The crypto sector has successfully completed 725 transactions in the first half of this year. So far in 2022, the industry has raked in an investment of $14.2 billion (approximately Rs 1,13,500), a new report by KPMG has claimed. The organization is one of India’s renowned providers of risk, financial and business advisory services. As part of its new findings, German crypto trading platform Trade Republic has emerged as the biggest crypto investor having poured $1.1 billion (about Rs 8,800).
Among the top four investors in Cryptocurrency projectDigital asset custody platform Fireblocks contributed $550 million (approximately Rs 4,400) and secured second place in the ranking of largest investors in digital assets.
FTX Cryptocurrency exchange and Ethereum software company ConsenSys scored third and fourth with investments of $500 million (approximately Rs 4,000) and $450 million (approximately 3,600 crore) respectively. , according to KPMG detect.
The report highlighted that crypto-focused investment figures for the first half of 2022 alone have doubled compared to all years prior to 2021.
“(This) highlights the growing maturity of the space and the breadth of technologies and solutions that attract investment,” the report said.
KPMG’s report is released at the time Mike Kondoulis, an intellectual property lawyer from the United States, has stated that the blockchain sector has flourished. He said that more than 3,600 trademark applications around the areas of cryptocurrency, Web3, metaverse and non-fungible tokens (NFTs) have been filed so far in the US this year as of May 31. 8. The number of trademarks filed around these industries is 3,516 for the whole of 2021.
However, despite the possibility, KPMG has warned of an upcoming downturn in the crypto industry.
Potential political recession, inflationary economic environment and rising interest rates are the reasons why Cryptocurrency field will be negatively impacted in the near future.
Even now, the total market capitalization of the crypto sector is below the trillion dollar mark. According to CoinMarketCap, the total valuation of cryptocurrencies is $939 billion (approximately Rs 75,03,800), surpassing the $3 trillion mark (approximately Rs 2,397,100) last year.
KPMG, meanwhile, expects crypto-focused investment efforts to accelerate in underdeveloped fintech markets, particularly in Africa.
Cryptocurrency Exchange Binance is currently in talks with the Nigerian authorities to set up a crypto-focused special economic zone that will incubate startups and related businesses in the region.