BingX’s impressive performance drives bullish market and advances global expansion.
Leading cryptocurrency exchange BingX has 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.
Financial and Operational Highlights
Spot and perpetual contract trading volumes increased over sevenfold compared to the previous quarter.
Platform holdings exceeded $6 billion, reaching the annual peak.
Perpetual contract trading volume rose to $14 billion as of March.
Website Traffic
Strategic Initiatives and Global Expansion
Financial and Operational Highlights
Spot and perpetual contract trading volumes increased over sevenfold compared to the previous quarter. According to recent data from CoinGecko, BingX’s spot trading volume increased over sevenfold from the previous quarter, indicating a recovery in trader confidence and increased market liquidity on the platform. This growth trend was mainly driven by 24 tokens that debuted on BingX, including prominent tokens like BOME, WEN, and MANTA. It is worth mentioning that BOME recorded a staggering 4384.62% increase on BingX, setting the record for the highest increase among all exchanges. Similarly, WEN and MANTA achieved significant growth of 1169.26% and 1033.33% respectively.
Platform holdings exceeded $6 billion, reaching the annual peak. Insights from CoinGecko analysis showed that BingX reached a new annual high of $6,298,543,514 in holdings on March 26, a fourfold increase from the previous year, and has achieved continuous growth for three consecutive months.
Perpetual contract trading volume rose to $14 billion as of March. The perpetual contract trading volume on the platform increased sevenfold compared to the previous quarter, reaching $14 billion. This significant growth was largely attributed to the SuperX trading competition, which featured a $1 million prize pool.
ICO Analytics reports showed that BingX’s website traffic ranking rose from 11th to 9th place from December to February, 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 industry for the first time by becoming the strategic partner of Chelsea Football Club. Through this partnership, BingX became the official sleeve partner for Chelsea’s men’s training kit for the remaining 2023/24 season.
Expansion into Latin America: In March 2024, as part of its global expansion strategy, BingX entered the Latin American market and began operations in Brazil. Brazilian users can purchase cryptocurrencies using the Brazilian Real (BRL) through Pix transfers. This initiative highlights 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
Further Reading
BingX Becomes Strategic Sponsor of Paris Blockchain Week
BingX Broker Recruitment Program Upgraded with Integration of Copin.io to Enhance Cryptocurrency Trading Experience
