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Cryptocurrency Exchange Platform Market Worth $110.12 Billion by 2028, More than $65 Billion Opportunities in the Next 6 Years – Arizton
According to Arizton’s latest research report, the cryptocurrency exchange platform market will grow at a CAGR of 16.08% during 2022-2028.
The report considers the present scenario of the global cryptocurrency exchange platform market and its market dynamics for 2023−2028. It covers a detailed overview of several market growth enablers, restraints, and trends. The study covers both the demand and supply sides of the market. It also profiles and analyzes leading companies and several other prominent companies operating in the market.
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A cryptocurrency exchange platform is an online cryptocurrency exchange market where users buy, trade, and sell cryptocurrencies such as Bitcoin, Ethereum or Tether. Cryptocurrency exchanges enable the trade of cryptocurrencies for other crypto assets, such as fiat money, digital currency, and non-fungible tokens (NFTs). Cryptocurrency exchange technology offers fast, decentralized, secure, transparent, and reliable transactions. Hence, top companies invest in cryptocurrency exchange apps and mergers to deliver quality services to end-users. For example, in July 2022, KuCoin, one of the noticeable cryptocurrency exchange platforms, announced its collaboration with a trading bot, Coinrule Ltd., for cryptocurrency exchange platforms to provide computerized trading to its end-users. The popularity of virtual currencies as a medium of exchange for services and products drives central banks to support and drive the use of digital currencies globally.
Key Players' Strategies & Innovation
Prominent players establish innovative products, such as exchange-traded funds (ETFs). SEC-registered investment corporations offer investors a way to pool their currency in a fund that invests in bonds, stocks, or other assets. In return, investors get an interest in the fund. ETFs are expected to support the growth of the industry.
In August 2022, an ETF, an NFT trading zone, was established by KuCoin, an international cryptocurrency exchange platform for more than 20 million users. The product pursues to lower the investment threshold for blue-chip NFTs and increase the reserves of NFT assets. Prolonged crises with increased cost of living and inflation adversely affected Iran, Venezuela, and El Salvador. Consequently, residents of these countries move toward cryptocurrencies as a method of exchange for basic utilities. In various regions, it is anticipated to act as an alternative for fiat currencies, such as the Bolivar, the Rial, and other government-issued fiats. As a result, the demand for digital currencies from these countries is anticipated to create a positive outlook for cryptocurrency exchange platforms.
Rising Demand for Cryptocurrency Exchange Platforms in Crypto Game Sectors
In 2023, more players worldwide are becoming fully occupied with online gaming platforms, and naturally, digital currency or cryptocurrency will play a larger role in the gaming industry. Further games already integrate cryptocurrency directly into their gaming economies. Additional PlayToEarn (P2E) games reward players by paying them in digital tokens or cryptocurrency based on how much they achieve in the games. By earning cryptocurrencies, gamers can gain from their skill or enthusiasm for gaming. In many cases, in-gaming platforms, digital tokens can be replaced or exchanged for stablecoins on either decentralized or centralized cryptocurrency exchanges. These digital assets can be directly converted to fiat currency or traded or sold online. This process increases the demand for cryptocurrency in the gaming industry and boosts the cryptocurrency exchange platform market.
The digital bank transaction approach, crypto payment in e-commerce purchasing, and retail sectors mainly support the growth of North America's cryptocurrency exchange platform market. In 2022, the US and Canada registered strong growth. Strong economic growth, the establishment of new businesses, moreover company expansions, and increased business activities have mainly driven the demand for the cryptocurrency exchange platform in the region.
In 2022, North America accounted for a 29.58% share of the global cryptocurrency exchange platform market. It is expected to witness an absolute growth of 153.94% during the forecast period. The high adoption of iOS and Android devices across the countries and better connectivity infrastructure contribute to the region's high global digital currency market share.
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Market Trends & Drivers
- Fintech Apps Seeing Rapid Growth Amid the COVID-19 Pandemic
- The Adoption of Digital Currencies is Expected to Profound Impact on the Market
- Gaming Driving Mass Adoption of Cryptocurrency
Key Company Profile
- Cash App
- BlockFi International LTD.
- Platform Type: Decentralized Exchange Platform, Centralized Exchange Platform, and Other Exchange Platforms
- Cryptocurrency Type: Bitcoin, Ethereum, and Others
- End-User: Commercial and Personal
- Geography: North America, Europe, APAC, Latin America, and Middle East & Africa
Key Questions Answered in the Report
- How big is the cryptocurrency exchange platform market?
- What is the growth rate of the global cryptocurrency exchange platform market?
- What are the growing trends in the cryptocurrency exchange platform market?
- Which region holds the most significant global cryptocurrency exchange platform market share?
- Who are the key players in the global cryptocurrency exchange platform market?
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Check the detailed table of contents of the report @ https://www.arizton.com/market-reports/cryptocurrency-exchange-platform-market?details=tableOfContents
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