Fintech PR
Virtual Currency Market to Reach $9 Billion by 2032 at 14.3% CAGR: Allied Market Research
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 |
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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.
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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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DUBAI, UAE, Sept. 6, 2024 /PRNewswire/ — Bybit, the world’s second-largest cryptocurrency exchange by trading volume, set out to make the community’s TOKEN2049 journey more rewarding. Gearing up for the most anticipated blockchain and Web3 event in the region, Bybit is thrilled to announce three bonus events to enable both attendees and remote fans to both be part of the experience.
The winning opportunities are open to both attendees of TOKEN2049 and followers from afar. Through trading and offline events, participants stand to get free tickets, a share of the $80,000 prize pool in airdrops and coupons, and Bybit merchandise.
Event 1: TOKEN2049 Treasure Express
From now to Sep. 26, 2024, Bybit users may register for the event and complete tasks by depositing and trading assets to earn lucky draw tickets. The wheel of fortune will turn to one of the three prizes:
1. A pair of tickets to TOKEN2049;
2. A share of the airdrop prize pool valued at $50,000 featuring the hottest tokens, including DOGS, PEPE, SOL, XRP, TON and USDT; or
3. Up to 50 USDT in spot coupons.
Even more rewards await in referrals and social media giveaways. For details, visit: TOKEN2049 Treasure Express
Event 2: Share and Unlock
From now to Sep. 30, 2024, unleash your social media magic for a chance to win a 10 USDT spot trading coupon. Share a Bybit blog link and your thoughts on Bybit and Web3. Remember to tag @Bybit_Official and use the hashtag #UnlockWeb3Future and submit the form with us here: #UnlockWeb3Future at TOKEN2049 with Bybit
Event 3: Meet us offline at TOKEN2049
Spot our logo at TOKEN2049 and capture a photo at the Bybit booth (M50) to win Bybit merchandise. Remember to share to your social media channels and use the right hashtag. For details, visit: #UnlockWeb3Future at TOKEN2049 with Bybit
An advocate for a sustainable Web3 ecosystem, Bybit will be featured prominently at TOKEN2049 on a series of keynote panels, thought leadership and community events, and booth M50.
#Bybit / #TheCryptoArk
About Bybit
Bybit is the world’s second-largest cryptocurrency exchange by trading volume, serving over 40 million users. Established in 2018, Bybit provides a professional platform where crypto investors and traders can find an ultra-fast matching engine, 24/7 customer service, and multilingual community support. Bybit is a proud partner of Formula One’s reigning Constructors’ and Drivers’ champions: the Oracle Red Bull Racing team.
For more details about Bybit, please visit Bybit Press.
For media inquiries, please contact: [email protected]
For more information, please visit: https://www.bybit.com
For updates, please follow: Bybit’s Communities and Social Media
Discord | Facebook | Instagram | LinkedIn | Reddit | Telegram | TikTok | X | Youtube
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DUBAI, UAE, Sept. 6, 2024 /PRNewswire/ — Bybit, the world’s second-largest cryptocurrency exchange by trading volume, is excited to announce it’s among the first to be granted consent to a full authorization by the Astana Financial Service Authority (AFSA). This milestone brings Bybit closer to becoming a fully regulated Digital Asset Trading Facility (DATF).
As part of a rigorous process, Bybit Kazakhstan has passed a full AML check, business conduct audit, and detailed compliance inspections. This is part of Bybit’s focus on securing new user opportunities in Kazakhstan and the broader Commonwealth of Independent States (CIS) region.
“Kazakhstan has become a key player in the global crypto ecosystem, and we are thrilled to be expanding our services in such a dynamic market,” said Ben Zhou, co-founder and CEO of Bybit. “We are committed to bringing our cutting-edge technology, security, and transparency to crypto traders in Kazakhstan, ensuring they can access the best possible tools and services to thrive in this fast-growing industry.”
Once the full license is in place, Bybit Kazakhstan will offer various digital assets related products and services. The expansion into Kazakhstan aligns with Bybit’s mission to provide reliable and transparent services, catering to the unique needs of crypto traders and investors in the region.
This development follows Bybit’s receipt of its initial operating and custody licenses from AFSA in June 2023, reinforcing its commitment to local regulatory requirements. Bybit’s ongoing efforts to strengthen its presence in Kazakhstan underscore its belief in responsible growth and ensuring a compliant and secure trading environment.
Kazakhstan has quickly emerged as a hub for crypto innovation, and Bybit is proud to play a leading role in fostering this development. For example, Bybit hosted a “Foundations of Blockchain, Web3 and Crypto Exchange Activities” course for Banks of Kazakhstan in 2024. This event was part of Bybit’s drive to make blockchain education more accessible in the CIS region.
By securing this full authorization, Bybit is poised to enhance crypto adoption, provide institutional-grade security, and offer advanced trading features to its growing regional user base.
#Bybit / #TheCryptoArk
About Bybit
Bybit is the world’s second-largest cryptocurrency exchange by trading volume, serving over 40 million users. Established in 2018, Bybit provides a professional platform where crypto investors and traders can find an ultra-fast matching engine, 24/7 customer service, and multilingual community support. Bybit is a proud partner of Formula One’s reigning Constructors’ and Drivers’ champions: the Oracle Red Bull Racing team.
For more details about Bybit, please visit Bybit Press.
For media inquiries, please contact: [email protected]
For more information, please visit: https://www.bybit.com
For updates, please follow: Bybit’s Communities and Social Media
Discord | Facebook | Instagram | LinkedIn | Reddit | Telegram | TikTok | X | Youtube
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Fintech PR
Integrum ESG and CSRHub enable fund managers to monitor both long-term trends and short-term movements in ESG ratings for companies, across a 10-year time series
LONDON, Sept. 6, 2024 /PRNewswire/ — Integrum ESG, the leading alternative ESG data provider, has today announced the launch of their Consensus ESG Ratings module.
Just as investors monitor movements in consensus earnings estimates or credit ratings, investors now are aware of the demand for the ability to monitor long-term trends and short-term movements in consensus ESG ratings.
This new feature enables Integrum ESG’s asset manager clients to now see the consensus ESG score for any company, either as an absolute rating or a relative percentile ranking, across a 10-year time series.
These scores will indicate to any investor what the capital markets have ‘priced in’ for a company’s ESG performance, allowing users to quickly understand the market’s view on a company and easily conduct relative ESG analysis on the positions they hold within their Portfolio.
This regularly updated data is provided by CSRHub, the world’s leading provider of consensus ESG ratings. CSRHub has spent years aggregating and normalising a vast range of licensed sources – from large ESG ratings firms such as MSCI, ISS, S&P Global, and Sustainalytics to specialists such as CDP and Better World Companies.
Shai Hill, Founder and CEO of Integrum ESG, commented: “Many investors have told us they want a sense of ‘what is priced in’ in terms of a company’s ESG performance, so they can compare this to what anyone ESG ratings firm is saying. CSRHub is the only firm to have credibly achieved this, thanks to a model refined over years and a vast data lake – so we are delighted to be partnering with them.”
Bahar Gidwani, Co-Founder of CSRHub, added: “Investors need to fine tune their ESG-related investment strategies to improve their returns and better match the preferences of their clients. Combining CSRHub’s expert outside-in, consensus view of ESG with Integrum ESG’s detailed real-time data stream provides a strong solution for these needs.”
About Integrum ESG
Integrum ESG is the leading alternative ESG data and ratings platform for investors, blending human analysis and award-winning artificial intelligence models to capture, verify and display granular and relevant ESG data for analysis and assessment. Their Platform allows clients to dissect ESG scores, real-time sentiment, and more with a variety of unique-to-market features, empowering industry professionals and investors and giving them complete oversight of ESG risk across their portfolio.
For more information, visit www.integrumesg.com
About CSRHub
CSRHub offers the most comprehensive global set of Consensus ESG (Environmental, Social, and Governance) ratings, information, and tools. CSRHub’s business intelligence system measures the ESG business impact that drives corporate and investor sustainability decisions. Founded in 2007, CSRHub covers 56,545 public and private companies, and provides ESG performance scores on over 37,899 companies from 135 industries in 210 countries. Our Big Data platform uses algorithms to aggregate, normalize and weight ESG metrics from 957 sources to produce a strong consensus signal on corporate sustainability performance.
For more information, visit www.csrhub.com
Media Contact
Harish Karunalingam
Integrum ESG
[email protected]
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