Global Cryptocurrency Exchange Platform Market to Hit $110.12 Billion by 2028

The global cryptocurrency exchange platform market is poised for substantial growth, with projections indicating a rise from $45 billion in 2023 to $110.12 billion by 2028. This represents a Compound Annual Growth Rate (CAGR) of 16.08% over the period from 2022 to 2028, according to the “Cryptocurrency Exchange Platform Market – Global Outlook & Forecast 2023-2028” report by

Crypto Gaming Fuels Exchange Demand

The online gaming realm has witnessed a notable uptick in 2023, with cryptocurrencies becoming integral to in-game economies. The emergence of PlayToEarn (P2E) games, which reward players with digital tokens based on in-game accomplishments, has further intensified the demand for cryptocurrency exchange platforms. Players are increasingly looking to convert or trade these digital assets.

Blockchain’s Broadening Influence

Blockchain technology, known for its robust security and transparency, is seeing broader applications beyond just cryptocurrency transactions. Its decentralized nature is being leveraged for non-fungible tokens (NFTs), decentralized finance (DeFi) platforms, and smart contracts. The adaptability of blockchain is paving the way for digital trade advancements and potential crisis mitigation.

GameFi: The Nexus of Gaming and Finance

The GameFi trend, a blend of traditional gaming and decentralized finance via blockchain, is gaining momentum. Through blockchain-integrated play-to-earn games, players can accrue cryptocurrency, potentially catalyzing the mass adoption of digital currencies, especially among the gaming community.

Regulatory Hurdles Remain

The burgeoning cryptocurrency sector is not without its challenges. Regulatory uncertainties loom large as governments and financial institutions grapple with the implications of digital currencies, posing potential legal risks for investors and traders.

Market Dynamics Snapshot

Opportunities & Trends: A surge in demand for crypto trading platforms is evident, with blockchain incorporation at its core. Mobile-based cryptocurrency trading is also on the rise.

Growth Enablers: The COVID-19 pandemic has spurred fintech app growth, with gaming driving mass cryptocurrency adoption.

Restraints: The market faces challenges like the lack of standardized cryptocurrency exchange protocols and security threats.

Geographical Insights

North America leads the market, buoyed by digital banking and crypto payment adoption. Europe, with countries like the UK and Germany, is also a significant contributor. In the APAC region, nations like India and China are pivotal, while Latin America and the Middle East & Africa are emerging as potential growth areas.

Competitive Landscape

The market is fiercely competitive, featuring both private and public entities. Notable players include Binance, OKX, and Coinbase, with a focus on security and decentralized networks mirroring the rise of blockchain.

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Citi Forecasts Major Shifts in Cross-Border Payments Landscape

Key Takeaways

An anticipated surge in cross-border payments, with the value set to rise from nearly $150 trillion in 2017 to over $250 trillion by 2027, marking an increase of over $100 trillion within a decade.

The Bank of England’s estimation aligns with this projection, emphasizing the significant opportunities for entities in the cross-border payments domain.

Market dynamics indicate potential shifts in market share, with almost 90% of financial institution clients surveyed by Citi believing that at least 5% of the market share will transition, mainly to FinTechs, in the upcoming 5-10 years. Notably, 40% observed that a share of the wallet has already been redirected.

Citi’s recent Global Perspectives & Solutions (Citi GPS) report, titled ‘FUTURE OF CROSS-BORDER PAYMENTS — Who Will Be Moving $250 Trillion in the Next Five Years?’ sheds light on the transformative potential of the cross-border payments industry.

Jane Fraser, CEO of Citi, stated, “Our industry is on a journey to reach the next phase of evolution within cross-border payments.” She emphasized the collaborative efforts with financial institutions, FinTechs, corporates, and industry experts to leverage technologies like artificial intelligence and digital assets to revolutionize the cross-border payments experience.

Shahmir Khaliq, Global Head of Services at Citi, pointed out the evolving nature of competition in the industry. He noted the shift from traditional payment methods to API connectivity, providing FinTechs and other participants with enhanced opportunities through established financial infrastructures. Regulatory initiatives, such as open banking, are further propelling innovation.

However, challenges persist. Legacy technologies and regulatory obligations consume significant portions of investment budgets. Despite these hurdles, financial institutions are increasingly focusing on innovation, exploring both traditional fiat currency and digital asset spaces.

Amit Agarwal and Debopama Sen, Global Co-Heads of Payments & Receivables at Citi Treasury and Trade Solutions, emphasized the growing attractiveness of the cross-border payments sector, driven by e-commerce growth and new business models. They highlighted Citi’s strategic objective to offer differentiated client experiences.

Ronit Ghose, Head of Future of Finance at Citi Global Insights, commented on the nascent stage of the digital asset space. He underscored the potential of emerging technologies, such as artificial intelligence and the Metaverse, to disrupt the cross-border payments landscape.

The report underscores the importance of client experience, with over 50% of financial institutions recognizing the need to revamp front-end interfaces to enhance client interactions and remain competitive.

The Citi GPS report is a culmination of insights from market infrastructure experts, FinTechs, and banks from four continents. The overarching sentiment from over 100 of Citi’s financial institution clients is clear: Speed, cost-efficiency, and transparency are paramount for superior client experiences.

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Coinbase Completes Tender Offer for 3.625% Senior Notes Due 2031

Coinbase Global, Inc. has announced the conclusion of its cash tender offer for its 3.625% Senior Notes due 2031. The offer, which aimed to purchase up to $180.0 million of the notes, excluding accrued and unpaid interest, expired at 11:59 p.m., New York City time, on September 18, 2023.

Coinbase, established in 2012, has been at the forefront of building the cryptoeconomy, aiming to create a more transparent, efficient, and accessible financial system through cryptocurrency.

The company has stated its intention to finalize payments for all validly tendered notes by September 20, 2023. This follows the conditions outlined in Coinbase’s offer to purchase, dated August 7, 2023.

By 5:00 p.m., New York City time, on August 18, 2023, holders had tendered $50,034,000 of the notes. On August 22, 2023, Coinbase accepted this amount for purchase. By the Interim Expiration Time on September 1, 2023, an additional $211,062,000 of the notes were tendered. Consequently, on September 6, 2023, Coinbase accepted this aggregate principal amount.

Data from the Global Bondholder Services Corporation, the tender and information agent for the offer, indicates that an additional $1,447,000 of the notes were tendered by the Final Expiration Time. This brings the total tendered amount in the offer to $262,543,000. Holders who tendered their notes by the Final Expiration Time are set to receive $675.00 per $1,000 principal amount of notes accepted.

A breakdown of the tender offer is as follows:

Issuer Coinbase Global, Inc.
Title of Security 3.625% Senior Notes Due 2031
CUSIP Number/ ISIN 44A CUSIP/ISIN: 19260Q AD9 / US19260QAD97; Regulation S CUSIP/ISIN: U19328 AB6 / USU19328AB62
Aggregate Principal Amount Outstanding $1,000,000,000
Aggregate Principal Amount Tendered after Interim Expiration Time $1,447,000
Aggregate Principal Amount Expected to be Accepted for Purchase on Final Settlement Date $1,447,000
Aggregate Amount to be Paid $1,001,349
Total Consideration $675.00

Citigroup Global Markets Inc. acted as the Dealer Manager for the Tender Offer. Further details and documents related to the Tender Offer can be accessed at the Tender and Information Agent’s website.

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Optimism Announces Third Airdrop Allocations

On September 19, 2023, Optimism, a Ethereum Layer 2 solution, unveiled details of its third airdrop, termed “OP Airdrop #3” on Twitter. The announcement confirmed the allocation of 19 million OP tokens to 31,870 distinct addresses. This move is an effort to incentivize and acknowledge those who have actively participated in the platform’s governance through the delegation of their voting power.

Key Highlights

Airdrop Details: The airdrop, which took place on September 18, 2023, at 18:10 UTC, allocated a total of 19,411,313 OP tokens. The beneficiaries of this airdrop were addresses that had delegated their OP token voting power between January 20th and July 20th, 2023.

Security Precautions: Optimism has emphasized that there isn’t a claims page for this particular airdrop. They’ve cautioned users against interacting with any websites falsely claiming to distribute Airdrop #3. The official OP token contract address has been identified as 0x4200000000000000000000000000000000000042.

Reward Breakdown: The airdrop comprised two main reward types:

Governance Delegation Reward: Addresses that delegated OP above a specified threshold were eligible. A total of 31,529 addresses qualified, with each receiving a reward calculated as 0.67/365 OP per OP Delegated x Day, with a cap of 10,000 OP per address.

Voting Delegate Bonus: This bonus was for addresses that delegated to an entity that participated in at least one on-chain vote during the snapshot period. 25,561 addresses met this criterion, receiving (0.67/365)*2 OP per OP Delegated x Day, also capped at 10,000 OP per address.

Eligibility Criteria: To be eligible for the airdrop, an address’s Cumulative Delegated OP (calculated as OP delegated multiplied by the number of days delegated) needed to exceed 18,000. However, if the delegation was to a “Voting Delegate,” the threshold was reduced to 9,000. Addresses that delegated for less than seven days or were known delegation program wallets were excluded from this airdrop.

Future Airdrops: Optimism has earmarked 19% of the total initial supply of OP tokens for future airdrops, indicating continued efforts to reward and engage its community.

Optimism’s focus on “scaling new coordination mechanisms” underscores the importance of robust governance in realizing the Optimistic Vision. By rewarding those who support governance through delegation, the platform aims to foster a more inclusive and participatory ecosystem.

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Citi Unveils Digital Asset Solutions with Blockchain Integration

Citi Treasury and Trade Solutions (TTS) has launched its new digital asset service, Citi Token Services, aimed at enhancing cash management and trade finance for institutional clients. This innovative service leverages blockchain and smart contract technologies, integrating tokenized deposits and smart contracts into Citi’s expansive global network.

The move comes as institutional clients increasingly seek ‘always-on’, programmable financial services. Citi Token Services is set to offer cross-border payments, liquidity, and automated trade finance solutions around the clock. Shahmir Khaliq, Global Head of Services at Citi, emphasized the potential of digital asset technologies to “upgrade the regulated financial system” and highlighted the service’s alignment with Citi’s work on the Regulated Liability Network, aiming for interoperable digital asset solutions across multiple banks.

Trade Finance Digitization with Maersk

In a collaborative effort, Citi partnered with Maersk and a canal authority to digitize solutions traditionally served by bank guarantees and letters of credit in the trade finance domain. The pilot showcased the programmable transfer of tokenized deposits, enabling instant payments to service providers through smart contracts. Marie-Laure Martin, Regional Treasury Manager for the Americas at Maersk, acknowledged the success of the test pilots, noting the “promising applications for trade finance.” The technology is anticipated to cut transaction processing times from days to mere minutes.

Revolutionizing Cash Management

On the cash management front, Citi Token Services has been tested in a global pilot, facilitating clients to transfer liquidity between Citi branches 24/7. Ryan Rugg, Global Head of Digital Assets at Citi TTS, pointed out the service’s potential to streamline global liquidity management, reducing frictions associated with service gaps and cut-off times.

Citi’s Blockchain Approach

The underlying private/permissioned blockchain technology is proprietary to Citi, eliminating the need for clients to host a blockchain node. As Citi continues its digital asset journey, it remains committed to a unified technology strategy, enhancing its offerings in digital money, trade, securities, and more.

Citi TTS, with its vast network spanning over 90 countries, remains at the forefront of providing digitally enabled treasury, trade, and liquidity management solutions to a diverse clientele, from multinational corporations to public sector organizations.

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Binance Launches Referral Promotion for African Users with 17,500 USDT in Token Voucher Rewards

Binance has rolled out a new referral scheme targeting users in the Africa region. The promotion, which runs from September 18, 2023, 11:00 (UTC) to October 2, 2023, 11:59 (UTC), offers participants a chance to share a total reward pool of 17,500 USDT in token vouchers.

Key Details of the Promotion

Referrer Rewards: Users referring friends to Binance can share a pool of 11,000 USDT in token vouchers. To be eligible:

Register and achieve a minimum of two successful referrals within the promotion timeframe.

A successful referral is defined as a new user who registers using the referrer’s link and completes the KYC process during the promotion period.

The reward distribution based on the number of successful referrals is as follows:

1st Place: 350 USDT

2nd Place: 300 USDT

3rd Place: 200 USDT

4th Place: 150 USDT

5th to 55th Places: A portion of an 8,000 USDT reward pool, with a maximum of 100 USDT per user.

All other eligible participants: An equal share from a 2,000 USDT pool, capped at 100 USDT.

Referral Rewards: The first 1,500 referrals registering and completing KYC will each receive a 3 USDT token voucher. Additionally, the initial 200 of these referrals making a spot trade of at least $20 in cryptocurrency will earn a 10 USDT token voucher.

Terms to Note

Only users who complete KYC in the Africa region are eligible for the rewards.

Each new Binance user can be referred through one mode only.

Referrers can participate in Promotion A, while referrals can earn from both Promotions A and B.

In case of a tie in referrals, the user who reaches the number first gets preference.

USDT token voucher rewards will be distributed within 20 days post-promotion, expiring seven days after distribution.

Binance holds the right to disqualify participants for any dishonest activities, including bulk-account registrations.

Binance may amend these terms without prior notice.

This promotion underscores Binance’s commitment to expanding its user base in the African region. However, potential participants should be aware of the terms and ensure compliance to maximize their rewards.

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Unchained Partners with Build Asset Management for Bitcoin-Backed Credit Fund

Unchained, a prominent financial service provider for bitcoin holders, has unveiled a strategic partnership with Build Asset Management, the sponsor of Build Secured Income Fund I. This collaboration is set to focus on investments in Unchained loans.

Joe Kelly, co-founder and CEO of Unchained, remarked, “This partnership will allow more of our borrowers to unlock the value of their bitcoin.”

Since its inception in 2017, Unchained’s lending division has successfully originated loans exceeding $500 million, with no recorded dollar losses. The company attributes its stellar loan portfolio performance to its collaborative custody solution, the round-the-clock liquidity of assets, and the transparency provided by bitcoin’s blockchain.

Data reveals a significant 170% surge in Unchained’s lending activities from Q1 to Q2 2023. This uptick came in the wake of the 2022 crypto market contagion, a period marked by the bankruptcy of several lenders, resulting in losses surpassing $5 billion in customer funds. Additionally, bitcoin’s value plummeted by over 65%. Despite these setbacks, the data underscores the sustained trust in Unchained’s platform and bitcoin as a viable asset.

Established in 2016, Unchained ranks among the top 10 bitcoin platforms based on secured assets. The company has empowered numerous individuals and businesses to have genuine ownership of their wealth through bitcoin keys. Unchained’s unique collaborative custody model offers clients access to financial services while retaining the advantages of self-custody.

Build Asset Management, LLC, also recognized as Build Asset Management or, is an investment adviser registered with the U.S. Securities and Exchange Commission. Founded in 2018, Build’s primary objective is to devise income and risk mitigation strategies in response to the evolving investment landscape.

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Recharge Capital Appoints Former Bridgewater Associates Singapore Executive, Margaret Wang, as Managing Partner

Recharge Capital, a prominent $6B thematic-first private investment firm, has announced the appointment of Margaret Wang, previously the Executive Director and Head of Bridgewater Associates Singapore, as its new Managing Partner. Wang’s primary focus will be on leading the Women’s Health Strategy and overseeing the firm’s operations in the APAC region from its Singapore office.

Recharge Capital is a thematic-first private investment firm that emphasizes innovation and impact across multiple sectors. With a particular focus on women’s healthcare and fertility, the firm operates from New York and Singapore, aiming to bring about positive change in the global investment landscape

Margaret Wang brings a wealth of experience from her tenure in senior leadership roles at global financial institutions. Before her role at Bridgewater Associates Singapore, Wang held positions as the Director of Strategic Initiatives at Paxos, a blockchain infrastructure provider, and the Head of Product Partnerships at Squarespace (NYSE: SQSP). Her partnerships at Squarespace included collaborations with tech giants such as Apple, Google, and Facebook. Wang’s early career saw her in strategic roles at Merrill Lynch and Goldman Sachs.

Lorin Gu, Founding Partner of Recharge Capital, remarked on the appointment, “Margaret’s appointment is a catalytic moment for our firm. She brings tremendous experience to our thematic-first investment framework and maintains a track record as one of the world’s best-in-class asset managers across sectors.”

One of Wang’s immediate responsibilities will be her leadership role in Rhea Holdings Co., a $200M women’s healthcare-focused investment vehicle that Recharge Capital launched in June 2023. This unique private equity structure aims to drive transformative growth in the women’s healthcare sector by leveraging cross-asset class strategies.

Wang expressed her enthusiasm about the new role, stating, “The firm’s thematic strategy is well-positioned to foster innovation and societal impact across the value chain. I’m excited to tackle the crucial challenges our world faces through our unique approach to investing in and building meaningful businesses.”

During her tenure at Bridgewater Associates, Wang was instrumental in establishing and leading the firm’s Singapore office, reinforcing its presence in the APAC region. Kyle Delaney, President & Chief Commercial Officer of Bridgewater Associates, acknowledged her contributions, saying, “Over the past several years, Margaret has played an important role in furthering our presence in Singapore. We’re thrilled to watch Margaret take on her new role.”

Recharge Capital continues to be a significant player in various sectors, including fintech democratization, women’s healthcare, digital assets, and semiconductor enablement.

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