Ibinex, provider of white-label services for cryptocurrency exchanges, revealed that it is publishing a comprehensive crypto report which will provide insight on how far the crypto sphere has already come, and how far it still needs to go to attain the mass adoption that it so desires.
The report, which is yet to be available for public viewing, also highlighted key statistics, developments, and other significant information regarding the status of the international cryptocurrency market. It also discussed pivotal updates in initial coin offerings (ICOs), crypto regulations, and the technology underpinning it—blockchain.
Crypto By Continent
Currently, 9 percent of Europeans own at least one cryptocurrency, while about 25 percent are hoping to own it in the future. The US projects similar statistics: 8 percent of Americans currently own crypto, while 21 percent are expecting to possess it sooner or later.
Asia, both in the Pacific region and in the Middle East, shows a promising future for crypto: Japan currently has 40-60 percent of global crypto trading volumes, while 56.2 percent of Bitcoin is made up of the Japanese yen—somewhat an indirect proof of support for its creator who went by the name Satoshi Nakamoto. The Middle East recently opened itself up to cryptos, as the Islamic scholar Abu Bakar labeled it halal, or permissible in the sharia law, earlier this year.
Inadvertently, cryptocurrency appreciation appears to be higher in Africa and in Latin and South America. This can be attributed to cryptos providing an alternative to traditional banking methods which are either too costly or dated. There are many developing economies found in the aforementioned regions, leading to the disillusionment of many in the current financial system.
The ICO is a “risky” endeavor, as it has become a vehicle for con artists to create scam projects. In fact, over 80 percent of ICOs have been found out to be scams. But to give credit where it’s due, a lot of groundbreaking innovations in the crypto sphere would never have made it to the mainstream without the said funding method. Ethereum’s own ICO took 42 days to raise $18 Million, while EOS amassed a whopping $8 Billion after a year-long ICO.
According to the report, 2017 was considered the year for ICOs, with the US still leading the charge, accounting for 20 percent of the world’s ICOs so far. The rally began in September, peaking at December, with ICOs raising more than $1.5 Billion in that month alone. January saw similar figures, but the succeeding months revealed a consistent decline—August 2018’s records saw about $200 Million in ICO funds raised.
Blockchain technology’s statistics are a sheer contradiction to ICOs, as the report suggests that by 2025, the global revenue from enterprise blockchain applications will rise to $19.9 Billion.
Currently, blockchain jobs have become the second-fastest growing sector in the job market; LinkedIn noticed a surge of blockchain-related job postings on its platform since 2017. Fifty-eight percent of large corporations are either in the process of or are considering the use of blockchain technology to revamp their processes, while 36 percent of financial services executives said that their companies are already undergoing the necessary preparations to make blockchain technology investments in the next three years.
While many countries remain cynical at best, and hostile at worst toward cryptocurrencies, the proliferation of blockchain’s fragrant reputation seems to be unstoppable. Inadvertently, the technology underpinning digital assets will be key once more to cryptos’ adoption, as the technology “has added trust and integrity within businesses and government administrations that rely on transacting data,” the Ibinex report read.
Ibinex intends to make the report available for public perusal through its official website. In the meantime, you may head over here to our cryptocurrency news website for more information on the latest developments in the blockchain sphere.