Young Norwegian crypto broker TÝR Markets grew sharply and traded close to NOK 92 million in June, which by the company's own calculations amounted to 18.1 percent of Norwegian crypto trading. This excludes K33.
TÝR's baseline is data from Kryptopris, which daily reports the trading volumes of Firi, NBX and Bare Bitcoin on X. The figures do not include off-exchange trading, so-called OTC trading. Nor do they include K33, which is a crypto broker rather than an exchange, and which does not publish ongoing figures beyond its quarterly reports.
Regardless of how market share is measured, there is little doubt that TÝR Markets is moving fast at the moment. In May, trading volume was NOK 49 million, in June close to NOK 92 million, and by Wednesday morning July's turnover had already passed NOK 49 million.
Although TÝR Markets started July with record turnover, the company expects competitors to close some of the gap before the month is over.
"We want to be as transparent as possible. By publishing our market share this way, the market also gets insight into our trading volume. It's very positive for us to see growth continuing through the first week of July. It seems that crypto customers in Norway appreciate the combination of low brokerage fees, access to global liquidity and the security of trading through a Norwegian MiCA-regulated counterparty."
— Filip Berg-Nielsen, TÝR Markets
The estimates TÝR Markets relies on do not cover the entire market. K33 does not publish its own volume figures, and although TÝR Markets has produced internal estimates for its competitor, the company has chosen not to include these in its public market share figures. The reasoning is that the uncertainty in such estimates is too great to maintain the transparency the company wants to show the market by publishing its own numbers.
TÝR Markets points to two challenges it believes it has solved in the Norwegian market: high transaction costs and low liquidity. Customers pay between 0.10 and 0.35 percent in brokerage fees depending on monthly trading volume, with zero spread on orders up to NOK 1 million. The company also charges no fees on deposits or withdrawals of fiat or crypto, beyond the blockchain's own transaction costs (gas fee). TÝR Markets was the first Norwegian crypto platform to receive MiCA authorization under article 63, which the company believes has contributed to growth as customers value the security of trading through a regulated Norwegian counterparty.
TÝR Markets has previously held talks with Kryptopris about a possible integration of volume figures, but has so far prioritized other platforms for publication. The company also expresses a wish for K33 to eventually publish its own volume figures, so the market can get a more complete picture of overall crypto trading in Norway.
Sources: TÝR Markets (LinkedIn), TÝR Markets (email)
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