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Resilience of Cryptocurrencies Expected in 2022 as Asia-Pacific Market Is Believed to Remain Dominant

CryptocurrencyJan 17, 2022 03:01AM ET
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Resilience of Cryptocurrencies Expected in 2022 as Asia-Pacific Market Is Believed to Remain Dominant

Cryptocurrency is known as virtual currency. It is a form of currency that exists digitally only and has no central issuing or regulating authority above. It uses blockchain technology to authenticate the transactions. Blockchain is a decentralized technology spread across many computers that manages and records transactions. Furthermore, it does not rely on banks to verify the transactions but is used as peer-to-peer system that enable users to send and receive payments from anywhere in the world. A report from Allied Market Research said: “Increase in need for operational efficiency and transparency in financial payment systems, rise in demand for remittances in developing countries, increase in data security, and improved market cap are the major factors that drive the growth of the global cryptocurrency market. Moreover, high implementation cost and lack of awareness of cryptocurrency among the people in developing nations hamper the cryptocurrency market growth. Furthermore, increase in demand for cryptocurrency among banks, and financial institutions and untapped potential on emerging economies are expected to provide lucrative opportunity for the market expansion during the forecast period. The hardware segment acquired major cryptocurrency market share owing to rise in need for upgrading the performance of the software and to enhance the efficiency of financial payment tools. However, the software segment is expected to grow at the highest rate during the cryptocurrency market forecast period, as it facilitates to manage the massive volume of data being generated for meaningful insights and better-informed decisions.” Active Companies in the markets today include The OLB Group, Inc. (NASDAQ: OLB), Riot Blockchain (NASDAQ:RIOT), Inc. (NASDAQ: RIOT), Marathon Digital Holdings, Inc. (NASDAQ:MARA), CleanSpark Inc. (NASDAQ: CLSK), HIVE Blockchain Technologies (NASDAQ:HIVE) Ltd. (NASDAQ: HIVE) (TSXV: HIVE).

Allied Market Research concluded: “By region, the cryptocurrency market was dominated by Asia-Pacific in 2020, and is expected to retain its position during the forecast period. Owing to increase in number of Bitcoin exchange across Asia, which bring a certain healthy competition and maturity to the cryptocurrency industry. Chinese banks are hiring blockchain experts as the government pushes the use of the technology behind bitcoin to increase transparency and combat fraud in its financial sector. These factors drive growth of the cryptocurrency market in the region. The cryptocurrency market is expected to witness promising growth in the coming years, owing to improved data transparency and independency across payments in banks, financial services, insurance, and various other business sectors. The use of crypto currency across banking industries provides various benefits such as sending and receiving payment transparently and storing customers detail information securely for next purpose.”

The OLB Group, Inc. (NASDAQ: OLB) BREAKING NEWS: OLB GROUP Anticipates Start of Delivery of Additional 400 ANTMINER S19J PRO Cryptocurrency Machines This Month – The OLB Group, Inc., a diversified eCommerce merchant services provider and Bitcoin mining enterprise, announced today that DMint, Inc., a wholly-owned subsidiary of OLB (“DMint”), expects to take delivery of the first of four hundred (400) additional Antminer S19j PRO Bitcoin mining machines this month. The order was paid in advance in November, 2021.

DMint expects to be generating approximately $1 million in increased monthly revenue (assuming an average Bitcoin price of $42,000) once all 1,000 mining machines are deployed and operating.

"Upon delivery, these 400 Antminers will bring our total cryptocurrency machine count to 1,000. We expect to be periodically ordering additional machines on an ongoing basis as we finance the required capital investment through debt financing," said Ronny Yakov, Chairman and CEO of the OLB Group.

OLB provides merchants with omnicommerce services including leading-edge crypto commerce capabilities, eCommerce, back office operations, and payment acceptance online, in store, and on mobile devices. Merchants utilizing OLB’s OmniSoft Business Management platform can transact with customers through digital wallets, cryptocurrency wallets, and traditional card-based payment. OLB expects to leverage DMint mining operations to power expanded crypto commerce services including financing, lending, and fundraising for small and medium sized businesses.

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Resilience of Cryptocurrencies Expected in 2022 as Asia-Pacific Market Is Believed to Remain Dominant
 

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