Crypto Facilities says about $1 billion in Bitcoin, Ethereum, XRP, Litecoin and Bitcoin Cash futures have been traded on its platform in the past month alone.
The company is witnessing huge growth after being acquired by the San Francisco-based crypto exchange Kraken. The head of indices and pricing products Sui Chung told CoinDesk the company is experiencing a 500% surge in volume, with a 400% increase in its user base.
“Our [daily] users have gone up by a factor of four and that’s across all products. Not just major coins, but they’ve all seen similar growth.
I think obviously having the support of a major US exchange helped and obviously Kraken bringing our product set to a very loyal user base. That Kraken branding carries a lot of weight. And also the fact that because we run contracts on the major five coins and take collateral on the major five coins we pay out in [helped].”
Crypto Facilities is located in London and offers traders in the UK a fully regulated way to purchase crypto futures. Kraken says it acquired Crypto Facilities for at least $100 million, but has not released an exact figure.
The company says Bitcoin is the most traded asset on its platform, with “large numbers” coming in for Ethereum and XRP.