The global Crypto Asset Management Market size is projected to grow from USD 0.4 billion in 2021 to USD 1.2 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 21.5% during the forecast period.
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The increasing venture capital funding and growing investments in crypto asset management technology are expected to enhance the use of crypto asset management solutions across the globe.
By end user, Individual User is expected to lead the crypto asset management market during the forecast period
With a rise in the cryptocurrency users across the globe, the potential customer base for crypto asset management solutions has also increased. Individual users use mobile phones primarily for entertainment and utility purposes. Multiple utility mobile applications help the individual user organize and manage day-to-day tasks. Some of these applications require access to some of the user’s personal data. With the advent of social media, large amount of personal sensitive data is also stored on these mobile devices. With a significant amount of sensitive data stored online, many individual users opt for crypto asset management solutions to protect their data, whereas large number of individuals still do not opt for premium security software. However, with the increasing awareness about potential cyber threats, the adoption of crypto asset management solutions is rising across the individual end user segment.
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Based on enterprise vertical, institutions segment to lead the crypto asset management market during the forecast period
Institutional clients are the major contributors to the growth of crypto asset management market. The financial firms are adopting crypto asset management solutions for safeguarding their crypto assets and streamline exchange and trading processes. Over the last few years, custodian solution has garnered more attention among leading financial firms, particularly hedge funds and investment funds. The crypto asset management platform offers custody for cryptocurrency, and processes transactions with greater safety. The platform has the capability to manage multiple accounts without compromising security. As per wallet service providers, cryptocurrency is gaining attention from financial firms, businesses, and government authorities.
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North America to hold the largest market share during the forecast period.
Mass adoption of Bitcoins and Ethereum is prevalent among customers in North America. The institutions are heavily investing and trading via Bitcoin and altcoins in the US and Canada. Cryptocurrency has been prevalent over the last few years owing to the advancements in the use of blockchain technology. The US is home to several blockchain projects and platform providers, leading to heavy cryptocurrency trading and crypto fund. Large financial institutions in the US are leveraging the capabilities of blockchain to launch their own digital currencies.
Market Players
Key and innovative vendors in the crypto asset management market include Coinbase, Inc. (US), Gemini Trust Company, LLC. (US), Crypto Finance AG (Germany), Vo1t Ltd (UK), Bakkt, LLC (US), BitGo, Inc. (US), Ledger SA (France), METACO SA (Switzerland), Iconomi Ltd. (UK), EXODUS MOVEMENT, INC. (US), Xapo, Inc. (Switzerland), Paxos Trust Company, LLC. (US), Koine Money Ltd (England), Amberdata, Inc. (US), Tradeium Capital, LLC. (Germany), Opus Labs CVBA (Belgium), Kryptographe Inc (UK), and others.
These players have adopted various growth strategies, such as partnerships, agreements and collaborations, new product launches and product enhancements, and acquisitions to expand their presence in the crypto asset management market. Partnerships, agreements and collaborations, and new product launches have been the most adopted strategies by the major players from 2019 to 2021 to innovate their offerings and broaden their customer base.
Coinbase
Coinbase was founded in 2012 and is headquartered in San Francisco, US. It provides an online platform for digital cryptocurrency exchanges between merchants, consumers, and institutions. Its products and services include Asset Management, Consumer, Commerce, Custody, Earn.com, Paradex, Prime, Pro, and Wallet. For institutional customers, it provides digital asset custody solutions offering services such as Segregated Cold Storage, Financial and Security Controls, Dedicated Coverage, Service Level Agreements (SLAs) on fund transfers, and Insurance and Upcoming Service Multiuser Accounts. The company’s prime investors include Andreessen Horowitz, USV, DFJ Growth, MUFG, BBVA, and USAA. The company aims at forming an open financial system for every individual. The open financial system is not governed by any institution or body. Currently, the company has a presence in North America, Europe, APAC, and MEA.
Coinbase Offerings: Toshi (Hot Wallet), Custody Services, and Coinbase Prime.
Gemini:
Gemini is a trust regulated by the New York State Department of Financial Services (NYSDFS). It was founded in 2014 and is headquartered in New York, US. It provides digital asset exchange and custodian services. It also provides the trading of cryptocurrencies, such as Bitcoin and Ethereum, by converting them into the fiat currency, the US dollar. For trading, it offers 15 distinct pairs. These pairs are made with the combination of cryptocurrencies and the US dollar. Gemini’s custody services include depository account, segregated custody account, customer funds, and regulatory oversights. The company offers the trading of digital assets in the sandbox environment, wherein auctions are held daily.
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