Pune, India, May 05, 2022 (GLOBE NEWSWIRE) — The global cryptocurrency market size is likely to reach USD 1902.5 million by 2028, exhibiting a CAGR of 11.1% during the forecast period. In its report titled “Cryptocurrency Market Size, Share and Growth”, Fortune Business Insight mentions that the market stood at USD 826.6 million in 2020.
Cryptocurrency is a system of virtual currency exchange that is aimed to eliminate financial intermediaries. It offers low ownership costs, quicker and safer transactions internationally through a decentralized record storing platform called ‘distributed ledger’. The digital currency exchange methods are evolving swiftly. The market is gaining extreme traction due to several factors. For instance, the amalgamation of blockchain technology in digital currency ensures efficient and decentralized transactions. Moreover, major firms are investing in blockchain systems and collaborating with other firms to provide quality services to their users. For instance, Qtum Chain Foundation (Singapore) collaborated with Amazon Web Services (AWS) China to deploy blockchain systems for the AWS cloud.
Competitive Landscape
Key Players to Focus on Introduction of New Services to Strengthen the Cryptocurrency Market Growth
The market is consolidated by major companies striving to maintain their position by focusing on new launches, collaborations & partnerships and acquisitions. Such strategies taken up by key players are expected to strengthen its market prospects. Below is the industry development:
March 2021 – Visa Inc. aims to introduce crypto as a direct payment. With this key initiative, the company aims to accept cryptocurrencies as a payment method for the finance industry.
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Report Scope & Segmentation
Report Coverage
Details
Forecast Period
2021 to 2028
Forecast Period 2021 to 2028 CAGR
11.1%
2028 Value Projection
USD 1902.5 Million
Base Year
2020
Cryptocurrency Market Size in 2020
USD 826.6 Million
Historical Data for
2017 to 2019