Dydx, One of the World’s Newest Crypto Exchanges, Is Growing Like Crazy
Coinbase is one of the largest cryptocurrency exchanges in the world. There’s no denying that, but sometimes, even the big dogs can be outdone by little pups as Dydx has shown.
Dydx Is Looking to Be the Best of the Best
Dydx is one of the globe’s newest crypto trading platforms. The company is only about four years old, and yet its daily trading volume is larger than anything Coinbase has experienced in recent days. Based in San Francisco, CA, Dydx recorded a trading volume of just under $19 billion in crypto transactions on September 27 and 28 of this year. By contrast, Coinbase only processed about $6 billion in crypto transactions during that time.
Thus far for 2021, Dydx has garnered about $75 million in funding. It expects to hit the $125 million mark before we say hello to 2022. 28-year-old CEO and founder Antonio Juliano says that the company has made over $80 million in profits this year alone, which would mean that the company boasts a net profit of nearly 70 percent.
Juliano has a unique background in that he was not particularly interested in crypto when he first began getting involved with it. Growing up in Pittsburgh, he went to college at Princeton with the goal of obtaining a degree in computer science. However, things ultimately changed when in 2014, while a student at the university, he was visited by Fred Wilson, a venture capitalist.
Wilson spoke for Juliano’s entrepreneurship class and discussed Coinbase, which ultimately inspired the soon-to-be crypto CEO into taking a path he never envisioned for himself. Graduating a year later, Juliano sought employment with Coinbase and was hired as a software engineer. He stayed for a year, and then – following a quick stint working with Uber – decided to focus his time and energy on Dydx.
He stated in a recent interview:
The way most financial markets evolve is, first off, an asset is created. Then it’s traded on spot exchanges. Then assets are traded on margin exchanges, and then, eventually, people make derivative products on top of an asset that people want to trade, so it seemed like a pretty logical next thing to build.
Dydx ultimately came about in 2017 during the height of the initial coin offering (ICO) phase. Juliano garnered funds from a wide array of companies and individuals including Andreessen Horowitz, Polychain Capital, and even his old boss Brian Armstrong, the CEO of Coinbase.
How Things Have Grown!
Two years later, Dydx was processing roughly $1 million in crypto transactions daily. This year, however, things have really started to take off. Juliano says:
A small team with the highest quality people can out-iterate and out-ship larger teams, especially in such a new market. Our highest-level goal is to become one of the biggest exchanges in crypto. Period.
Source: livebitcoinnews.com
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