A Milestone for Capital.com Amid Cyprus’ Tech Boom
In a remarkable financial feat, Capital.com, the Cyprus-headquartered global trading platform, has seen its client trading volumes soar to a record $1.2 trillion in 2023. This marks a significant 53 percent increase from the previous year and is a first for the fintech group since its inception in 2016. The company attributes this success to its resilience and entrepreneurial spirit in the face of market uncertainties.
Capital.com’s growth has not gone unnoticed, as it clinched the top position in the 2023 Deloitte Tech Fast 50 rankings for the third consecutive year, reflecting a staggering revenue growth rate of 4,011 percent over four years. The Deloitte Technology Fast 50 program honors the fastest-growing technology companies based in the Middle East or Cyprus.
Group CFO Ariel Segev expressed pride in the company’s achievement and highlighted Cyprus’s role as a “dynamic and thriving tech hub” that has been instrumental in their success. He praised Cyprus for its business-friendly environment, skilled workforce, and supportive legislation, which make it an ideal location for burgeoning tech companies.
Further underlining its robust performance, Capital.com reported substantial growth in trading volumes on its platform in Q1 2024, reaching $337 billion. The platform also experienced a 17 percent increase in active traders compared to the previous quarter. The Middle East led the surge in trading volumes, followed by Germany, Italy, and the Netherlands.
Indices and commodities emerged as the most traded markets on Capital.com’s platform in early 2024. The US Tech 100 (Nasdaq-100), US30, DE40, and US500 indices accounted for more than 79 percent of total trading volumes. Senior Market Analyst Daniela Hathorn attributed this to the strong performance of tech stocks and a shift in trader sentiment towards resilience in US economic data.
Commodity markets also saw heightened activity, with gold and crude oil driving 58 percent of total trading volumes. Hathorn pointed out that geopolitical tensions spurred investors to diversify their portfolios, leading to a significant appreciation in gold prices and higher oil prices due to concerns over supply disruptions.
Capital.com’s impressive trading volumes and continued recognition as a leading technology company underscore Cyprus’s emergence as a significant tech hub and a favorable destination for trading platforms seeking growth opportunities.
