Blockchain.com, an exchange that has actually been around since 2011, has reached a major milestone, reaching over $1 trillion dollars in crypto transactions. What this says for our still nascent industry is that global adoption is absolutely booming, and it is certainly a bullish indicator that shows buying sentiment in 2021 has been unparalleled. The numbers are staggering: in just the last six months, Blockchain.com, through its wallet, has done “ in bitcoin transacted”.
What is even crazier is that “since 2012, those transactions account for nearly a third of all transactions on the public bitcoin blockchain”. The announcement spoke of course to the growing adoption but pointed out that investors worldwide are beginning to realize that “sending value is as easy as sending an email”.
Many times on CNBC you will hear analysts ask what will be the catalyst to driving adoption on the level of an innovation like email, and it is clear that the transmission of information on the blockchain, is just as revolutionary, or much more so, than the transmission of data via email.
According to blockchain.com, the growth has come from retail, institutional, and by the brokerage and exchange. The growth has led to Blockchain.com wallets now in use across the world. They noted that a major driver is actually traditional money managers and asset managers, and this aspect has seen “exponential growth” as crypto is beginning to make a major dent in this area. However, this growth comes at a time when exchanges are under fire from the SEC, especially any that have a lending feature, like Coinbase planned.
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The CFO of blockchain.com Macrina Kgil spoke to the milestone saying: “This milestone isn’t just a monumental feat for us, but for the entire industry – demonstrating the sheer magnitude of interest in crypto across the world”. She mentions that the notion of crypto being financial freedom is becoming known more and more across the world, and blockchain.com has been trying to “accelerate adoption” of crypto for a decade now.
Blockchain.com is now a unicorn company, meaning that they are a startup with valued over $1 billion dollars. Blockchain.com is now valued at a staggering $5.2 billion dollars with over $500 million from venture capital already plugged in. The exchange has over 32 million verified users in over 200 countries. These exchanges are becoming so valuable, that is no surprise that the SEC is trying to get their nose in their business.
The company is trying to make a play with regulators, as just this week they hired a new “Head of US public policy” Ian Mair, who formerly worked with The Internet Law & Policy Foundry which is a law and advocacy group focused on the internet and technology. According to reports, the hiring of Mr Mair is in order to try and strike a deal with UK regulators, who have already cracked down on the likes of Binance.
Beyond excited to announce I’ve joined @blockchain as Head of US Public Policy. Thrilled to work with one of the world’s oldest and most trusted crypto companies alongside veterans and visionaries like @niccary @kasselman @lindsey_haswell (1/2) https://t.co/T9NZmBeDwk
— Ian Mair (@ISDM27) September 14, 2021
Mair called this time in the industry an “inflection point” and that he is ready to hit the ground running. This is true and regulators and the crypto space are finally, actually meeting in the middle to create a pathway forward. When before, it was merely nebulous and ominous notions of total crypto shutdowns, the rubber will finally meet the road.
The good part is, with companies like Blockchain.com, who now has a veritable track record of over $1 trillion transacted, maybe crypto has become ‘too big to fail’. Either way, this milestone is an extremely bullish sentiment that the buying is happening, the money is there, and it’s in crypto.
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