CrossTower, a US-based crypto trading platform, announced that the company crossed $150 million in trading volumes during February, its highest level on record. The trading volumes have grown significantly since October 2020.
According to the official press release, the company now has over 55 institutional clients including 15 hedge funds and 17 market makers. CrossTower joined the Global Digital Asset and Cryptocurrency Association (DCA) last month.
The company recently launched a new capital markets desk to facilitate institutional clients. CrossTower introduced a new Bitcoin Fund in February that offers accredited investors exposure to Bitcoin through standard privately placed security. The crypto trading platform launched margin trading on CrossTower Global in February.
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Commenting on the latest numbers, Kapil Rathi, CEO of CrossTower, said: “The rapid rise of our trading volumes is validation that our mission to bridge digital and traditional asset trading is incredibly well-timed. As this industry continues to mature and grow, participants are gravitating to CrossTower because our platform was built for institutional and individual investors with best-in-class safeguards, services and technologically advanced capabilities.”
Institutional Interest in Crypto
CrossTower recently introduced structured products to help institutional clients capture market opportunity between crypto derivatives and spot prices. The cryptocurrency market is growing and global institutional investors are planning to take advantage of the latest surge in crypto prices. One of the largest firms in Norway, Aker ASA recently announced the launch of a dedicated Bitcoin unit to invest in the world’s largest cryptocurrency. Tesla, Grayscale, CoinShares, Square, MicroStrategy, Meitu and several other companies have purchased Bitcoin and other cryptocurrencies in large amounts since the start of 2021. Binance CEO, Changpeng Zhao mentioned on Twitter this week that many companies in Asia are holding Bitcoin.
The cryptocurrency market is surging as the overall market cap touched $1.7 trillion today after Bitcoin jumped above $55,000 for the first time in nearly 2 weeks.