Unique active users of cryptocurrency wallets are between 2.9 million and 5.8 million

Cambridge Centre for Alternative Finance at University of Cambridge’s Judge Business School released the first Global Cryptocurrency Benchmarking Study.

The main findings of the research – whose aim was to systematically investigate key cryptocurrency industry sectors by collecting empirical, non-public data, by gathering survey data from nearly 150 cryptocurrency companies and individuals, and it covers 38 countries from five world regions – include:

  • The current number of unique active users of cryptocurrency wallets is estimated to be between 2.9 million and 5.8 million.
  • The lines between the different cryptocurrency industry sectors are increasingly blurred: 31 per cent of cryptocurrency companies surveyed are operating across two cryptocurrency industry sectors or more, giving rise to an increasing number of universal cryptocurrency companies.
  • At least 1,876 people are working full- time in the cryptocurrency industry, and the actual total figure is likely well above two thousand when large mining organisations and other organisations that did not provide headcount figures are added.

The world of money and finance is transforming before our eyes

Bryan Zhangm Co-founder and Executive Director (Interim) at Cambridge Centre for Alternative Finance said:

Digitised assets and innovative financial channels, instruments and systems are creating new paradigms for financial transaction and forging alternative conduits of capital.

He then pointed out:

The findings are both striking and thought-provoking. First, the user adoption of various cryptocurrencies has really taken of, with billions in market cap and millions of wallets estimated to have been ‘active’ in 2016. Second, the cryptocurrency industry is both globalised and localised, with borderless exchange operations, as well as geographically clustered mining activites. Third, the industry is becoming more fluid, as the lines between exchanges and wallets are increasingly ‘blurred’ and a multitude of cryptocurrencies, not just bitcoin, are now supported by a growing ecosystem, fulfilling an array of functions. Fourth, issues of security and regulatory compliance are likely to remain prevalent for years to come.

Find out more here.