Cryptocurrency exchange revenue up 600% in 2021, outpacing traditional exchanges – InsuranceNewsNet

FinancialNewsMedia.com News commentary – According to estimates, calculated by Bloomberg, the top ten cryptocurrency exchanges bring in up to $3 million a day in profits.

Considering that cryptocurrency did not even exist before 2009, the profit at this level is absolutely astonishing compared to the historical development of other industries. It’s pretty easy to understand how cryptocurrency exchanges make their money – by charging users fees for selling, buying, and withdrawing cryptocurrencies.

According to an article published by MarketWatch, global trade revenue generated by cryptocurrency exchanges reached $24.3 billion in 2021 to surpass total revenue generated by traditional exchanges like the New York Stock Exchange for the first time ever. York and the Nasdaq, according to a report by financial services consultancy Opimas.

The report estimates that revenue from crypto exchanges increased sevenfold from the $3.4 billion in sales recorded in 2020 and was 60% higher than the approximately $15.2 billion brought in by stock exchanges traditional.

“This is quite a change from just a year ago, when traditional exchanges had revenues four times higher than exchanges in the crypto world,” wrote Suzannah Balluffi, an Opimas analyst who covers the digital asset industry. “Old and venerable names like the New York Stock Exchange, Nasdaq, Deutsche Borse and CME have all been left behind by crypto startups Binance and Coinbase.”

Companies active in the markets today include Asia Broadband Inc. (OTCPK: AABB), BitDigital, Inc. (NASDAQ: BTBT), Coinbase Global, Inc. (NASDAQ: COIN), Hut 8 Mining Corp. (NASDAQ: HUT) (TSX: HUT), Bitfarms Ltd. (NASDAQ: BITF) (TSXV: BITF).

The report continues: “This explosive growth comes amid heightened regulatory scrutiny, following President Joe Biden’s recent executive order directing federal departments and agencies to produce recommendations for asset industry oversight. Securities and Exchange Commission Chairman Gary Gensler told MarketWatch in a February interview that strengthening regulation of cryptocurrency exchanges will be a top priority for the agency in the months and years to come. He noted that the vast majority of crypto trading happens on centralized exchanges and that “this activity is centralized on the platforms they need investor protection, market integrity and anti-manipulation rules.” that govern the markets for other financial assets”.

Asia Broadband Inc. (OTCPK:AABB) LATEST NEWS – Asia Broadband launches mobile app versions of proprietary cryptocurrency exchange Asia Broadband Inc. (“AABB” or the “Company”) is pleased to announce that the Company has launched its AABB Exchange applications (the “Exchange”) and are now available on mobile devices through the AABB application Wallet. Wallet users can place buy and sell orders on their smart phones to execute cryptocurrency trades for a growing number of trading pairs available on the Exchange platform.

To access AABB Exchange for mobile use, please go to the Apple App Store or Google Play Store, search for AABB Wallet and update the app. Once the app is updated, open the app. If you’re not already logged into your account, tap Restore Wallet, enter your original passwords, and access your account. From there, click on the “Trade” button in the bottom menu. Now you will be directly connected to the AABB Exchange with your account. You will be able to immediately place a buy or sell order for the main ETH/BTC trading pair, however, you can always click on that trading pair to choose another crypto pair. Once a buy or sell order has been placed, the funds will automatically be deducted from the wallet and placed on the exchange. These funds will remain in the exchange until the order has been filled, partially filled and canceled, or canceled in open orders.

Additionally, users can access the desktop version of the AABB Exchange by going to: https://aabbexchange.com/trade/ then on the right side of the screen, click “Login or Register now” to trade. You will then see the login page of the web version of the AABB Wallet. Access AABB Wallet on your mobile device, go to the “More” tab, click on “Web QR Access” and scan the QR Code on your monitor. Next, create a temporary password for your access. Now you will be directly connected to the AABB Exchange with your account. Once you have accessed your wallet, click on “Trader” in the menu. There you will see the Exchange to place a buy or sell order for different trading pairs. CONTINUED… Read this full press release to Broadband Asia to: https://www.financialnewsmedia.com/news-aabb/

Other recent developments in mining markets include:

BitDigital, Inc. (NASDAQ: BTBT), a New York-headquartered bitcoin mining company, recently announced its unaudited update on bitcoin production and mining operations for the fourth quarter ended December 31, 2021.

Q4 2021 Preliminary Highlights; The Company continued the redeployment of its fleet of miners in North America. As previously announced, 100% of our fleet had left China and arrived in North America by November 17, 2021; 39.2% of our current fleet, or 10,462 Bitcoin miners and 712 Ethereum miners, representing 0.511 exahash (“EH/s”) and 0.188 terahash (“TH/s”), respectively, were deployed in North America as of the date of this press release. 27.8% of our fleet, i.e. 7,710 bitcoin miners representing 0.457 PE/s were deployed in North America as of December 31, 2021; The company had 27,744 bitcoin miners and 731 ethereum miners as of December 31, 2021, with an estimated maximum total hash rate of 1.6 EH/s and 0.3 TH/s, respectively; On October 7, 2021, the Company signed an agreement with Bitmain Technologies Limited (“Bitmain”) for the purchase of 10,000 Bitcoin miners. Purchases are expected to increase Bit Digital’s maximum hash rate by approximately 1.0 EH/s. Pro forma with these announced purchases, our maximum total hash rate should be around 2.6 PE/s; The company purchased 731 Ethereum (“ETH”) miners on the spot market during the quarter, the majority of which were deployed after the end of the year.

Coinbase Global, Inc. (NASDAQ: COIN) closed Monday at $176.81 per share, trading over 4 million shares at market close. COIN, however, rose slightly in after-hours trading. Coinbase is building the cryptoeconomy – a fairer, more accessible, efficient, and transparent crypto-enabled financial system. Coinbase started in 2012 with the radical idea that anyone, anywhere should be able to send and receive Bitcoin easily and securely. Today, Coinbase provides a reliable and easy-to-use platform for accessing the broader cryptoeconomy.

Hut 8 Mining Corp. (NASDAQ: HUT) (TSX: HUT), one of North America’s leading innovation-driven digital asset mining pioneers supporting open and decentralized systems since 2018, recently announced its financial results for the year ended December 31, 2021. All dollar figures are in Canadian dollars (“CAD”), unless otherwise indicated.

“2021 has been a truly transformative year for Hut 8, complemented by significant growth,” said Jaime Leverton, CEO of Hut 8. “By pursuing a diversified strategy, we have differentiated ourselves from our peer group and in doing so , we have become the only one in North America to both leverage digital assets while leveraging our traditional infrastructure business to support Web 3.0 and metaverse businesses.”

Bitfarms Ltd. (NASDAQ: BITF) (TSXV: BITF), a global Bitcoin self-mining company, recently announced that it will release its fourth quarter and full year 2021 financial results on Monday, March 28, 2022, before the market opening.