Dubai, July 26, 2024 (GLOBE NEWSWIRE) — Trading platform tanX recently processed a billion dollars in quarterly spot trading volume across 3 million transactions (Q2, 2024), marking a 70% increase from the previous quarter. This milestone underscores the growing confidence and trust in decentralized trading platforms. Several factors are attributed to tanX’s growth in 2024. The platform has implemented various product upgrades, including strategic partnerships with numerous Layer 2 scaling solutions. This expands the range of networks users can import their assets from to trade on tanX while maintaining fast order execution and low fees. Additionally, tanX has leveraged strategic initiatives like trading competitions and the recent launch of their loyalty program, SALT points, to incentivize user participation.
The new spot Bitcoin exchange-traded funds (ETFs) have been a resounding success. As a group, they have now attracted more than $30 billion in assets under management. In Q2, these spot Bitcoin ETFs set a record with more than $64 billion in average monthly traded volume. However, amid this growth, the institutional need for a decentralized, secure, compliant, and transparent trading infrastructure remains paramount.
In the wake of FTX’s collapse, crypto traders have increasingly sought decentralized, non-custodial, and safer ways to execute orders and store their assets. This trend underscores the rising investor interest in decentralized crypto exchanges (DEXs). TanX, an orderbook spot DEX on Ethereum, is at the forefront of this transformation, offering a robust platform that ensures compliance, regulation, and transparency of assets to institutional clients through their institutional liquidity lines.
tanX Founders (L to R) Shaaran Lakshminarayanan, Ritumbhara Bhatnagar and Bhavesh Praveen
Bhavesh Praveen, co-founder and CTO at tanX commented: “ TanX solves some of the critical problems faced by both institutions and users in DeFi. I’m incredibly proud of what we’ve accomplished, but I’m even more excited about what the future holds. 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. We’re shaping the future of finance with our hybridized exchange engines, and I couldn’t ask for a better team to be on this journey with.”
The debate over the merits of DEXs compared to CEXs is well-rehearsed. CEXs offer a familiar feel for investors, particularly those accustomed to dealing with assets like equities on stock exchanges, and often provide a more user-friendly customer interface. However, DEXs offer self-custody and help you retain full ownership of your crypto. tanX acts as a bridge between the two worlds and has been pioneering a hybrid operational model where CEXs can integrate tanX’s solution and provide their customers non-custodial trading while retaining the existing user experience.
Vikram, founder at Giottus Exchange commented “tanX brings in a new perspective in bridging the centralized and decentralized space by delivering high performance trade throughput and security, especially for institutions who are worried about KYC complaint trades, it can’t get better than tanX in the decentralized exchange space”
In the current climate, where many exchanges face increasing regulatory scrutiny over their operations in the U.S. and allegations of canvassing breaches and money laundering in France, the importance of compliance cannot be overstated. DEXs also face risks of misuse since they are not required to adhere to Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations.
The founder suggested that tanX addresses this issue by offering institutions geo-fencing and KYC-routed orders, ensuring that trades are executed only with known counterparties. Shaaran Lakshminarayanan, co-founder and CEO at tanX commented: “At tanX our goal is to catalyze the institutional adoption in the digital asset space and onboard the next 100 billion dollar institutional crypto in-flow into the market.”
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.
About tanX
tanX is the world’s leading decentralized exchange for institutions and high frequency traders. Presently ranked as one of the top 10 decentralized exchanges in the world by trading volume backed by Pantera Capital, Elevation Capital, Starkware Ltd, Spartan Group, Goodwater Capital, Upsparks Ventures, Protofund and Marquee angel investors. For more information please visit https://tanx.fi/ or follow via LinkedIn, X, YouTube or Discord.
