The fortunes of the crypto market may be garnering for the better across the globe. The crypto industry has been receiving the best kind of investor interest which has seen it spur the industry further. A report by Pitchbook, provided that the venture capital funds have put in $17 billion into the crypto industry in the first half of this year, 2021 which has surpassed any other year since the beginning of crypto trading.
The Pitchbook reports comes in three months after it provided that over $3 billion worth of investments have been channeled into cryptocurrency as well as blockchain startups during the first quarter of 2021 since January up to March.
According to Bloomberg, a significant fraction of the global growth is owed to a single deal by the blockchain company, Block. The company struck a significant sum of $10 billion funding round which was led by billionaires Louis Bacon, Peter Thiel, and Alan Howard. Even so, it has become increasingly evident that the crypto industry growth has become too massive to contemplate it failing.
The Coinbase listing under the NASDAQ exchange prompted many in April to believe that this would be crumbling moment for cryptocurrency. Contrary to these expectations, there was a huge $ 100 billion-plus IPO (Initial Public Offering) which was the largest form of crypto exchange globally. A month later on the industry grew by 31% and despite the registered drops as well, there has been significant numbers of investor interest to the industry and this has seen the development of blockchain firms and platforms such as Bitcoin Rush. This is largely unlike previous iterations.
During this same period of Coinbase successful listing under the NASDAQ exchange, Tiger Global, a big money investment company, put in a sizeable investment into the Indian crypto exchange CoinSwitch Kuer. Hereby, the company was able to raise up to $25 billion in a Series B round led by Tiger Global. This American investment firm’s interest increased the value of CoinSwitch to $500 million and thus placing it as one of the top exchanges in a country as India which is still comparatively new in the industry yet being a rich hub of blockchain development globally.
The American investment firm’s interest raised CoinSwitch’s value to $500 million, putting it amongst the top exchanges in a country that is comparatively new to the industry, but a hub for blockchain development worldwide.
Sure, countries would want to retain their monetary sovereignty, but cryptocurrencies aren’t your day-to-day assets either. Ether, the token that powers the Ethereum blockchain, gains from each new application that’s developed using its underlying technology.
According to Statista, at the end of March 2021, Blockchain.com wallets, which allow users to purchase Bitcoin, had surpassed 70 million users. When comparing download stats from Coinbase, Blockchain Wallet, Crypto.com, BRD, Trust, Luno, Binance, Bitcoin Wallet, and Bitcoin Wallet by Bitcoin.com in 2021, it becomes clear that user numbers for many cryptocurrency apps expanded dramatically. This has also been seen with the significant number of platforms such as Bitcoin Circuit.
It is certain that many countries will seek to retain their monetary sovereignty, even so, cryptocurrencies are not the day-to-day assets. For example, Ether, the token powering Ethereum blockchain stands to gain from every new application that is developed from its underlying technology.
While 3,800 Dapps each month may seem insignificant in the grand scheme of things, this is exactly the type of item that grows rapidly as investor interest grows. When we take a look at Facebook as well, when it first got popular, it was one of only a handful, but today, social media is without a doubt one of the most important sectors.