Trading platform tanX hits billion dollar quarterly trading volume milestone
July 26 2024 - 7:47AM
Trading platform tanX recently processed a billion dollars in
quarterly spot trading volume across 3 million transactions (Q2,
2024), marking a 70% increase from the previous quarter. This
milestone underscores the growing confidence and trust in
decentralized trading platforms. Several factors are attributed to
tanX's growth in 2024. The platform has implemented various product
upgrades, including strategic partnerships with numerous Layer 2
scaling solutions. This expands the range of networks users can
import their assets from to trade on tanX while maintaining fast
order execution and low fees. Additionally, tanX has leveraged
strategic initiatives like trading competitions and the recent
launch of their loyalty program, SALT points, to incentivize user
participation.
The new spot Bitcoin exchange-traded funds (ETFs) have been a
resounding success. As a group, they have now attracted more than
$30 billion in assets under management. In Q2, these spot Bitcoin
ETFs set a record with more than $64 billion in average monthly
traded volume. However, amid this growth, the institutional need
for a decentralized, secure, compliant, and transparent trading
infrastructure remains paramount.
In the wake of FTX's collapse, crypto traders have increasingly
sought decentralized, non-custodial, and safer ways to execute
orders and store their assets. This trend underscores the rising
investor interest in decentralized crypto exchanges (DEXs). TanX,
an orderbook spot DEX on Ethereum, is at the forefront of this
transformation, offering a robust platform that ensures compliance,
regulation, and transparency of assets to institutional clients
through their institutional liquidity lines.
tanX Founders (L to R) Shaaran Lakshminarayanan, Ritumbhara
Bhatnagar and Bhavesh Praveen
Bhavesh Praveen, co-founder and CTO at tanX commented: “
TanX solves some of the critical problems faced by both
institutions and users in DeFi. I'm incredibly proud of what we've
accomplished, but I'm even more excited about what the future
holds. We are working on a lot of exciting new features that will
help traders and institutions make yield while trading & having
full custody of their funds preventing any FTX like scenarios.
We're shaping the future of finance with our hybridized exchange
engines, and I couldn't ask for a better team to be on this journey
with.”
The debate over the merits of DEXs compared to CEXs is
well-rehearsed. CEXs offer a familiar feel for investors,
particularly those accustomed to dealing with assets like equities
on stock exchanges, and often provide a more user-friendly customer
interface. However, DEXs offer self-custody and help you retain
full ownership of your crypto. tanX acts as a bridge between the
two worlds and has been pioneering a hybrid operational model where
CEXs can integrate tanX’s solution and provide their customers
non-custodial trading while retaining the existing user
experience.
Vikram, founder at Giottus Exchange commented “tanX
brings in a new perspective in bridging the centralized and
decentralized space by delivering high performance trade throughput
and security, especially for institutions who are worried about KYC
complaint trades, it can't get better than tanX in the
decentralized exchange space”
In the current climate, where many exchanges face increasing
regulatory scrutiny over their operations in the U.S. and
allegations of canvassing breaches and money laundering in France,
the importance of compliance cannot be overstated. DEXs also face
risks of misuse since they are not required to adhere to Know Your
Customer (KYC) and Anti-Money Laundering (AML)
regulations.
The founder suggested that tanX addresses this issue by offering
institutions geo-fencing and KYC-routed orders, ensuring that
trades are executed only with known counterparties. Shaaran
Lakshminarayanan, co-founder and CEO at tanX commented: “At
tanX our goal is to catalyze the institutional adoption in the
digital asset space and onboard the next 100 billion dollar
institutional crypto in-flow into the market.”
tanX is a venture-backed trading platform that raised a $16.5m
(at a $100mn valuation) from Pantera Capital, Elevation Capital,
Starkware Ltd, Spartan Group, Goodwater Capital, Upsparks Ventures,
Protofund Ventures and angel investors.
About tanXtanX is the world’s leading
decentralized exchange for institutions and high frequency traders.
Presently ranked as one of the top 10 decentralized exchanges in
the world by trading volume backed by Pantera Capital, Elevation
Capital, Starkware Ltd, Spartan Group, Goodwater Capital, Upsparks
Ventures, Protofund and Marquee angel investors. For more
information please visit https://tanx.fi/ or follow via LinkedIn,
X, YouTube or Discord.
For further information please contact the tanX press office: Bilal Mahmood on b.mahmood@stockwoodstrategy.com or +44 (0) 771 400 7257.