Crypto.com, one of the leading crypto exchanges, has continued to lose market share in the industry despite spending heavily on advertising.
Data compiled by CoinMarketCap shows that the exchange handled tokens worth over $1.3 billion in the past 24 hours. In contrast, Binance handled tokens worth $10.4 billion while Bybit, Coinbase, and Bitget’s volumes stood at $3.5 billion, $2.2 billion, and $1.4 billion, respectively.
Another report compiled by Bloomberg showed that Binance had the biggest market share followed by Bybit, Coinbase, OKX, and Upbit. The others segment, which includes Crypto.com, has a market share of about 10%.
Crypto exchanges market share
Crypto.com smaller market share happens even after the company has spent millions of dollars in marketing campaigns in the past few years. For example, it is one of the biggest sponsors of Formula 1, UFC, Philadelphia 76ers, and AFL.
Crypto.com also bought the rights for the now Crypto.com Arena, the home of Los Angeles Kings and LA Lakers.
Instead, some 0f the other biggest companies in the index like Binance, OKX, and Bybit have not made such marketing investments. Binance has partnered with Alpine, a Formula 1 team, while Bybit has a deal with RedBull Racing.
Bybit has grown into the second-biggest crypto exchange in the world by focusing its efforts on Europe and Russia. It has also launched a solution that allows users to cross-margin trade over 160 tokens.
While Crypto.com has struggled to gain market share, it has benefited from the recent Bitcoin price rally. In April, it announced that it was adding 1,400 new employees a year after it slashed 20% of its global workforce.
It is unclear whether the company will gain market share organically in the long term because of the competitive nature of the industry. There are now thousands of centralized exchanges, with the biggest ones having the biggest market share.
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