Global Digital Virtual Currency Depository Market Overview:
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. Some of the key players profiled in the study are 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).
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.
- Rapid Advancements in Encryption and Network Technologies
- Low Cost of International Financial Transactions Provided by Digital Virtual Currency Depository
- Increasing Digital Identity Thefts and Fraud
- The Emergence of Newer Technologies and Applications
- Rise in Potential Benefits of Digital Virtual Currency Depository
- Lack of Access to the Services of Commercial Financial Institutions in Rural Areas Due To High Costs of Extending Banking Services
- Expanding the Reach of Virtual Finance to People in Developing Countries Who Currently May Not Have Access to Traditional Banking Services
- Threat of Illegal Money Laundering and Illicit Adoption of Digital Virtual Currency in Criminal Activities
In May 2019 report ECB expressed concerns that "crypto assets provide an opportunity for anonymous participation in illegal activities of all sorts"
Target Audience:Digital Virtual Currency Depository Manufacturers, Potential Investors, Government and Regulatory Bodies, Industry Associations, Venture Capitalists and Others
Major Objectives Focused through this Study To define, describe, and forecast the Global Digital Virtual Currency Depository market on the basis of product [Online Wallet, Desktop Purse and Mobile Wallet] , application , key regions and end user
To provide in-depth information regarding major influencing factors affecting the growth of the market (trends, drivers, restraints, opportunities, and industry-centric and regional challenges)
To strategically analyse the micro-markets and important business segments with respect to individual growth drivers , market trends and potential, and historical contributions to the total market
Identifying the opportunities in the market for key stakeholders and detailing the competitive landscape for market leaders
To provide market size for various segments of the Digital Virtual Currency Depository market with respect to major geographies, namely, 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)
To strategically profile the key players and analyzing their market shares and core competencies in the Digital Virtual Currency Depository industry
To track key developments such as product launches, expansions, agreements, partnerships, mergers & acquisitions, and R&D activities that are key factors in shaping the market
Available Customization: Data related to EXIM [Export- Import], production & consumption by country or regional level break-up can be provided based on client request**. Additionally, the Players which are also part of the research are .
** Confirmation on availability of data would be informed prior purchase
While framing the research framework, major and emerging players operating in the Digital Virtual Currency Depository market in various regions have been profiled, and their offerings, geographic footprints, and distribution/sales channels have been analysed through in-depth discussions. Top-down and bottom-up approaches have been used to determine the overall market size. Sizes of the other individual markets have been estimated using the percentage splits obtained through secondary sources such as Hoovers, Bloomberg BusinessWeek, and Dow Jones (Factiva), along with primary respondents. The complete methodology includes the study of the annual and financial reports of the key market players and extensive interviews with industry experts such as CEOs, VPs, directors, and marketing executives for key insights (both qualitative and quantitative) related to the market.