Decentralised digital and real world assets trading platform tanX processed $1bn in spot trading volume across three million transactions during the second quarter of the year, marking a 70% increase from the previous quarter.
According to a press statement, several factors contributed to the platform’s growth, including the implementation of various product upgrades and strategic partnerships with numerous Layer 2 scaling solutions. This move expanded the range of networks users can import their assets from to trade on tanX while maintaining fast order execution and low fees.
Additionally, tanX, an orderbook spot DEX on Ethereum, has leveraged strategic initiatives like trading competitions and the recent launch of its loyalty programme, SALT points, to incentivise user participation.
The new spot bitcoin exchange-traded funds (ETFs) have been a resounding success and have now attracted more than $30bn in assets under management. In Q2, these spot bitcoin ETFs set a record with more than $64bn in average monthly traded volume.
Bhavesh Praveen, co-founder and CTO at tanX commented: “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.”
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.
