FTX Overtakes Coinbase to Become Second Largest Crypto Exchange in May

FTX overtook Coinbase in May as the second-largest centralized cryptocurrency exchange by market share, according to data compiled on The Block Research.

The market dominating exchange so far is Binance, which holds 64.1% of the market share, followed by FTX (10.8%) and Coinbase (9.6%) statistically on a monthly basis.

Coinbase has been facing some tough times recently, posting a $430 million net loss for Q1 2022 and a roughly 36% drop in the stock market in May.

This result does not seem too surprising considering the general business situation of FTX and Coinbase since the beginning of 2022. On the Coinbase side, the company is facing certain difficulties with a loss of 430 million USD in Q1/2022, causing COIN’s share price to plummet, falling more than 70% in 2022 and more than 80% from the ATH mark at 430 USD immediately after being listed on the stock exchange in April 2021.

Last week, Coinbase became the first crypto company to make the Fortune 500 list.

After Coinbase, the next most popular centralized exchanges during this period were Kraken (3.7%), Bitfinex (2.6%), and LMAX Digital (2.6%). Overall, crypto trading volumes grew 19.6% in May, totaling $830.4 billion.