Blockchain in Payments - Thematic Research

Blockchain in Payments - Thematic Research

Summary

The crypto market has experienced rapid growth in recent years, pushing Bitcoin to a new high and passing the $65,000 mark. Despite still being the dominant cryptocurrency, its market share dropped from 67.5% to 44.6% from January 2020 to October 2021. This is due to the emergence of new blockchain networks such as Ethereum, which offer more flexibility than Bitcoin and are more suited to developing smart contracts and decentralized applications. Meanwhile, emerging economies are seeing growing adoption of cryptocurrencies among their population. This trend is motivated by the need to access cheaper fund transfer platforms than traditional remittance platforms; in some cases, cryptocurrencies are considered an effective way of protecting against inflation. Central banks are taking advantage of blockchain technology to develop their own digital currencies. The rumored launch of the Digital Yuan in 2022 is highly anticipated, as it means China will become the first major economy to launch a digital currency.

This report analyzes the blockchain payments sector. It identifies the key trends in this space, explores the way blockchain is disrupting payments, and discusses the impact cryptocurrencies could have on the global payments industry.

ScopeThe cryptocurrency sector is rapidly growing, with its market size estimated at $2.5 trillion.The interest among financial institutions in cryptocurrencies is driving market growth in 2021.El Salvador became the first country to officially adopt Bitcoin as legal tender.Reasons to BuyUnderstand the impact of blockchain on the payments sector.Find out where the growth opportunities are across the medium and long term.Gain insight into coming regulatory changes that will affect blockchain within payments.Find out how blockchain is being adopted as an alternative to traditional remittance providers.

Companies Mentioned

Amazon
Coinbase
Binance
Kraken
Ethereum
Block One
Decentraland
OpenSea
Microsoft
IBM
JPMorgan Chase
Alibaba
Bitt
ConsenSys
Facebook
Ripple
Roxe
Stellar Lumens