Press Release Description

Rise in FinTech Funding to Boost the Cryptocurrency Industry

A recent research report published by MarkNtel Advisors states that the Global Cryptocurrency Market is set to register over 50% CAGR during 2022-27. The major factors attributing to the market growth include a rapid surge in venture capital funding and massive global investments in fintech companies, coupled with the rapidly increasing market values & transaction volumes of cryptocurrencies.

Besides, the ascending demand for virtual currencies like Bitcoin, Ethereum & Litecoin, coupled with the integration of Blockchain Technology into these digital currencies to ensure decentralized, transparent, and fast & more secure transactions, are other prominent aspects driving the Global Cryptocurrency Market.

Non-Banking Financial Corporations (NBFCs) involved in crypto transactions eliminate the chances of identity theft and ensure superior security, which minimizes the chances of fraudulent & undesirable transactions formed due to data manipulation or manual errors.

Furthermore, several countries are legalizing cryptocurrencies for purchasing, selling, or trading to minimize the increasing cyberattacks on governmental and non-governmental institutions and provide highly efficient financial services. In addition, numerous private companies are collaborating & investing significantly in the industry to boost their overall data security also projects remunerative prospects for the global market through 2027, further states the research report “Global Cryptocurrency Market Analysis, 2022.”

Ease & Convenience of Application-Specific Integrated Circuits (ASICs) Drives the Cryptocurrency Industry

The Application-Specific Integrated Circuit (ASIC) is projected to dominate the Global Cryptocurrency Market during 2022-27. It owes primarily to its more energy efficiency than Graphics Processing Units (GPUs) & Central Processing Units (CPUs), high hash rates, and significantly reduced chip size, which boosts the earning prospects of investors. Moreover, ASIC miners that are designed specifically for mining cryptocurrencies are now also available for Dash & Litecoin and offer much greater mining efficiency than GPUs, owing to their easy setup. Hence, these aspects are likely to lead ASIC components to dominate the Global Cryptocurrency Market through 2027.

With Growing Participation of Several Countries in the Crypto Ecosystem, Europe leads the Market

At present, Europe is the leading Cryptocurrency Market globally. The increasing demand for safe & quick financial transactions, coupled with the transparency & immutability of the distributed ledger technology, are the prime aspects driving the regional market. Moreover, substantial funding by decentralized finance platforms, the wide acceptance of these virtual currencies in countries like Germany, and the broad availability of mining pools are other factors driving the Europe Cryptocurrency Market.

Several European countries are entering the cryptocurrency industry, where the UK, followed by France, Germany, & the Netherlands, is the leading regional market. These countries are increasingly focusing on parameters like transparency, supervision, & authorization to keep users better informed about all risks & charges involved while dealing with crypto transactions. Hence, these initiatives would be playing a prominent role in driving the Europe Cryptocurrency Market in the years ahead.

Competitive Landscape

The major companies in the Global Cryptocurrency Market include Advanced Micro Devices Inc., Bitfury Group Limited, Bitmain Technologies Ltd., Coinbase, CryptoMove Inc., Intel Corporation, Ledger SAS, Nvidia Corporation, Quantstamp Inc., Ripple Labs Inc., & Xilinx Inc.

Key Questions Answered in the Market Research Report:

  1. What are the current & future trends in the Global Cryptocurrency Market?
  2. How has the industry been evolving in terms of geography & product adoption?
  3. How has the competition been shaping across various regions, followed by their comparative factorial indexing?
  4. What are the key growth drivers & challenges for the Global Cryptocurrency Market?
  5. What are the customer orientation, purchase behavior, & expectations from the leading players in the Global Cryptocurrency Market?

Market Segmentation:

  1. By Component (Hardware (FPGA, ASIC, GPU, CPU), Software (Mining Platform, Exchange, Wallet, Blockchain))
  2. By Application (Trading, E-Commerce & Retail, Peer-to-Peer (P2P) Payments, Remittance)
  3. By Type (Bitcoin, Ether, Litecoin, Ripple, Dogecoin, Others (Monero, Dash, etc.))
  4. By Region (North America, South America, Europe, Middle East & Africa, Asia Pacific)
  5. By Countries (The US, Canada, Brazil, Germany, France, Italy, UK, Russia, Saudi Arabia, Israel, Turkey, China, India, Japan, South Korea, Australia)