Crypto Asset Management Market

BitGo (US) and Coinbase (US) are leading players in Crypto Asset Management Market

The global crypto asset management market size is expected to grow from USD 94 million in 2018 to USD 207 million by 2023, at a Compound Annual Growth Rate (CAGR) of 17.1% during the forecast period. The major growth drivers for the market include the need for safeguarding cryptocurrency assets, growth in the cryptocurrency market, rising dependence on cryptocurrency, and the proliferation of blockchain technology. However, the lack of regulatory frameworks may restrain the market from growing.

The traditional and emerging market players in the crypto asset management market include Altairian Capital (UK), BitGo (US), Coinbase (US), Crypto Finance AG (Switzerland), Digital Asset Custody Company (US), Exodus Movement, Gemini (US), ICONOMI (SIovenia), itBit (US), Koine Finance (UK), Ledger (France), Metaco SA (Switzerland), Vo1t (UK), and Xapo (US). These players have adopted various strategies, such as partnerships, collaborations, agreements, acquisitions, and new product launches, to achieve the growth in the global crypto asset management market. Partnerships and acquisitions have been the most dominating strategies adopted by these major players from 2016 to 2018, which have helped them to innovate their offerings and broaden their customer base.

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Coinbase is a leading vendor in the crypto asset management market.  The company’s prime investors include Andreessen Horowitz, USV, DFJ Growth, MUFG, BBVA, and USAA. It caters to a broad customer base, which includes WaldenBridgeCapital, Polychain Capital, Autonomous Partner, and Multicon Capital. It has invested in companies, such as Horizon Games, Coinmine, Public Market, and OpenSea. Moreover, it has received USD 100 million in August 2017 from IVP Capital. IVP has invested in approximately 300 companies, out of which, 106 are public companies, and these include Twitter, Slack, Dropbox, Snap, and Netflix. In 2018, Coinbase acquired Distributed Systems, Coinbase Japan, Paradex, Earn.com, Keystone Capital, and Cipher. In October 2018, it opened an office in Dublin, Ireland to expand its operations in Europe.

BitGo is a provider of security platforms for cryptocurrencies, such as Bitcoin, Ethereum, and Ripple and blockchain technologies. BitGo’s business wallet is one of the first wallets to implement dynamic fee management. The company has followed various organic and inorganic growth strategies to place itself in a leading position in providing crypto asset management solutions. In January 2018, BitGo has signed an agreement to acquireKingdom Trust, which holds more than USD 12 billion digital assets. This acquisition was possible due to BitGo’s series B funding of USD 43 million. Moreover, in May 2017, BitGo partnered with Ripple, a provider of blockchain payment gateway, and XRP, a digital asset native to the Ripple Consensus Ledger (RCL). As per this partnership, BitGo offered multi-signature security, advanced treasury management, and additional enterprise functionalities to mutual custom.

Related Reports:

Crypto Asset Management Market by Platform, Deployment Type (On-premises and Cloud), End-user (Institutions (BFSI, Hedge Funds, Brokerage Firms), and Retail and eCommerce), and Region (North America, Europe, APAC, and RoW) - Global Forecast to 2023

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Report Code
TC 6728
RI Published ON
11/2/2018
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