In 2019, the cumulative market capitalization of cryptocurrencies was $237 billion– more than double the 2018 value of $129 billion.
73% of millennials would be more excited about a new financial offering from a tech company like Google, Amazon or Apple than from their nationwide bank.
There have now been over 500 million blockchain transactions.
33% of millennials don’t think they’ll need a bank account in five years’ time.
43% of millennials trust cryptocurrency exchanges over the stock market.
There are now over 42 million Blockchain Wallet users worldwide. This number has quadrupled since 2016.
Digital currencies use a decentralised system based on blockchain technology – strong cryptography that secures financial transactions, controls the creation of additional units and verifies the transfer of assets. They are produced, secured and validated by people all around the world solving mathematical problems with specialised computers, a process known as ‘mining’. Because they are created and held electronically, with transactions validated by consensus rather than by a third party, digital currencies are completely independent of a central authority. And because all transactions are permanently recorded on the blockchain, they are both public and traceable, providing greater consumer protection and freedom than traditional bank accounts.
The most famous digital currency is Bitcoin – it was the first decentralized cryptocurrency and still dominates the market. There are now almost 3,000 different digital currencies in circulation, but the top 10 by market capitalisation – including XRP, Ethereum and Litecoin – represent about 85% of the total market value.
Originally the preserve of professional cryptographers and computing experts, digital currencies quickly exploded into the mainstream as a viable alternative to traditional banking. You can now book a hotel on Expedia, pay for your OKCupid membership, add credit to your Microsoft account or donate to the Royal National Lifeboat Institution using Bitcoin.
WallMarkets offer an ideal ‘on ramp’ for those who might otherwise feel excluded from the digital currency economy, whether that’s because they hold a lot of their money in cash, or because they worry about not understanding the technology. They will therefore play a crucial role in the expansion and normalisation of digital currencies – offering highly secure and convenient exchange services at competitive rates.
The recent introduction of regulations has paved the way for European operators to introduce more associated products and, crucially, to compete with Asian countries, which have already made legislative progress in integrating digital currencies with financial markets.
There are currently over 8,000 Bitcoin ATMs in the world – 2,000 were installed last year alone – with the vast majority (78%) located in North America.
By comparison, there are 3.5 million conventional cash ATMs. ATMs are a surprisingly recent invention; the ‘automated teller machine’ was introduced in the 1970s to offer people a convenient alternative to visiting their local bank branch. Despite early concerns that people wouldn’t trust a machine to handle their money, ATMs quickly became an integral part of daily life.
WallMarket’s aim is to become the biggest supplier of digital currency ATMs in the UK and Europe, capitalising on the fact that these markets are still comparatively under-served. We want WallMarkets to become as ubiquitous and commonplace as conventional cash ATMs.
Cash is no longer king – we are now at the vanguard of another revolution in personal finance, as the rate of cashless payments soars and digital currencies like Bitcoin evolve to become viable alternatives to fiat currencies like pounds and dollars. Across Europe, notes and coins now represent just 10% of the economy, and in some countries almost all everyday payments are electronic. In Sweden, for example, just 1% of payments are now made with cash.
Ready to join the digital infrastructure revolution?
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