Centralised exchanges processed $19.17 trillion in spot crypto volume in 2025, a number that sounds large until you stack it against traditional markets: global equities turn over $155 trillion a year, and FX clears $9.6 trillion every single day. The gap is the opportunity, and major players are moving to close it structurally rather than opportunistically.
The evidence is $37 billion deployed in TradFi M&A by crypto-native firms, alongside a broad pivot toward multi-asset CEX models. Strategies split between building natively and acquiring established brokers, with expansion targets including CFDs, real-world assets, and tokenized equities.
The direction is clear: the next generation of crypto exchanges looks less like a crypto exchange and more like a full-stack financial platform.
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