GVR Report cover Cryptocurrency Exchange Platform Market Size, Share & Trends Report

Cryptocurrency Exchange Platform Market Size, Share & Trends Analysis Report By Cryptocurrency Type, By End Use, By Region, And Segment Forecasts, 2021 To 2028

  • Published Date: ---
  • Base Year for Estimate: ---
  • Report ID: GVR452081
  • Format: Electronic (PDF)
  • Historical Data: ---
  • Number of Pages: 0

The global cryptocurrency exchange platform market is expected to witness significant growth over the forecast period. The market growth can be attributed to the high demand for the platform to facilitate the trading of cryptocurrencies for fiat money. Cryptocurrency exchange platform act as intermediaries between the buyer and seller and earn money through transaction fees and commissions. According to statistics provided by CoinMarketCap, a publishing company, cryptocurrency exchanges have reached 419 globally in October 2021 with a total 24-hour trading volume of USD 112 billion.

Cryptocurrency Exchange Platform Market Segmentation

Segments

Details

Cryptocurrency Type

Bitcoin; Ethereum; Cardano; Solana; Others

End Use

Banks; Fintech Companies; Credit Unions;Others

Region

North America; Europe; Asia Pacific; Latin America; Middle East & Africa

 

Various fintech companies are partnering with cryptocurrency companies to improve their offerings and customer experience. For instance, in July 2021, Visa announced its partnership with 50 crypto companies, including Coinbase and FTX. Through this partnership, Visa allows its clients to spend and convert digital currencies through its card program. Additionally, in August 2021, PNC Bank announced its partnership with Coinbase, a cryptocurrency platform provider. Through this partnership, the bank offers crypto solutions to its clients.

Moreover, the increasing penetration of smartphones across the world is also one of the major factors creating opportunities for market growth. This is because smartphones enable customers to leverage the capabilities of cryptocurrency exchange platforms. Many platform providers are focused on offering their services through mobile phones to efficiently meet the needs of their customers. For instance, in June 2021, Kraken, a cryptocurrency exchange platform provider, announced the launch of its cryptocurrency exchange mobile application in the U.S. This application enables Kraken’s customers to buy and sell crypto tokens through mobile phones.

The market growth is highly influenced by the increasing number of crypto users worldwide. According to statistics provided by Crypto.com, a cryptocurrency exchange platform provider, the number of global crypto users reached 106 million in January 2021. This can be attributed to the rising adoption of DeFi, growing number of crypto service providers, and rapid adoption of cryptocurrencies by financial institutions. For instance, in March 2021, Morgan Stanley started offering its wealth management clients access to bitcoin funds. This helped the company to strengthen its offerings and enhance its customer experience.

Significant funds raised by venture capital firms in Cryptocurrency Exchange Platform companies offer lucrative opportunities for market growth. For instance, in October 2021, CoinSwitch Kuber, a cryptocurrency exchange platform provider, raised more than USD 260 million in funds. The funding was raised by investors such as Andreessen Horowitz and Coinbase Ventures, which the company uses to increase its revenue and strengthen its offerings.

Key players in the market include BlockFi, Coinmama, eToro, Coinbase, Binance, Kraken, Bitstamp, Coincheck, FTX, and AirSwap. These companies focus on strategies such as partnerships and product developments to expand their offerings. For instance, in September 2021, Crypto.com announced its partnership with Fnatic, an esports organization. Through this partnership, the former company aims to expand its portfolio of partners. Additionally, it will add cryptocurrency payment options to Fnatic fans.

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