Cambridge: Millions of New Users Have Entered the Crypto Ecosystem in 2018

Voyager
Voyager

The Cambridge Centre for Alternative Finance (CCAF), an academic research center at the Cambridge Judge Business School, recently published a benchmark study on the global cryptoasset ecosystem.

According to the report, which covers four major segments including mining, storage, exchanges and payments, there are now 138 million users with accounts on at least one cryptocurrency service provider. Of that 138 million, 35 million have had their identities verified in at least some capacity, a number that quadrupled in 2017 and doubled again in the first three quarters of 2018.

However, the report indicates that only 38% of these 138 million users are considered “active,” a qualification that has a different definition depending on the service provider.

User activity could soon see a boost as service providers begin to expand their offerings. The CCAF report emphasizes that multi-coin support has nearly doubled from 47% of all service providers in 2017 to 84% in 2018, a trend that has been driven by the surge in popularity of smart contract platforms in 2017 and 2018.

Taken together, the CCAF sees current trends that indicate that the crypto industry is beginning to take real steps towards maturity.

“Industry actors are pro-actively adopting measures that appear to comply with existing regulation despite not necessarily being explicitly subject to regulations. The increasing number of self-regulatory initiatives, combined with the emergence of sophisticated and professional services, reflect the growing maturity of the industry,” the report reads.

More: Second annual survey of global cryptoasset activity

Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.

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