About Digital Virtual Currency Depository
Digital Virtual currency or virtual money, is an unregulated type or digital money which is issued and controlled by its developers and accepted among the members of a specific virtual community and deposited in a depository. The Financial Crimes Enforcement Network (FinCEN), a bureau of the United States Treasury, regulatory virtual currency. The European Banking Authority defined virtual currency as "a digital representation of value that is neither issued by a central bank or a public authority, Though it is accepted by natural or legal persons as a means of payment and can be transferred, stored or traded electronically". A digital virtual currency that is issued by a central bank is defined as "central bank digital currency". Rapid Improvement in Encryption and Network Technologies coupled with rising concerns on illegal money laundering is driving the market growth.
Attributes | Details |
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Study Period | 2018-2028 |
Base Year | 2022 |
Unit | Value (USD Million) |
The companies are exploring the market by adopting mergers & acquisitions, partnership, investments as their preferred strategies. The players are exploring new geographies through expansions and acquisitions to avail a competitive advantage through combined synergies. The market also observed strong collaborations between automakers and original equipment manufacturer, with a strong innovation. Analyst at AMA Research estimates that Global Players will contribute the maximum growth to Global Digital Virtual Currency Depository market throughout the forecasted period. Established and emerging Players should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
Binance (China), Upbit (South Korea), OKEx (North Africa), Bithumb (South Korea), Huobi (Singapore), Bitfinex (Hong Kong), BitMEX (Hong Kong), Bittrex (United States), Bitstamp (United States) and BTCC (China) are some of the key players that are part of study coverage.
Segmentation Overview
AMA Research has segmented the market of Global Digital Virtual Currency Depository market by Type (Online Wallet, Desktop Purse and Mobile Wallet) and Region.
On the basis of geography, the market of Digital Virtual Currency Depository has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by Sales Channel, the sub-segment i.e. Direct Marketing will boost the Digital Virtual Currency Depository market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
The Emergence of Newer Technologies and Applications and Rise in Potential Benefits of Digital Virtual Currency Depository
Market Growth Drivers:
Rapid Advancements in Encryption and Network Technologies, Low Cost of International Financial Transactions Provided by Digital Virtual Currency Depository and Increasing Digital Identity Thefts and Fraud
Challenges:
Threat of Illegal Money Laundering and Illicit Adoption of Digital Virtual Currency in Criminal Activities
Restraints:
Lack of Access to the Services of Commercial Financial Institutions in Rural Areas Due To High Costs of Extending Banking Services
Opportunities:
Expanding the Reach of Virtual Finance to People in Developing Countries Who Currently May Not Have Access to Traditional Banking Services
Market Leaders and their expansionary development strategies
In November 2023, Coinbase Custody, a leading provider of institutional crypto custody solutions, announced the acquisition of Xapo, a veteran Bitcoin custody provider. This merger strengthens Coinbase's position in the institutional custody market and expands its global reach.
In September 2023, BitGo, a leading institutional custody platform for digital assets, merged with Kingdom Trust, a provider of trust and fiduciary services for digital assets. This merger creates a powerhouse in the DVCD space, offering comprehensive custody, trust, and fiduciary solutions for institutional investors.
In May 2019 report ECB expressed concerns that "crypto assets provide an opportunity for anonymous participation in illegal activities of all sorts"
Key Target Audience
Digital Virtual Currency Depository Manufacturers, Potential Investors, Government and Regulatory Bodies, Industry Associations, Venture Capitalists and Others
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.