PwC, Swiss blockchain investment firm CV VC and Cointelegraph publish a report on the current blockchain ecosystem.
The blockchain area is developing in different directions: from the acceptance of blockchain among companies to the rise of decentralized finance. While this is impressive, it is also important to know how the blockchain is used in the various industries. In order to clearly show the current global effects of blockchain, the Swiss blockchain investment company CV VC publishes a new report together with the big four company PricewaterhouseCoopers Switzerland and Cointelegraph.
The report, titled “ CV VC Global Report H1 / 2020 „, provides a detailed overview of companies from eight different sectors using blockchain technology. These areas are art, crypto banking, crypto exchanges, custody accounts, market makers, platforms and protocols, token issuance, and venture capital. On July 21, there was a preview of the report on the impact of blockchain in the arts . The full report was published on September 14th.
Nicolai Reinbold, one of the authors of the report and Incubation and Ecosystem Manager at CV VC, told Cointelegraph that the new report aims to represent the global blockchain ecosystem and highlight the main activities of top companies in each sector:
„Experts speak briefly about trends and future insights. Each sector will also have an in-depth online panel discussion hosted by Bitcoin Trader platform that will bring in industry experts.“
According to Reinbold, the CV VC Global Report uses data that comes from companies, crypto exchanges, media reports and social media channels. This is the first report of its kind. There will be additional issues every six months to reflect the latest trends in growth and development in the industry. Below are brief summaries of the report.
The growing role of crypto banks and brokers
Cryptocurrency companies are gradually expanding their offerings, such as interest rates and loans related to digital assets . Hence, crypto banks and brokerage firms play an important role in promoting the mass adoption of cryptocurrencies. There is a whole section in the CV VC Global Report on crypto banks and brokers.
One of the most interesting findings in this context comes from Mathias Imbach, one of the co-founders of Sygnum. Sygnum is a digital currency bank. According to Imbach, a regulatory digital currency ecosystem is critical to the development of crypto assets. „This market is projected to reach $ 24 trillion by 2027 and can dramatically transform the securitization business model in the years to come,“ he said.
Crypto exchanges determine the value of cryptocurrencies
The report also highlights the important role of cryptocurrency exchanges. These are compared with traditional exchanges because they can buy and sell cryptocurrencies. Note, however, that there are many different crypto exchanges. Each of these focuses on different functions.
Roger Darin is a board member of the Bitcoin Association Switzerland and co-founder of the fintech branch of SICTIC, a business angel organization in Switzerland. He explained, for example, that the crypto room currently needs a safe place to buy and sell security tokens, as many crypto assets are classified as such:
„Ideally, this place is in a region that investors associate with stability, prosperity and financial trustworthiness. It should be as easily accessible for small investors as it is for banks and professional investors.“
It further stated that the decentralized financial sector was also becoming increasingly important. This shapes the landscape for people who want to buy and sell crypto assets.
Custodian critical for crypto acceptance
Crypto custody services are also becoming increasingly important and regulatory measures are being implemented in various regions. However, according to the report, the crypto custody market is often overlooked. Even if that may be the case, custodian service providers are crucial to the acceptance of crypto, especially in the institutional sector.
Adrien Treccani, the founder and CEO of METACO, a provider of crypto custody services, said the acceptance from major global institutions like Libra and PayPal underscores the need for trustworthy organizations to manage crypto assets.
With a declaration by the US monetary authority, all nationally chartered banks in the United States are now allowed to offer custody services for cryptocurrencies. This is a big step forward for cryptocurrency providers and will encourage more digital asset custody companies to qualify.