Business is booming for crypto exchanges, per a new report, which claims that the industry is becoming as competitive as tech giants, major banks – and even the American central bank.
These were the findings of a paper from Coin Metrics, whose authors wrote,
“There is no guarantee that this maturation is sufficient for cryptocurrency exchanges to remain independent indefinitely.”
The report also found that M&A deals within the industry are on the up – leading to the rise of industry heavyweights like Coinbase.
Coin Metrics believes that shrewd financial management has helped exchanges rise to reach “maturity” this year.
The authors explained,
“Just as crypto businesses have had to align around crypto exchanges, crypto exchanges themselves may need to make similar adjustments when money center banks and big tech companies fully enter the industry.”
Big businesses all over the world are already making big crypto moves. Banks already can store and sell cryptocurrencies in Germany and the United States, while South Korean banks are planning to launch crypto services before the end of the year. Last week, Russian Expobank issued first crypto-collateral loan, while yesterday, major Ethereum (ETH) and enterprise blockchain software company ConsenSys received an investment and acquired blockchain Quorum from major investment bank JPMorgan.