Crypto exchanges report uptick in trade volumes as coronavirus impacts the global economy

by Yogita Khatri for The Block
Yogita is a financial writer with extensive experience in print as well as online media. She has previously worked with leading media firms, including CoinDesk and The Economic Times. Her work has been appeared in Reuters, and cited in The New York Times, CNBC, MIT Technology Review and more.

The coronavirus pandemic has pushed global markets into a state of shock – but major cryptocurrency exchanges appear to remain unaffected.

Seven crypto exchanges The Block spoke with – including centralized, decentralized and peer-to-peer (P2P) marketplaces – said they have witnessed increased user numbers and trading volumes since the pandemic started escalating.

“We’ve seen a significant uptick in sign-ups and a 300% increase in verified accounts,” Dave Ripley, chief operating officer at Kraken, told The Block. Ripley did not disclose specific user numbers, but said Kraken currently serves “millions of clients around the world.”

OKEx has also seen “steady” growth in its user base, CEO Jay Ho told The Block. “Especially during early-March, we recorded an estimated 1.7% boost globally.”

Quick Take

• Major cryptocurrency exchanges appear to remain unaffected by the COVID-19 pandemic’s economic impact
• At least seven exchanges The Block spoke they have seen an uptick in user sign-ups and trading volumes
• These include Kraken, Gemini, Bitfinex, OKEx, Bitstamp, Paxful, and KyberSwap.

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