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Virtual Currency Market to Reach $9 Billion by 2032 at 14.3% CAGR: Allied Market Research

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The virtual currency market has rapidly expanded as a result of increase in global wealth, growth in retirement savings, a shift toward professional management, and the need for investment diversification in a complex financial landscape.

NEW CASTLE, Del., Feb. 6, 2024 /PRNewswire/ — Allied Market Research published a report, titled, “Virtual Currency Market by Type (Centralized Virtual Currency, and Decentralized Virtual Currency), Usage (Trading, E-commerce, and Retail, Remittance, Payment, and Others): Global Opportunity Analysis and Industry Forecast, 2023–2032. According to the report, the global virtual currency industry generated $2.4 billion in 2022 and is anticipated to generate $9 billion by 2032, witnessing a CAGR of 14.3% from 2023 to 2032.

Prime Determinants of Growth

Widespread adoption and acceptance of virtual currencies by businesses, consumers, and financial institutions play a crucial role in market growth. Increased acceptance fosters a positive ecosystem for virtual currencies. Furthermore, clear and supportive regulatory frameworks contribute to market growth by providing legal certainty and reducing uncertainties for investors and users. Regulatory clarity attracts institutional investors and mainstream users. Moreover, innovations in blockchain technology and the underlying infrastructure of virtual currencies are expected to drive market growth. Improvements in scalability, security, and speed of transactions enhance the appeal of virtual currencies. In addition, the development of robust and user-friendly infrastructure, including cryptocurrency exchanges, wallets, and payment systems, is essential for market growth. A well-established infrastructure encourages more participants to enter the market. Moreover, ensuring the security of virtual currency transactions and building trust among users is critical. High-profile security breaches and fraud can hinder growth, while robust security measures can instill confidence in the market. 

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Report Coverage & Details:

Report Coverage

Details

Forecast Period

2023–2032

Base Year

2022

Market Size in 2022

$2.4 Billion

Market Size in 2032

$9 Billion

CAGR

14.3 %

No. of Pages in Report

316

Segments Covered

Type, usage and region.

Drivers

Rise in digitalization and tech adoption

Surge in interest from institutional investors

Blockchain technology advancements

Opportunities

Integration of Central Bank Digital Currencies (CBDCs)

Restraints

Regulatory uncertainty and compliance challenges

Security concerns and cybersecurity risks

 

Buy this Complete Report (316 Pages PDF with Insights, Charts, Tables, and Figures) at:

https://www.alliedmarketresearch.com/virtual-Currency-market/purchase-options

The decentralized virtual currency segment to maintain its leadership status throughout the forecast period

On the basis of type, the decentralized virtual currency segment held the highest market share in 2022, accounting for around two-thirds of the global virtual currency market revenue. This is attributed to the fact that most decentralized virtual currencies operate on blockchain technology, which is a distributed and transparent ledger that records all transactions. Blockchain technology enhances security, transparency, and trust in the system, making it attractive for users and investors. However, the centralized virtual currency segment is projected to manifest the fastest CAGR of 17.2% from 2023 to 2032, This is attributed to the fact that the increased involvement of major corporations and financial institutions in the centralized virtual currency space could boost market share. Developments such as the issuance of central bank digital currencies (CBDCs) or partnerships between traditional financial institutions and blockchain projects could contribute to this trend.

The trading segment to maintain its leadership status throughout the forecast period

On the basis of usage, the trading segment held the highest market share in 2022, accounting for more than one-third of the global virtual currency market revenue. This is attributed to the virtual currency market offers a variety of trading instruments, including spot trading, futures contracts, options, and other derivatives. This diversity allows traders to implement various strategies on the basis of their risk tolerance and market outlook. However, the remittance segment is projected to manifest the fastest CAGR of 18.3% from 2023 to 2032, This is attributed to the fact that virtual currencies can offer cost-efficient solutions for cross-border remittances. Traditional remittance methods often involve high fees and exchange rate costs. Cryptocurrencies provide a more affordable alternative, especially for international money transfers.

Asia-Pacific to maintain its dominance by 2032

On the basis of region, Asia-Pacific held the highest market share in terms of revenue in 2022, accounting for more than one-third of the global virtual currency market revenue. This is attributed to the thriving fintech ecosystem of this region, with many startups and established financial institutions exploring blockchain and virtual currency solutions. This ecosystem supports the development and integration of virtual currencies.

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Leading Market Players: –

  • Binance
  • Bitstamp
  • Block.one.
  • Coinbase
  • Cointelegraph
  • Gemini Space Station
  • HTX Global
  • iFinex Inc.
  • Payward, Inc.
  • Robinhood

The report provides a detailed analysis of these key players in the global cross-border payments market. These players have adopted different strategies such as expansion and product launch to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.

AVENUE- A Subscription-Based Library (Premium on-demand, subscription-based pricing model):

AMR introduces its online premium subscription-based library Avenue, designed specifically to offer cost-effective, one-stop solution for enterprises, investors, and universities. With Avenue, subscribers can avail an entire repository of reports on more than 2,000 niche industries and more than 12,000 company profiles. Moreover, users can get an online access to quantitative and qualitative data in PDF and Excel formats along with analyst support, customization, and updated versions of reports.

Get an access to the library of reports at any time from any device and anywhere. For more details, follow the link: https://www.alliedmarketresearch.com/library-access

About Us:

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports Insights” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

We are in professional corporate relations with various companies, and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

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David Correa
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Wilmington, New Castle,
Delaware 19801 USA.
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Fax: +1-800-792-5285
[email protected] 

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Sinotruk leaping forward to become world-class technology enterprise

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JINAN, China, March 2, 2024 /PRNewswire/ — On March 2, SinoTruk’s Science and Technology Innovation Award Annual Conference 2024 was grandly held, to recognize and rewarding major scientific and technological achievements and outstanding innovative talents since 2022, planning and deploying scientific and technological innovation work ahead. Tan Xuguang, Chairman and General Manager of Shandong Heavy Industry Group, Chairman of China National Heavy Duty Truck Group, attended the conference and delivered a report on scientific and technological innovative work – “Steadily stride forward, embracing change in science and technology”.

 

Over the past five years, Sinotruk has invested nearly RMB 15 billion in R&D, which is the sum of the previous 15 years. It has benchmarked against world-class standards and gradually established a full-process independent research and development system. Sinotruk technological strength has reached the forefront of the national industry. Sinotruk has reshaped the “Yellow River” heavy-duty trucks standard with technology, ranking first in China, and its high-tech indicators are leading the industry. The market share of heavy-duty trucks has increased from 16.5% in 2018 to 26% in 2023, ranking first in China for two consecutive years. In 2023, the export volume exceeded 130,000 vehicles for the very first time, a 2.6-fold increase compared to 5 years ago, making it the largest single-brand global export volume in the world.

Tan Xuguang called on all engineers to keep in mind their mission, be down-to-earth, persistent in innovation, and make long-term achievements through dedicated ten years of hard work. Learn from the global cooperation, grow and become talents through project training, and achieve through continuous value creation. Achieve your meaning in life, strive with vitality and passion while you are young. Let’s set off again for a better future for the century heavy truck industry and the world’s best heavy truck industry!

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Flash News: OKX Introduces Exclusive ‘Babylon Pioneer Pass Event’ in Collaboration with Babylon, Offering Free Pioneer Pass NFT Minting for the First 100,000 Users Who Stake on Babylon Testnet

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SINGAPORE, March 2, 2024 /PRNewswire/ — OKX, a leading Web3 technology company, has issued updates for March 2, 2024.

OKX Introduces Exclusive ‘Babylon Pioneer Pass Event’ in Collaboration with Babylon, Offering Free Pioneer Pass NFT Minting for the First 100,000 Users Who Stake on Babylon Testnet

OKX today announced the launch of its ‘Babylon Pioneer Pass Event,’ giving users who access the Babylon Testnet and stake any amount of Signet Bitcoin (sBTC) the opportunity to claim Babylon’s Bitcoin Pioneer Pass NFT. To qualify for a spot, users must access the Babylon Testnet and stake any amount of Signet Bitcoin (sBTC).

The event kicks off on February 28 and continues until March 6. Following the event, starting from March 7, participants who have been whitelisted will have the ability to mint their Bitcoin Pioneer Pass NFT using the OKX Wallet and their whitelisted address.

The process of participating in this event is straightforward and involves the following steps:

  1. Firstly, users will need to prepare by setting up their OKX and Keplr Wallets. These wallets will be crucial for interacting with the Babylon Testnet and the subsequent claiming of sBTC and BBN.
  2. Following the wallet setup, users can then claim the sBTC and BBN on Babylon’s Official Discord. These tokens will be needed for staking in the Babylon Testnet.
  3. Finally, users will need to access Babylon’s official website, where users can actively engage, stake their tokens and claim their whitelist spots.

Participation in the event offers a multitude of benefits. Users can engage actively with the Babylon Testnet, which in turn enhances their understanding of the Babylon protocol and its functionalities. Furthermore, participants contribute to the development and evolution of the Babylon protocol by being active users.

The ‘Babylon Pioneer Pass Event‘ is a result of OKX’s partnership with Babylon, a trustless Bitcoin staking protocol. The Bitcoin Pioneer Pass, Babylon’s first commemorative Non-Fungible Token (NFT), is a highlight of this event, representing a significant milestone for both OKX and Babylon.

For more information, please visit the OKX Support Center.

About OKX

A leading global technology company driving the future of Web3, OKX provides a comprehensive suite of products to meet the needs of beginners and experts alike, including:

  • OKX Wallet: The world’s most powerful, secure and versatile crypto wallet which gives users access to over 80 blockchains while allowing them to take custody of their own funds. The wallet includes MPC technology which allows users to easily recover access to their wallet independently, removing the need for traditional, ‘written down’ seed phrases. In addition, OKX Wallet’s account abstraction-powered Smart Account enables users to pay for transactions on multiple blockchains using USDC or USDT, and interact with multiple contracts via a single transaction.
  • DEX: A multi-chain, cross-chain decentralized exchange aggregator of 300+ other DEXs and approximately 15 bridges, with 200,000+ coins and more than 20 blockchains supported.
  • NFT Marketplace: A multi-chain, zero-fee NFT marketplace that gives users access to NFT listings across seven top-tier marketplaces including OpenSea, MagicEden, LooksRare and Blur.
  • Web3 DeFi: A powerful DeFi platform that supports earning and staking on about 70 protocols across more than 10 chains.

OKX partners with a number of the world’s top brands and athletes, including English Premier League champions Manchester City F.C., McLaren Formula 1, The Tribeca Festival, Olympian Scotty James, and F1 driver Daniel Ricciardo.

As a leader building innovative technology products, OKX believes in challenging the status quo. The company recently launched a global brand campaign entitled, The System Needs a Rewrite, which advocates for a new paradigm led by Web3 self-managed technology.

To learn more about OKX, download our app or visit: okx.com

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UnionPay International and The Tourism Organisation of Serbia Sign MOU to Enhance Tourist Payments and Promote Serbia as a Premier Destination

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BELGRADE, Serbia, March 1, 2024 /PRNewswire/ — UnionPay International, the leading global card scheme, has entering into a Memorandum of Understanding (MOU) with The Tourism Organisation of Serbia (TOS). This strategic partnership aims to enhancing the payment experience for tourists and to further facilitate tourism growth in Serbia.

The MOU signing ceremony took place at Belgrade on 27th February 2024, marking the beginning of a collaborative effort between UnionPay International and TOS. The agreement outlines various areas of cooperation:

Jointly promoting Serbia as Travel Destination: Through optimised marketing resources, both parties aim to promote Serbia as tourist destination among UnionPay cardholders, with its rich cultural heritage and unique experiences, provide comprehensive tourism information and payment guides for the tourists visiting Serbia. UnionPay International aims to provide more diversified and convenient payment choices, and ensuring seamless payment experiences for travellers visiting the country.

Privileges and Benefits: The partnership will explore opportunities for preferential activities that bring additional benefits to UnionPay cardholders visiting Serbia. This approach aims to boost the attractiveness of the local tourism market and create a win-win situation for both parties.

Ms Bomee Sheng, Product Director of UnionPay International, expressed her enthusiasm about the collaboration, stating, “We are delighted to partner with The Tourism Organisation of Serbia to promote tourism and facilitate payment experiences in Serbia. Through this partnership, we aim to provide UnionPay cardholders with enhanced convenience and benefits, ultimately contributing to the growth of Serbia’s tourism industry.”

Ms Marija Labović, CEO of National Tourism Organisation of Serbia, commented, “This partnership with UnionPay International comes at an important time as we strive to become the most popular all year destination in the region.” She outlines Belgrade’s popularity and the diversity of attractions from city breaks to natural retreats and she is looking forward to the Expo 2027 in the capital, “By leveraging UnionPay’s global network and advanced payment solutions, we are confident that we can attract more visitors to Serbia and provide them with memorable experiences.”

In recent years, Serbia has emerged as one of the most attractive destinations for Chinese visitors. It is hailed as the “heart of the Balkans” and offers a unique blend of captivating landscapes and rich cultural heritage. Its visa-free entry policy, coupled with the exceptional acceptance coverage of UnionPay cards, has played a significant role in attracting Chinese tourists. With over 90% of local merchants and ATMs supporting UnionPay payments and withdrawals, travellers can enjoy seamless payment experiences across various sectors, including retail, dining, hotels, gas stations, toll stations, and tourist attractions.

About The Tourism Organisation of Serbia (TOS)

The Tourism Organisation of Serbia (TOS) was formed under the Law on Tourism of 1994 as the institution in charge of promoting Serbian tourism in domestic and foreign markets, as well as performing other duties relevant for the development of communication and advertising activities in Serbian tourism. The activities of TOS are focused on positioning Serbia’s tourism products in domestic and foreign markets and exploring Serbia’s comparative advantages in terms of tourism, including its geostrategic position and its historical, cultural and natural identity.

About UnionPay International

UnionPay International focuses on the international business of UnionPay, a global payment network that serves the world’s largest cardholder base. Collaborating with over 2,600 partners globally, UnionPay acceptance now reached to 183 countries and regions. Outside the Chinese Mainland, UnionPay is accepted at nearly 67 million merchants and 1.7 million ATMs.

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