Blockchain companies floating the crypto industry

The crypto industry had an immensely rough year in 2022. However, the significant growth of cryptocurrency in Africa and all over the globe is a clear depiction of its tenacious nature. Despite all the claims that digital assets are lowly losing value is nothing more than a rumour. In more than one and a half decades, crypto traders have summed up an astronomical amount, outshining various occupations that have been there for decades.

Bitcoin alone has summed up quite the value over the years. Even though it has suffered immense damage from the crypto winter, it’s still had its moments, and with the rising tides of 2023, there is still hope for the cryptocurrency. This is mainly due to the efforts of several blockchain companies.

The news mainly highlights events within, affiliated with or even caused by the crypto industry. Are you aware of the select entities that virtually hold up the entire crypto ecosystem? A select few blockchain companies hold the entire ecosystem on their backs. FTX was among these giants, so its downfall affected all crypto traders and miners significantly. With FTX gone, a vacuum was created, and the remaining competitors divided what was left. Here is a brief insight into the four blockchain companies shouldering the entire digital asset world.

Binance is a familiar blockchain company throughout the entire crypto industry. Most expert crypto traders, consultants or financial advisors advocate for newbie crypto traders to kickstart their crypto journey using binance. A report from Arcane highlighted that Binane saw its markets soar throughout binance. As of December 28th, it officially captured up to 92% of the total Bitcoin tokens. The crypto ecosystem was relying on Binance’s crypto traders at some point. Its BTC spot market dominance was 45% at the start of 2022, which means that throughout the year, Binance managed to double its growth.

The blockchain company has led the way for cryptocurrency since 2012, during the golden age of Bitcoin. What mainly made Coinbase shine was not the number of transactions it conducted but the various partnerships it formed. This blockchain company advocated for the easy accessibility o cryptocurrency and formed various affiliations with significant companies throughout the years. Coinbase integrated its payment process capabilities with Stripe, Braintree, Paypal, Dell, Expedia and many more.

Last year it landed a significant milestone as Google Cloud sought after Coinbase’s crypto functionalities to integrate a new crypto payment system for every global cloud station. The blockchain company generated $7.8 billion in revenue in 2021, which accounted for a 550% increase since 2020. The sheer number of users forced it to expand its reach throughout the entire crypto ecosystem.

Although Kraken is known for its easy user interface and an excellent selection for newbie crypto traders, it mainly stands out for its sophisticated tools. Kraken Pro, an upgraded version of its functionalities, comes with additional tools that have made life easier for its crypto traders.

Veteran crypto traders have complete control to adjust, rearrange, resize and stack tabs. Its blockchain technology has proven that transaction speed can improve immensely. In early 2022, they announced their support for instant Lightning Network BTC transactions. This enables crypto traders globally to quickly and efficiently interact with digital assets. It introduced staking to advocate for self-custody of crypto assets. This encouraged accountability among crypto traders and removed some sense of responsibility from their shoulders.

Nonetheless, Kraken has proven its worth within the crypto ecosystem. Unfortunately, like all others, Kraken did, however, suffer some losses due to the crypto winter. To survive, Kraken had to let go of approximately 1100 employees. Fortunately, they placed various protocols to ensure their former employees cared for a specific time. The blockchain company’s trading volume is $440 million daily, with an average liquidity of 745. Its weekly visits stand at 978,767, surpassing its competitor Cooinbase.

These three blockchain companies are the backbone of the crypto ecosystem. Binance holds a significant share; hence if it were to fall, the crypto ecosystem might have a chance at survival since KuCoin, the fourth largest blockchain company, has significantly risen. Despite this, all three are crucial elements to ensure the crypto industry survives this “ice age”, ensuring that cryptocurrency prices maintain an inclined trajectory.

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