Demand for Blockchain Market Expected to Grow from US$3 Billion in 2020 to US$40 billion in 2025 -Breaking
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The demand for blockchain market is expected to grow from US$3 billion in 2020 to US$40 million in 2025Huobi Singapore CEO Edward Chen participated in this year’s Singapore Fintech Festival (SFF). He shared his opinions on the potential growth of the global blockchain market over the coming years.
In a speech on “Digital Assets: From Fringe to Mainstream,” Edward provided an overview on the crypto landscape from the 2010s to 2020s and mentioned that the industry has shown significant growth over the years. There are more than 7 million users worldwide1 and over 6000 global coins by 20212, compared with 0.89m users1 in 2013 and only 66 global coins.
According to research, the demand for blockchain and crypto will grow over the coming years. The market value of blockchain technology is expected to increase from US$3B in 2020 to US$39.7B in 2022. Blockchain technology will provide added value to companies (primarily in finance, healthcare, and retail) by US$3.1 Trillion by 2030.
He believes strongly that the factors of regulation, security and price stability play an important part in user adoption. These are industry catalysts that can help digital assets become more mainstream.
“The crypto market has witnessed tremendous growth in 2021, and yet we have seen just the tip of the iceberg. Next year will be a great year for blockchain technology. With new concepts such as Metaverse, Non-Fungible Tokens, DeFi 2.0, and Web 3.0 gaining greater popularity, the industry could see a lot of growth. As one of Singapore’s leading digital assets exchange platforms, Huobi Singapore is excited to be part of this journey. We look forward to working with the local regulators as well as ecosystem partners to elevate Singapore’s status as a digital economy,” said Edward Chen, CEO of Huobi Singapore.
Huobi Singapore, a subsidiary under Huobi Technology Holdings Limited, has already applied for the Major Payment Institution Licence under the Payment Services Act (“PS Act”) from the Monetary Authority of Singapore. While the PS Act application is being reviewed, Huobi Singapore has been granted an exemption. Its digital asset exchange platform was designed to provide users with a secure and safe experience.
Huobi Singapore is also an advocate of Blockchain Education and will take part in an education workshop on Metaverse, organised by Singapore Blockchain Innovation Programme (SBIP), at the beginning of November. Speakers include Professor Yu Jia Ning from Huobi Education (formerly Huobi University), Professor Ooi Beng Chin (Lee Kong Chian Centennial Professor at NUS and Lead Person-in-charge of SBIP), Lakshminarayanan (Lux) Anantharaman (Group Leader – Systems Security, Cybersecurity Department Institute for Infocommunications Research, A*STAR), and Dr Zhu Feida (Associate Professor of Computer Science at SMU).
FinancialNewsMedia.
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