After the collapse of FTX, cryptocurrency exchanges accelerated their work on financial solvency and security.
Last month, the cryptocurrency market was shaken by the bankruptcy of FTX. Many crypto organizations have been affected by the liquidation issues due to the FTX bankruptcy. In particular, the proof-of-reserve system of exchanges, which is reflected as a new era in crypto, attracted attention.
Data analysis platform Nansen stated that after FTX, the volumes of Bybit, Kraken and Bitget increased. In addition, cryptocurrency exchanges have focused on taking tighter security measures and protecting financial strength.
Post-FTX Jobs Held ‘Tight’ on Crypto Exchanges
Crypto data platform Nansen stated that despite the low volumes in crypto exchanges after FTX, several exchanges stood out. According to Nansen’s report, nearly six months after FTX crashed in November, Bybit, Kraken and Bitget were the lucrative exchanges.
Kraken increased its average monthly trading volumes by 14.4 percent to approximately $19 billion. On the other hand, Bybit increased its monthly volume by 7.65 percent to $ 18.2 billion.
The only cryptocurrency exchange that was not shaken in the FTX process was Binance. Binance recorded $444 billion in trading volume, down -0.2 percent over the period of the crash.
On the other hand, Bitget, on the other hand, in terms of derivatives platform, gained $204 billion in volume within six months of the collapse of FTX.
On the other hand, dealing with the low volume in the general stock markets, Nansen touched upon the investor shock that emerged after the FTX bankruptcy and the emergence of decentralized exchanges. Nansen explained that these factors affect the stock markets.
In addition, exchanges began to take stricter measures and take concrete steps after FTX. The proof-of-reserve system of exchanges, on the other hand, marked the beginning of a new era.
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