Robinhood, a popular trading platform, has announced that its crypto trading volumes plunged in May amidst a regulatory crackdown on centralized entities. Cryptocurrency traders are migrating from centralized exchanges (CEXs) to hybrid exchanges as they offer less restriction.
Amidst the exodus of traders, Tradecurve has stood out, but can it take over from centralized trading platforms?
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Robinhood trading volumes plunge 68%
Robinhood, a trading platform, has reported a decrease in cryptocurrency trading volume in its May report.
The report shows a 43% drop in crypto trading volume from the previous month and a 68% year-over-year drop. As a result, their revenue from crypto trading commissions and fees fell by 22% in May.
The decrease in trading volume is due to the U.S. Securities and Exchange Commission’s crackdown on centralized exchanges. Robinhood has also announced that it will delist solana (SOL), cardano (ADA), and polygon (MATIC) on June 27, which could lead to further declines in trading volumes.
Dan Gallagher, the chief compliance lawyer at Robinhood, stated that the delisting of these digital assets was necessary after the exchange’s application to register as a special-purpose broker for digital assets was denied.
Despite the drop in crypto trading volume, Robinhood experienced a 22% increase in equities in May.
Hybrid exchange gaining popularity. Dominance possible?
The increased crackdown on centralized crypto exchanges has prompted numerous traders to explore alternative exchange platforms.
Despite their appeal, decentralized exchanges face challenges related to network issues, scalability limitations, lack of liquidity, and security concerns, making them less widely adopted for cryptocurrency trading compared to centralized counterparts.
A notable type of exchange that has gained attention from crypto traders is the hybrid exchange model, exemplified by platforms like Tradecurve.
Hybrid exchanges strive to balance the benefits of centralized and decentralized exchanges by offering liquidity, transparency, and a range of features. These include proof-of-reserves (PoR), self-custody of private keys, robust trading terminals, and highly scalable trading platforms.
Due to these features, many experts in the crypto market have identified hybrid exchanges as a potential future of cryptocurrency trading.
While centralized trading platforms like Binance, Robinhood, Kraken, and Coinbase played a vital role in the early success of the cryptocurrency market, their recent struggles, particularly since the collapse of FTX in November 2022, suggest that their replacement may be approaching.
As a potential front runner in replacing centralized exchanges (CEXs), Tradecurve has garnered significant support from investors.
It has completed its first three presale stages, demonstrating strong investor interest in its journey to raise $20 million. The native token of Tradecurve, TCRV, currently trades at $0.018, and the Tradecurve presale is in its fourth stage.
For more information about the Tradecurve presale:
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Source: https://crypto.news/robinhoods-crypto-trading-volume-falls-in-may-this-hybrid-exchange-can-take-over/