WASHINGTON, July 21, 2022 (GLOBE NEWSWIRE) — Vantage Market Research’s recent analysis of the Global Cryptocurrency Exchange-Platforms Market finds that increasing demand for the platform to facilitate the trading of cryptocurrencies for fiat money, high usage of smartphones across the globe, and growth in venture capital investment are some major factors driving the growth of the Cryptocurrency Exchange-Platforms Market in coming years. However, uncertain regulatory status impedes the growth of the Cryptocurrency Exchange-Platforms Market. At the same time, potential growth opportunities in emerging & developed markets are creating multiple growth opportunities for the Cryptocurrency Exchange-Platforms Market. The Global Cryptocurrency Exchange-Platforms Market revenue is expected to reach a value USD 674.9 Million in the year 2028.
The Global Market revenue stood at a value USD 329.4 Million in the year 2021 and is expected to grow to exhibit a Compound Annual Growth Rate (CAGR) of 12.7% during the forecast period; states Vantage Market Research, in a report, titled “Cryptocurrency Exchange-Platforms Market Size, Share & Trends Analysis Report by Cryptocurrency Type (Bitcoin, Ethereum, Cardanol, Solana), by End User (Banks, Fintech Companies, Credit Unions, Other End Users), by Region (North America, Europe, Asia Pacific, Latin America) – Global Industry Assessment (2016 – 2021) & Forecast (2022 – 2028)”.
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Key Insights & Findings from the Report:
- According to our primary respondents’ research, the Cryptocurrency Exchange-Platforms market is predicted to grow at a CAGR of roughly 12.7% during the forecast period.
- The Cryptocurrency Exchange-Platforms market was estimated to be worth roughly USD 329.4 Million in 2021 and is expected to reach USD 674.9 Million by 2028; based on primary research.
- On the basis of region, North America is projected to dominate the worldwide Cryptocurrency Exchange-Platforms market.
Rampant Penetration of Mobile Phones around the World
One of the primary reasons driving the market’s growth is the increasing adoption of smartphones worldwide. As a result, users may use their cell phones to access bitcoin exchange platforms. To adequately address their clients’ needs and ambiguities, such as supported assets, payment methods, fees, and security, several platform providers are focusing on giving their services through mobile phones. For instance, Kraken, a Cryptocurrency Exchange-Platforms Market provider, announced the debut of its cryptocurrency exchange mobile application in the United States in June 2021. Customers of Kraken can use this app to buy and sell crypto tokens using their mobile phones. In addition, other mobile applications, such as coin base, Gemini, Bitmart, Cash, and Bisq, to name a few, make it easier for the user to exchange cryptocurrencies.
Increase in the Number of Crypto Users
The growing number of crypto users around the world has a significant impact on industry growth. It turns out that Bitcoin’s value continues to climb owing to various causes that are drawing people’s attention toward crypto-currency. Increased acceptance of payment apps like PayPal has made crypto-currency more accessible to a far more significant number of consumers. In addition, the purchase of Bitcoin by publicly traded corporations demonstrates a high level of trust in the currency’s appreciation. Bitcoin’s past pattern of closely following its halved stock-to-flow model indicates an optimistic and ambitious forecast. According to Crypto.com, a Cryptocurrency Exchange-Platforms Market provider, the total number of cryptocurrency users worldwide surpassed 106 million in January 2021. This can be linked to the growing popularity of Defi, the expanding number of crypto service providers, and financial institutions’ quick adoption of cryptocurrency. Morgan Stanley, for example, began selling bitcoin funds to its wealth management clients in March 2021. As a result, the company expanded its offers and improved the client experience.
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Segmentation of the Global Cryptocurrency Exchange Platforms Market:
- Cryptocurrency Type
- Other Cryptocurrency Types
- End User
- Fintech Companies
- Credit Unions
- Other End Users
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
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COVID-19 Impact Analysis:
The COVID-19 outbreak has affected various industries worldwide. Governments across the world implemented strict lockdown measures and social distancing norms to restrict the swift spread of the pandemic. Manufacturing facilities around the world were shut down during the initial stages of the pandemic. Moreover, the economic crisis after the pandemic might lead to a significant delay in the commercial roll-out of the IT industry. Small and medium-scale companies are the backbone of technology providers and are witnessing a steep drop in revenue since the emergence of the pandemic in 2020. Hence, market players faced numerous challenges as disruptions in the supply chain were observed. However, things will improve in the second half of 2022 as more supplies will come online. The impact of COVID-19 on the market demand is considered while estimating the current and forecast market size and growth trends of the market for all the regions and countries based on the following data points:
- Impact Assessment of COVID-19 Pandemic
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
- Quarterly Market Revenue Forecast by Asia Pacific 2020 & 2021
- Key Strategies Undertaken by Companies to Tackle COVID-19
- Long Term Dynamics
- Short Term Dynamics
The Report on Cryptocurrency Exchange-Platforms Market Highlights:
- Assessment of the market
- Premium Insights
- Competitive Landscape
- COVID Impact Analysis
- Historic Data, Estimates, and Forecast
- Company Profiles
- Global and Regional Dynamics
Browse market data Tables and Figures spread through 144 Pages and in-depth TOC on “Cryptocurrency Exchange-Platforms Market Size, Share & Trends Analysis Report by Cryptocurrency Type (Bitcoin, Ethereum, Cardanol, Solana), by End User (Banks, Fintech Companies, Credit Unions, Other End Users), by Region (North America, Europe, Asia Pacific, Latin America) – Global Industry Assessment (2016 – 2021) & Forecast (2022 – 2028)“.
North America Dominated the Global Cryptocurrency Exchange-Platforms Market
North America dominated the Global Cryptocurrency Exchange-Platforms Market in 2021. This is accounted for as many regions treated bitcoins as an exchange medium for tax purposes. In addition, increasing digitization to accept digital cash, the emergence of bitcoin mining, and the large presence of leading players are some factors that bolster the growth of the Cryptocurrency Exchange-Platforms Market in this region.
Asia Pacific is expected to be the fastest-growing region for the Cryptocurrency Exchange-Platforms Market during the forecast period. Factors such as the availability of big mining companies and the presence of a low cost of electricity are accelerating the growth of the Cryptocurrency Exchange-Platforms Market in this region.
List of Prominent Players in the Cryptocurrency Exchange-Platforms Market:
- Air Swap
September 2021: Fnatic, an esports group, announced a partnership with Crypto.com. The former company hopes to grow its network of partners due to this collaboration. It will also provide Fnatic fans with cryptocurrency payment choices.
July 2021: Visa partnered with 50 cryptocurrency firms, including Coinbase and FTX. Due to this agreement, Visa’s card program now allows customers to spend and convert digital currencies.
Key questions answered in the report:
- Which regional market will show the highest and rapid growth?
- Which are the top five players of the Cryptocurrency Exchange-Platforms Market?
- How will the Cryptocurrency Exchange-Platforms Market change in the upcoming six years?
- Which application and product will take a lion’s share of the Cryptocurrency Exchange-Platforms Market?
- What is the Cryptocurrency Exchange-Platforms Market drivers and restrictions?
- What will be the CAGR and size of the Cryptocurrency Exchange-Platforms Market throughout the forecast period?
This market, titled “Cryptocurrency Exchange-Platforms Market” will cover complete information in terms of Regional Analysis, Forecast, and Quantitative Data – Units, Key Market Trends, and various others, as mentioned below:
|Market Size Provided for Years||2016-2028|
|Segments Covered|| • Cryptocurrency Type
• Other Cryptocurrency Types
• End User
|Region & Counties Covered|| • North America
• Asia Pacific
• Latin America
• Middle East & Africa
|Companies Covered|| • BlockFi
|Report Coverage||Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis|
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