TechFlow news — Coinbase CEO and co-founder Brian Armstrong published a blog post stating that after a major market correction, cryptocurrency values have risen 90% this year, with trading volume increasing by 60% in the fourth quarter. Approximately 425 million people worldwide now own cryptocurrency, and 83% of G20 countries and major financial centers have either established or are developing regulations to create certainty for the industry. With this growing scale and momentum, innovation will continue to accumulate.
Approval by the U.S. Securities and Exchange Commission (SEC) of a spot Bitcoin ETF could drive new growth for cryptocurrencies as an asset class. But as cryptocurrency usage grows, so does its utility—evolving from an asset class into a force driving essential updates to the financial system that has remained largely unchanged for a century.
In 2022, global on-chain stablecoin transfers approached $9 trillion, exceeding the combined total of Mastercard, American Express, and Discover. Major global financial centers such as London, Switzerland, Hong Kong, and Singapore are transforming themselves into crypto hubs, competing for the jobs and talent that will be drawn to a more open and globalized system.
More than 100,000 merchants and payment channels worldwide now accept cryptocurrency payments, including PayPal and Visa. Key reasons include lower fees, faster transaction speeds, and the ability to attract new customers.
