an extraordinary surge of 4,384.62% on BingX, marking the highest gain across all exchanges. Similarly, WEN and MANTA experienced substantial gains of 1,169.26% and 1,033.33% respectively.
- Open Interest: Analytical insights from CoinGecko show BingX hitting a year-high open interest of $6,298,543,514 on March 26, marking a fourfold increase from the previous year and three consecutive months of open interest growth.
- Perpetual Futures Trading Volume: The platform's perpetual futures trading volume soared to $14 billion by March 26, marking a sevenfold surge from last quarter. This significant growth owes much to a trading competition called SuperX, held in late February, which boasted a $1 million prize pool.
- Website Traffic: Reflecting BingX's increasing popularity and user engagement, ICO Analytics reported that BingX climbed from the 11th to the 9th spot in website traffic from December last year to February this year.
Strategic Initiatives and Global Expansion:
- Partnership with Chelsea F.C.: BingX embarked on its maiden venture into the sports arena by becoming the principal partner of Chelsea F.C. in January 2024. This partnership established BingX as the Official Sleeve Partner for Chelsea's men's team kits for the remainder of the 2023/24 season.
- Expansion into Latin America: In line with its strategic global expansion, BingX marked its entry into Latin America by launching operations in Brazil in March 2024. Brazilian users gained the ability to purchase cryptocurrencies using Brazilian Reals (BRL) through Pix transfers. This move underscores BingX's commitment to enhancing financial inclusivity and accessibility in the Latin American market.
"These remarkable achievements underscore BingX's strong standing and positive outlook in the swiftly changing cryptocurrency landscape. As we keep our focus on worldwide expansion and capitalizing on the bullish market dynamics, BingX is dedicated to offering unmatched trading experiences and opportunities to our global community," said Vivien Lin, Chief Product Officer of BingX.
About BingX
Founded in 2018, BingX is a leading crypto exchange, serving over 10 million users worldwide. BingX offers diversified products and services, including spot, derivatives, copy trading, and asset management – all designed for the evolving needs of users, from beginners to professionals. BingX is committed to providing a trustworthy platform that empowers users with innovative tools and features to elevate their trading proficiency. In 2024, BingX proudly became Chelsea FC's principal partner, marking an exciting debut in the world of sports.
For more information please visit: https://bingx.com/
SOURCE BingX
Share this article