Recently, the Cambridge Centre for Alternative Finance (CCAF) published its third edition of the Global Cryptoasset Benchmarking Study, analyzing data from 280 cryptoasset firms across 50+ countries. Below are the key findings:
Key Insights from the 2020 Benchmark Report
User Growth:
- Crypto platforms reached 101 million unique users by Q3 2020, with 191 million trading accounts—a sharp rise from 35 million verified users in 2018.
Institutional Adoption:
- 30% of users on North American/European platforms are businesses or institutions, compared to just 16% in Asia-Pacific and 10% in Latin America.
Regulatory Compliance:
- The share of crypto firms with zero KYC checks dropped from 48% (2018) to 13% (2020), driven by global AML/KYC standardization (e.g., FATF guidelines).
Employment Trends:
- Full-time employee growth slowed to 21% YoY in 2019 post-2017 market hype.
Sustainable Mining:
- 39% of proof-of-work mining relies on renewable energy (primarily hydroelectric), as miners prioritize low-cost power solutions.
Stablecoin Surge:
- Tether support grew from 4% to 32% of providers (2018–2020), while non-Tether stablecoin adoption jumped from 11% to 55%.
Off-Chain Dominance:
- Fiat-to-crypto trades continue to lead off-chain transactions, reflecting user interactions with service providers for ecosystem entry/exit.
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FAQs
Q1: What’s driving institutional interest in cryptoassets?
A: Regulatory clarity and infrastructure maturation (e.g., custody solutions) have boosted institutional participation, particularly in regulated markets like North America.
Q2: How does renewable energy impact mining profitability?
A: Lower electricity costs from renewables (e.g., hydropower in Sichuan) directly reduce operational expenses, enhancing miners’ margins.
Q3: Why are stablecoins gaining traction?
A: They offer price stability for trading/transfers, with Tether (USDT) and alternatives like USDC becoming liquidity hubs across exchanges.
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Source: CCAF, University of Cambridge. Report methodology included surveys and verified operational data from global crypto service providers.