Alex Treece, the co-founder at zabo.com, compiled a report on the growth of crypto in the FinTech space. The report highlights the statistics on the intersection of fintech and cryptocurrency, and the future trend around it.
The report suggests that FinTech apps like Robinhood, Cash App and Revolut are outperforming the non-crypto apps. Meltem Demirors, the CSO at Coinshares tweeted,
FinTech’s with crypto on their platform outperform their peers… the crypto community is one of the largest and most $$$ audiences in FinTech
The userbase and trading volume of these apps are comparatively larger. He notes that competitive forces and user demand will compel other apps to enter the market as well. The prospects around the launch of Bitcoin and crypto trading on PayPal and Venmo further accentuates the argument.
According to the report, 18% of U.S. millennials already own cryptocurrency and another survey from Fidelity suggest that 36% of institutional investors are already invested in digital assets. Moreover, a considerably higher percentage are interested in investing in crypto in the future as well.
The report also reveals that Binance is leading the spot crypto exchange volumes by a considerable margin. Moreover, the cumulative volume on all exchanges is comparative to the peak of the bull market in 2019.
As reported on CoinGape yesterday, leading analyst suggests that spot buyers seem to be competing with the derivatives sellers. Moreover, the volume of derivatives exchange has increased in 2020 as well.
Furthermore, the growth of DeFi has been further adding value to the credit facilities in crypto. According to Treece, the future of lending in crypto is bright as well. He notes that,
Crypto will be accepted as collateral (in the future). It will also encourage unsecured and non-collateralized credit on crypto.
Do you think that FinTech apps will drive the next wave for crypto bull market or it will happen before it? Please share your views with us.
Luke has had a long interest in financial technology, especially cryptocurrency and blockchain. With a Bachelors degree in Journalism and Media, Luke is dedicating his writing skills for the digital currency sphere.He can be contacted at email@example.com