Northbrook, IL 60062 -- (SBWIRE) -- 12/06/2022 -- Cryptocurrency market size is projected to reach USD 2.2 billion by 2026, at a CAGR of 7.1% during the forecast period.
Transparency or distributed ledger technology and growth in venture capital investments are the key factors driving the growth of the market.
Bitmain (China), NVIDIA (US), Xilinx (US), Intel (US), Advanced Micro Devices (US), Ripple Labs (US), Ethereum Foundation (Switzerland), Bitfury Group (Netherlands), Coinbase (US), BitGo (US), Binance Holdings (China) Canaan Creative (China). Bitstamp (Luxemburg), Ifinex (Hong Kong), Ledger SAS (France), Xapo (Hong Kong), and Alcheminer (US).
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Driver: Transparency of distributed ledger technology
Issues related to lack of transparency arise when transactions take place without the knowledge of stakeholders, especially in Asian countries where several instances of fraudulent or unwanted transactions, such as deduction of scheduled charges, are frequently observed.
This may be caused by human error, machine error, or data manipulation during the transaction process, and may result in customers losing huge amounts of money. Moreover, in most cases, financial institutions do not accept their fault. This lack of transparency in the current monetary system leads to dissatisfaction among the public.
Opportunity: Significant growth opportunities in emerging and developed markets
Emerging economies (such as India, China, and Brazil) and developed countries (such as the US, Germany, and Japan) are expected to offer significant growth opportunities for companies operating in the cryptocurrency market.
For instance, in 2020, Brazilian crypto companies have signed a code of self-regulation that aims to legitimize and boost the adoption of crypto assets in the country. The document was signed under the auspices of Abcripto, the country's association of cryptocurrency companies.
The objective of the agreement is to establish operational practices and compliance standards that all members must adhere to. The country's prominent cryptocurrency firms that signed the code include Foxbit, Ripio, Bitcoin Market, and Novadax.