What Happened: Coinhako, a Singapore-based cryptocurrency exchange, announced a 500% increase in trading volume in the first five months of 2021, according to a report from Forkast.
The trading venue, which is backed by high-profile investors like Tim Draper and Boost VC, is reportedly considering an initial public offering after recording its massive increase in trading volume this year.
Coinhako said in a statement that in the first five months of 2021 alone, it had seen an increase of more than 700% in the average number of users trading on its platform each month and an increase of about 90% in account openings month on month.
Why It Matters: The exchange estimates that it will see its trading volume top $7 billion by the end of 2021, attributing most of this growth to the “mainstream adoption of cryptocurrencies” in Singapore and the rest of Southeast Asia.
“Along with rising public interest in crypto, the last few months have also seen strong institutional interest in cryptocurrencies from global giants like Morgan Stanley (NYSE: MS), Goldman Sachs Group Inc (NYSE: GS), Mastercard Inc (NYSE: MA) and Paypal Holdings Inc (NASDAQ: PYPL),” said Yusho Liu, Coinhako’s co-founder and CEO.
“Given how the crypto markets in the U.S. and Europe have developed, we believe it is only a matter of time that the crypto industry in this part of the world will likewise take off,” he added.
Price Action: Market-leading cryptocurrency Bitcoin BTC/USD was trading at $34,601 at press time, down 1.22% in the past 24-hours.
At the time of writing, the cryptocurrency had a trading volume of $37 billion, accounting for 46% of the crypto market.
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