CrossTower, an emerging digital asset exchange announced record trading volumes for October. According to the company, in October it recorded more than $60 million in trading volumes, making it the best performing month for the exchange since its launch.
The exchange also mentioned that a total of $150 million traded on its platform since its launch in May 2020. The company outlined key distinct qualities that it is working on to attract institutional and retail, investors including innovative technology, low-cost trading, and regulatory infrastructure.
The recent report follows CrossTower’s announcement last month about the acquisition of a Class M license from the Bermuda Monetary Authority to launch a Bermuda based sister exchange. CrossTower partnered with leading market makers recently to enable deep liquidity and tight spreads.
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Commenting on the recent trading volumes, Kapil Rathi, CEO at CrossTower, said: “The rapid rise of our trading volumes is a testament to our leadership in building a credible exchange and our commitment to compliance. Our bench strength and the rigor of our platform put us in a unique position to play a vital role in today’s evolving market structure, and demonstrate the reality that participants are shifting towards exchanges with a regulatory focus.”
The exchange positioned itself as a company established by capital markets veterans with a mission to change digital asset investing and trading through innovative solutions. Recently, the company announced the joining of industry heavyweights from Kraken and Galaxy Digital in an effort to strengthen the core team. CrossTower supports trading of leading cryptocurrencies including Bitcoin, Ether, Litecoin, USDC, Bitcoin Cash, XRP, Stellar, Chainlink, BAT, and ZCash.
Founded in 2020, the exchange completed a funding round in May this year. The company emphasized the importance of liquidity in the statement issued. “CrossTower has partnered with active global liquidity providers and the world’s major market makers. To attract even more liquidity across asset classes, CrossTower has implemented low-latency, high-throughput exchange technology, and extensive APIs to connect the most common institutional and retail trading platforms,” the exchange stated.