Singapore, January 12, 2021 — Cryptocurrency exchange AAX has reported record-breaking volume in the early days of the New Year as users have rushed to acquire digital assets. Fiat purchases of cryptocurrency on the platform surpassed November’s figure within the first five days of January, with $1.5 million worth of digital assets added to portfolios.
November was an especially active month for the institutional-grade platform, featuring the highest single-day trading action in AAX’s history. On the busiest day of the month, $2.48 billion of Tether (USDT) was swapped across spot and futures markets. January is proving even more frenzied, as new and existing traders ramp up their activities and institutional demand grows.
“Our direct fiat deposit and the instant swap between fiat and crypto provided the easiest connection between crypto and fiat for new and existing crypto users. With the help of traditional media reporting on Bitcoin’s bull run, at the backdrop of global economic recession due to the pandemic, people are hungry for an alternative investment opportunity. The fiat deposit frenzy didn’t slow down even after Jan 11th price correction. ” said Thor Chan, Chief Executive Officer of AAX.
Many new users gravitate towards AAX due to its utilization of the London Stock Exchange’s LSEG Technology. In December, the crypto platform introduced fiat on- and off-ramps for traders from 11 countries, enabling cryptocurrency to be purchased using the U.S. Dollar (USD), the Euro (EUR), British Pounds (GBP) and Canadian Dollar (CAD), Hong Kong Dollar (HKD) among others.
The cryptocurrency markets have attracted widespread media attention in recent weeks, largely due to bitcoin’s surge from under $20,000 to $40,000 in just four weeks. Altcoins such as ethereum, litecoin, bitcoin cash and cardano have also seen their value increase dramatically. Despite remaining below its 2018 all-time high, Ethereum’s value grew by 450% over the course of 2020.
Due to activity across AAX and other platforms, digital asset exchanges achieved a new daily record volume of $68.3 billion on January 5.
About AAX
AAX is a deep-liquidity and deeply trusted cryptocurrency exchange that is favored by more than half a million users. Powered by London Stock Exchange’s LSEG Technology, AAX offers crypto futures contracts, 50+ spot pairs, P2P fiat trading, savings products and top-grade API connectivity. AAX enables users to buy bitcoin easily via its OTC or Fast Buy platforms and supports over 20 fiat currencies.
