South Korean cryptocurrency exchange Upbit has seen a 42.3% surge in its spot trading volume to $29.8 billion in July, which helped it surpass rival exchanges Coinbase and OKX to become the second-largest digital asset trading platform by volume.

Coinbase, the largest cryptocurrency exchange in the United States, has recently reported its results for the second quarter of the year, revealing revenue that surpassed projections and shrinking losses.

Coinbase has recently revealed its layer-2 blockchain developed with Optimism’s OP Stack, Base, is set to launch to the public on August 9. The network was launched for developers in July, allowing them to test applications on the network.

Sponsored: B2BinPay, a premier crypto-processing platform in the industry, has partnered with Ledger – the global platform for digital assets.

Top stories in the Crypto Roundup today:

• Upbit Overtakes Coinbase and OKX to Become Second-Largest Crypto Exchange by Volume
• Coinbase Reports Better-than-Expected Revenue and Losses in Q2 2023
• Coinbase Reveals Layer-2 Network Base Will Launch Next Week
• Crypto Market Movers – XDC, XRP, MKR
• Sponsored: B2BinPay Teams Up with Ledger to Provide Own-Brand Hardware Wallets for Clients

Upbit Overtakes Coinbase and OKX to Become Second-Largest Crypto Exchange by Volume

South Korean cryptocurrency exchange Upbit has seen a 42.3% surge in its spot trading volume to $29.8 billion in July, which helped it surpass rival exchanges Coinbase and OKX to become the second-largest digital asset trading platform by volume.

As detailed in CCData’s latest Exchange Review, while Upbit’s volume rose 42.3%, Coinbase and OKX suffered drops in their own volumes of 11.6% and 5.75%, ending up at $28.6 billion and $29 billion respectively.

Upbit’s surge places it behind only Binance in terms of trading volume, even as the leading cryptocurrency exchange’s dominance has been falling for five months in a row. Binance’s market share is now at 40.4%, its lowest level since August 2022, with trading volumes of $208 billion for the month of July.

Centralized cryptocurrency exchanges record their second-lowest trading volumes since 2021.

Coinbase Reports Better-than-Expected Revenue and Losses in Q2 2023

Coinbase, the largest cryptocurrency exchange in the United States, has recently reported its results for the second quarter of the year, revealing revenue that surpassed projections and shrinking losses.

The net loss for the exchange, which has been operational for just over a decade, decreased to $97 million, or 42 cents per share, a notable decrease from the $1.1 billion – $4.98 per share – recorded the year prior.

Coinbase’s revenue dipped 12% to $707.9 million in the second quarter, exceeding the consensus estimate of $631.2 million. The firm’s quarterly transaction revenue, however, dropped to $327.1 million.

Interest income has, with the rise of interest rates, become a primary source of revenue for the exchange, but fell to $201.4 million over a decrease in the circulating supply of USDC.

In contrast, the company’s blockchain rewards revenue, largely driven by staking, rose even with the exchange under pressure following an order to halt additional asset staking in four U.S. states.

Coinbase Reveals Layer-2 Network Base Will Launch Next Week

Coinbase has recently revealed its layer-2 blockchain developed with Optimism’s OP Stack, Base, is set to launch to the public on August 9. The network was launched for developers in July, allowing them to test applications on the network.

Users are now already able to bridge their Ether (ETH) to Base, where it will then be possible to use the funds to interact with decentralized applications built on top of the network. Coinbase’s announcement coincided with its second-quarter earnings report release.

The firm has also launched an “Onchain Summer” campaign, in which a series of events inviting creators and developers to generate art and build applications on Base will take place. Among the participating companies are Coca-Cola (KO), video game giant Atari, and non-fungible token platform OpenSea.

Over $68 million worth of ETH was bridged onto Base over the past weekend amid a trading frenzy that saw the price of several tokens launched on Base surge.

Crypto Market Movers – XDC, XRP, MKR

Several tokens are leading the charge in the last 7-day period. Some of these are well-known cryptocurrencies with more liquid trading pairs, so we’ll be focusing on these over low-cap cryptos that may have higher percentage changes.

Xinfin Network (XDC) – XinFin Network (XDC) is an enterprise-ready hybrid blockchain technology company focused on international trade and finance. It operates on the XDC protocol, which supports smart contracts, offers high transaction throughput (2000TPS), fast transaction times (2 seconds), and implements KYC for Masternodes (Validator Nodes). The XinFin network aims to create a highly scalable, secure, permissioned, and commercially viable blockchain network.

XRP (XRP) – XRP is the native token of the XRP Ledger and positions itself as a “fast and green” digital asset that was built “to be the most practical cryptocurrency for applications across the financial services space.” It offers fast transaction settlements, can handle thousands of transactions per second, and relies on hundreds of validators on its network.

Maker (MKR) – MakerDAO is an open-source project on the Ethereum blockchain and a Decentralized Autonomous Organization created in 2014. The project is managed by people around the world who hold its governance token, MKR, who manage the Maker Protocol and the financial risks of DAI to ensure its stability, transparency, and efficiency.

B2BinPay Teams Up with Ledger to Provide Own-Brand Hardware Wallets for Clients

B2BinPay, a premier crypto-processing platform in the industry, has partnered with Ledger – the global platform for digital assets.

Through this partnership, B2BinPay offers its eligible customers exclusive access to limited-edition Ledger Nano X devices featuring the B2BinPay logo. These devices are available to new and existing enterprise clients, as well as long-term customers of the company – in recognition of their continued loyalty to B2BinPay and its services.

To redeem the hardware wallets, customers can use promotional codes provided by B2BinPay. These codes need to be input on a special collaboration page on the Ledger website.

Only 1000 of these limited-edition hardware wallets are available, making them truly valuable and exclusive.

Press Release

State of the Crypto by Top Tier Exchange Volume

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