Fintech
Blockchain Messaging Apps Market to be Worth $536.5 Million by 2030: Grand View Research, Inc.
The global blockchain messaging apps market size is expected to reach USD 536.5 million by 2030, growing at a CAGR of 43.6% from 2022 to 2030, according to a new study conducted by Grand View Research, Inc. The rising demand for data privacy and increasing advancements in Web 3.0 across the globe is anticipated to drive market growth. For instance, according to the Electric Capital Developer Report 2021, more than 18,416 monthly active Web3 developers are working on open-source crypto and Web 3.0 projects.
Key Industry Insights & Findings from the report:
- The android segment dominated the market in 2021. Android is a cost-effective and high-functionality operating system preferred by individuals, contributing to the segment’s growth.
- The message segment dominated the market in 2021. The rising demand for secured and decentralized blockchain-based messaging apps from businesses and individuals is expected to drive the growth of the segment during the forecast period.
- The individual segment is expected to emerge as the fastest-growing segment during the forecast period. The growth of the segment is attributed to the growing popularity of cryptocurrency and features such as requesting money and transferring cryptocurrency through chat to other contacts.
- The Asia Pacific regional market is expected to register rapid growth during the forecast period. The increasing digitalization and adoption of new technologies across the region are expected to increase the adoption of blockchain messaging apps.
Read 150-page market research report, “Blockchain Messaging Apps Market Size, Share & Trends Analysis Report By Operating System (Android, iOS), By Application (Message, Payment), By End-user, By Region, And Segment Forecasts, 2022 – 2030“, published by Grand View Research.
Blockchain Messaging Apps Market Growth & Trends
The rapid rise in access to the internet and frequent development in internet speed with the deployment of the 5G and 6G technologies are further expected to fuel the market’s growth. For instance, according to DataReportal 2022, around 5.07 billion people worldwide have access to and use the internet, equivalent to almost 63.5% of the total world’s population. Furthermore, the inadequate security offered by traditional messaging platforms is expected to create demand for blockchain messaging apps owing to their high-security feature.
Furthermore, the increasing advancements in decentralized messaging applications, such as the addition of features, including crypto wallet and payments, among others is expected to drive the market’s growth. For instance, in April 2022, a blockchain-based decentralized computer network technology designed by Telegram known as Open Network (TON) announced the addition of a bot. With this addition of bot, Telegram enabled its users to send cryptocurrency to other users through chat.
The global COVID-19 outbreak has been favorable to market growth. The growing use of social media and the internet during the COVID-19 pandemic created immense opportunities for the market to grow in future years. Moreover, the increasing awareness among users about the exploitation of privacy has resulted in a growing demand for alternative messaging platforms, such as blockchain chatting apps.
Blockchain Messaging Apps Market Segmentation
For this study, Grand View Research has segmented the global blockchain messaging apps market based on operating system, application, end-user, and region
Blockchain Messaging Apps Market – Operating System Outlook (Revenue, USD Million, 2019 – 2030)
- iOS
- Android
- Others
Blockchain Messaging Apps Market – Application Outlook (Revenue, USD Million, 2019 – 2030)
- Payment
- Message
Blockchain Messaging Apps Market – End-user Outlook (Revenue, USD Million, 2019 – 2030)
- Individual
- Business
Blockchain Messaging Apps Market – Regional Outlook (Revenue, USD Million, 2019 – 2030)
- North America
- U.S.
- Canada
- Europe
- U.K.
- Germany
- France
- Netherlands
- Asia Pacific
- Japan
- South Korea
- Australia
- Latin America
- Brazil
- Middle East & Africa
List of Key Players of the Blockchain Messaging Apps Market
- CYBER DUST
- Status
- Crypviser
- Sappchat.com
- Signal
- Solana Foundation
- Crypto-Chat
- Telegram
- Beepo LLC
- CryptoDATA
Check out more related studies published by Grand View Research:
- Blockchain in Retail Banking Market – The global blockchain in retail banking market size is expected to reach USD 140.26 billion by 2030, advancing at a CAGR of 83.9% from 2022 to 2030, according to a new study conducted by Grand View Research, Inc. The rise in the fintech industry, the IT industry revolution, the rise in competition, and evolving customer expectations are some of the reasons that are driving the market growth. Retail banks are focusing on adopting digital transformation and advanced technologies to streamline their business process and customer offerings, which bodes well for the adoption of blockchain in retail banking.
- Web 3.0 Blockchain Market – The global Web 3.0 blockchain market size is expected to reach USD 33.53 billion by 2030, growing at a CAGR of 47.1% from 2023 to 2030, according to a new report by Grand View Research, Inc. The ability of web 3.0 to authorize the users to use the decentralized blockchain technology for accessing the decentralized applications is the major factor driving the market growth. Web 3.0 provides perception based on the users’ search content and allows them to control their data on websites.
- Blockchain Technology Market – The global blockchain technology market size is expected to reach USD 1,431.54 billion by 2030, growing at a CAGR of 87.7% from 2023 to 2030, according to a new report by Grand View Research, Inc. The market growth can be attributed to the increasing digitalization across the BFSI sector. Furthermore, the growing use of contactless blockchain digital ticketing at various events is expected to drive the market. The growing use of cryptocurrency worldwide is also anticipated to drive market growth. This is because cryptocurrencies, such as Ethereum and bitcoin, operate on blockchain technology. The demand for cryptocurrency is increasing due to benefits, such as easy transactions, inflation hedge, and enhanced security.
Fintech
Central banks and the FinTech sector unite to change global payments space
The BIS, along with seven leading central banks and a cohort of private financial firms, has embarked on an ambitious venture known as Project Agorá.
Named after the Greek word for “marketplace,” this initiative stands at the forefront of exploring the potential of tokenisation to significantly enhance the operational efficiency of the monetary system worldwide.
Central to this pioneering project are the Bank of France (on behalf of the Eurosystem), the Bank of Japan, the Bank of Korea, the Bank of Mexico, the Swiss National Bank, the Bank of England, and the Federal Reserve Bank of New York. These institutions have joined forces under the banner of Project Agorá, in partnership with an extensive assembly of private financial entities convened by the Institute of International Finance (IIF).
At the heart of Project Agorá is the pursuit of integrating tokenised commercial bank deposits with tokenised wholesale central bank money within a unified, public-private programmable financial platform. By harnessing the advanced capabilities of smart contracts and programmability, the project aspires to unlock new transactional possibilities that were previously infeasible or impractical, thereby fostering novel opportunities that could benefit businesses and consumers alike.
The collaborative effort seeks to address and surmount a variety of structural inefficiencies that currently plague cross-border payments. These challenges include disparate legal, regulatory, and technical standards; varying operating hours and time zones; and the heightened complexity associated with conducting financial integrity checks (such as anti-money laundering and customer verification procedures), which are often redundantly executed across multiple stages of a single transaction due to the involvement of several intermediaries.
As a beacon of experimental and exploratory projects, the BIS Innovation Hub is committed to delivering public goods to the global central banking community through initiatives like Project Agorá. In line with this mission, the BIS will soon issue a call for expressions of interest from private financial institutions eager to contribute to this ground-breaking project. The IIF will facilitate the involvement of private sector participants, extending an invitation to regulated financial institutions representing each of the seven aforementioned currencies to partake in this transformative endeavour.
Source: fintech.globa
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Fintech
TD Bank inks multi-year strategic partnership with Google Cloud
TD Bank has inked a multi-year deal with Google Cloud as it looks to streamline the development and deployment of new products and services.
The deal will see the Canadian banking group integrate the vendor’s cloud services into a wider portion of its technology solutions portfolio, a move which TD expects will enable it “to respond quickly to changing customer expectations by rolling out new features, updates, or entirely new financial products at an accelerated pace”.
This marks an expansion of the already established relationship between TD Bank and Google Cloud after the group previously adopted the vendor’s Google Kubernetes Engine (GKE) for TD Securities Automated Trading (TDSAT), the Chicago-based subsidiary of its investment banking unit, TD Securities.
TDSAT uses GKE for process automation and quantitative modelling across fixed income markets, resulting in the development of a “data-driven research platform” capable of processing large research workloads in trading.
Dan Bosman, SVP and CIO of TD Securities, claims the infrastructure has so far supported TDSAT with “compute-intensive quantitative analysis” while expanding the subsidiary’s “trading volumes and portfolio size”.
TD’s new partnership with Google Cloud will see the group attempt to replicate the same level of success across its entire portfolio.
Source: fintechfutures.com
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Fintech
MAS launches transformative platform to combat money laundering
The MAS has unveiled Cosmic, an acronym for Collaborative Sharing of Money Laundering/Terrorism Financing Information and Cases, a new money laundering platform.
According to Business Times, launched on April 1, Cosmic stands out as the first centralised digital platform dedicated to combating money laundering, terrorism financing, and proliferation financing on a worldwide scale. This move follows the enactment of the Financial Services and Markets (Amendment) Act 2023, which, along with its subsidiary legislation, commenced on the same day to provide a solid legal foundation and safeguards for information sharing among financial institutions (FIs).
Cosmic enables participating FIs to exchange customer information when certain “red flags” indicate potential suspicious activities. The platform’s introduction is a testament to MAS’s commitment to ensuring the integrity of the financial sector, mandating participants to establish stringent policies and operational safeguards to maintain the confidentiality of the shared information. This strategic approach allows for the efficient exchange of intelligence on potential criminal activities while protecting legitimate customers.
Significantly, Cosmic was co-developed by MAS and six leading commercial banks in Singapore—OCBC, UOB, DBS, Citibank, HSBC, and Standard Chartered—which will serve as participant FIs during its initial phase. The initiative emphasizes voluntary information sharing focused on addressing key financial crime risks within the commercial banking sector, such as the misuse of legal persons, trade finance, and proliferation financing.
Loo Siew Yee, assistant managing director for policy, payments, and financial crime at MAS, highlighted that Cosmic enhances the existing collaboration between the industry and law enforcement authorities, fortifying Singapore’s reputation as a well-regulated and trusted financial hub. Similarly, Pua Xiao Wei of Citi Singapore and Loretta Yuen of OCBC have expressed their institutions’ support for Cosmic, noting its potential to ramp up anti-money laundering efforts and its significance as a development in the banking sector’s ability to combat financial crimes efficiently. DBS’ Lam Chee Kin also praised Cosmic as a “game changer,” emphasizing the careful balance between combating financial crime and ensuring legitimate customers’ access to financial services.
Source: fintech.global
The post MAS launches transformative platform to combat money laundering appeared first on HIPTHER Alerts.
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