There have been some crypto exchanges with major problems in recent years. But Bitvavo doesn’t fit into this list, this Dutch trading platform has actually grown significantly. Now the company has achieved a new record; The trading volume exceeded the 1 billion euro mark on Wednesday and Thursday.
Bitvavo reaches new milestone
In a press release Bitvavo writes that it reached a trading volume of more than 1 billion euros within 24 hours. This is happening for the first time now. The crypto exchange acknowledges that the prices of many cryptocurrencies have increased significantly recently, which is likely to have had a positive impact on trading volumes.
On Wednesday, Bitcoin (BTC) price rose almost to a new record. According to Blockchain.com, trading volume on several major exchanges has collectively risen to its highest level since the end of 2021, suggesting that Bitvavo is not alone.
Bitvavo is growing enormously
Bitvavo is on its way to becoming the largest crypto exchange in Europe, explains Bitvavo CEO Mark Nuvelstijn in the announcement. At the beginning of January, Bitvavo announced that it had managed to surpass competitor Kraken in trading volume in euros. Currently, Bitvavo only offers trading pairs based on the Euro, while competitors such as Kraken and Binance also offer trading pairs based on other currencies.
The fact that the Dutch platform’s market share has increased significantly in recent months can be explained, among other things, by the fact that it has opened up several new markets. For example, it has received permission from the Austrian and French stock market regulators to offer its services to residents and companies.
At the end of January, Austrian Bitpanda announced that it was leaving the Netherlands, after which Bitvavo was suggested as an alternative. In 2023, Bitvavo also acquired the Dutch users of Litebit and Gemini and welcomed tens of thousands of Binance customers.
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