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Best Cryptocurrency Custody Statistics
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- Bitcoin makes up 63.8% of crypto’s market value. [0]
- The top 10 digital assets make up around 88% of crypto’s market value. [0]
- A wave of institutional adoption has hit the bitcoin market this week, pushing prices higher by 22%. [1]
- According to CoinGecko, by the end of December 2020, DeFi had already locked 19.8 billion USDâ23% of Ethereumâs total market capitalization. [2]
- This exponential boom eclipses the 70% increase from the start of 2019, when the DeFi market cap was only $1.0 billion, to the beginning of 2020. [2]
Cryptocurrency Custody Adoption Statistics
- A wave of institutional adoption has hit the bitcoin market this week, pushing prices higher by 22%. [1]
Cryptocurrency Custody Latest Statistics
- 2021 Estimated Year 2024 Forecast Period 2024 2029 Key Points Profiled in the Global Cryptocurrency Custody Software Market Industry Report. [3]
- An estimated 23 million entities hold bitcoin. [0]
- 48% of all token sales were based in the US, followed by 12.78% in Singapore and 10.5% in the UK. [0]
- The majority of ICO tokens are down by more than 95% since their all. [0]
- In 2019, $2.9 billion was spent on blockchain technology. [0]
- Global spending on blockchain tech is expected to grow from 1.5 billion in 2018 to an estimated 15.9 billion by 2024. [0]
- There are 4,504 Blockchain startups globally. [0]
- There are 1,130 blockchain angel investors. [0]
- A Cornerstone Advisors survey of senior bank and credit union executives found that eight in 10 financial institutions have no interest in offering cryptocurrency investing services to their customersâand just 2% said they were âveryâ interested. [4]
- According to a December 2020 survey of 3,898 US consumers from Cornerstone Advisors 15% of US consumers own Bitcoin or some other form of cryptocurrency. [4]
- With the run up in the price of Bitcoin since the end of 2020, that percentage is certainly higher today. [4]
- At the time of the survey, 17% of consumers said they planned to invest in cryptocurrency in 2021. [4]
- 60% of crypto owners would use their bank to invest in cryptocurrencies. [4]
- Among consumers who already hold cryptocurrencies, 60% said theyâd definitely use their bank if it offered them the opportunity to invest in cryptocurrenciesâand another 32% said they might do so. [4]
- Just 4% of current crypto owners said they wouldnât use their bank to invest in crypto because they wouldnât switch from the exchange theyâre currently using. [4]
- 68% of crypto owners are very interested in Bitcoin based debit or credit card rewards. [4]
- The 2% of institutions with an interest in providing crypto related services are, for the most part, larger institutions. [4]
- According to a senior executive from a top 10 bank âEvery major bank is actively in RFPs with the major custody platforms. [4]
- In late 2020, Quontic Bank launched aBitcoin Rewardschecking account which pays account holders 1.5% in Bitcoin on purchases made with the accountâs debit card. [4]
- Available to download in PNG, PDF, XLS format 33% off until Jun 30th. [5]
- As of the end of June, $1.6 billion in cryptocurrency had been stolen from clients, according to CoinDeskâs 2018 State of Blockchain Report. [6]
- Bitcoin is down more than 50 percent this year and has yet to get back to its all time high near $20,000. [6]
- In 2019, the Ponzi scheme PlusToken netted $2.9 billion with its exit scamâ 64% of the yearâs major crime volume. [2]
- 2020 saw WoToken, a similar scheme operated by some of the same people as PlusToken, defraud investors out of $1.1 billion in its exit scamâ58% of 2020âs major crime volume. [2]
- While major fraud volume saw a significant decrease, it still made up 73% of 2020âs crime total. [2]
- While 2020 did see a large $281 million hack of cryptocurrency exchange KuCoin, the exchange claims to have already recovered 84% of the stolen fundsâsomething almost unheard of in previous years. [2]
- Half of all 2020 crypto hacks were of DeFi protocolsâa pattern that was virtually negligible in all prior yearsâand nearly 99% of major fraud volume in the second half of 2020. [2]
- It is likely that these rulesâor something close to themâwill take effect in the first half of 2021, creating significant new crypto compliance requirements and dramatically increasing the sense of urgency felt by banks and VASPs to file crypto CTRs and SARs. [2]
- 2020 crypto crime was down 57% from 2019,dropping from $4.5 billion to $1.9 billion in 2020. [2]
- 84% of the bitcoin moved in exchangetoexchange transactions was moved cross. [2]
- Fortyone percent of the total crossborder BTC volume sent from US VASPs went to VASPs with demonstrably weak KYC; 50% of cross border volume received by US VASPs is from exchanges with demonstrably weak KYC. [2]
- Fifty two percent of BTC payment volume was sent to exchanges in 2020; 40% sent to private wallets. [2]
- The US leads the world in receiving bitcoin, with 19.3% of BTC sent to exchanges globally received by US. [2]
- The percentage of global BTC volume sent to highrisk exchanges was at an all time low, with a 59% drop from 2019. [2]
- Cryptocurrency, with its similar characteristics, may likewise struggle to ever completely shake its bad reputation, despite illicit transactions making up less than 0.5% of Bitcoinâs yearly volume in 2020. [2]
- This figure equates to more than a 1000% increase from the $1.7 billion held in DeFi at the start of 2020. [2]
- Altogether, over 50% of all 2020 thefts were DeFi hacks, equating to about $129 millionâa little over 25% of the hacked volume for the year. [2]
- In the second half of 2020, nearly 99% of major fraud and misappropriations volume stemmed from DeFi protocols performing rug pulls and exit scams. [2]
- This trend is likely to continue into 2021 without proper audits of smart contracts, continued education of investors, and relevant regulations on these new risk vectors. [2]
- In 2020, 70% of US Exchangesâ outgoing bitcoin volume was sent to unhosted wallets; 52.1% of incoming BTC volume came from unhosted wallets. [2]
- By comparison, only about 26.5% of the outgoing BTC volume sent by US exchanges went to other exchanges, and about 42.6% of incoming BTC volume came from other exchanges. [2]
- Instead of using exchanges, criminals will likely move towards unregistered P2P exchanges to keep off the radar. [2]
- According to CipherTrace data, US VASPs would have had to have sent over 34,000 messages during the month of October 2020 in order to comply with the current US Travel Rule threshold of $3,000. [2]
- Over 27,000 of these messagesâaround 78%âwould have been cross border in nature, meaning the sending or receiving VASP was domiciled outside of the United States. [2]
- At this lower threshold, cross border transactions make up 83% of all travel rule triggers for US VASPs. [2]
- In 2020, cross border bitcoin transactions constituted 84% of all VASP outflow volume globally. [2]
- Over onethirdâ36%âof this cross border BTC volume went to VASPs with weak or porous KYC procedures. [2]
- A deeper look into the inflows and outflows of VASPs by jurisdiction revealed that 98% of the outgoing BTC volume from US VASPs is from exchanges with strong KYC procedures. [2]
- When analyzing US VASPs outbound transaction volume for 2020, CipherTrace researchers found that 24% of the BTC volume sent to Virtual Asset Service Providers went to VASPs with weak or porous KYC. [2]
- Of the 24% of outgoing exchangetoexchange volume, 98% was cross. [2]
- Comparatively, only 44% of the outgoing exchangetoexchange volume to exchanges with strong KYC was cross. [2]
- CipherTrace found that 58% of the exchangetoexchange BTC volume was crossborder, with 41% of the total cross border volume being sent to VASPs with weak or porous KYC.â. [2]
- In total, when looking at the outflows of US VASPS, CipherTrace found that 58% of the exchangetoexchange BTC volume was crossborder, with 41% of the total cross border volume being sent to VASPs with weak or porous KYC. [2]
- Inversely, when looking at the inflows of US VASPs, 74% of their inbound exchangetoexchange BTC volume was cross. [2]
- Of this cross border volume, 50% originated from crypto exchanges with weak or porous KYC practices. [2]
- When looking at the outflows of South Koreandomiciled VASPS, CipherTrace found that 63% of the exchangetoexchange BTC volume was crossborder, with 53% of the total cross border volume being sent to VASPs with demonstrably weak KYC. [2]
- When looking at the outflows of Seychellesdomiciled VASPS, CipherTrace found that 96% of the exchangetoexchange BTC volume was crossborder, with 51% of the total cross border volume being sent to VASPs with demonstrably weak KYC. [2]
- When looking at the outflows of Singaporedomiciled VASPS, CipherTrace found that 98% of the exchangetoexchange BTC volume was crossborder, with 49% of the total cross border volume being sent to VASPs with demonstrably weak KYC. [2]
- When looking at the outflows of Russian VASPS, CipherTrace found that 98% of the exchangetoexchange BTC volume was crossborder, with 49% of the total cross border volume being sent to VASPs with demonstrably weak KYC. [2]
- Over halfâ52.3%âof BTC payment and transfer transaction volume was sent to exchanges in 2020; 40% of payment volume was sent to private wallets. [2]
- However, while the overall global percentage of BTC volume received by exchanges appears to be dropping, the actual amount of BTC sent to exchanges has increased between 2019 and 2020 by more than 6.3 million BTC, worth roughly $150 billion. [2]
- US based exchanges received the most, at 10% of all BTC volume globallyâor 19% of all BTC volume received by exchanges. [2]
- 2020 saw a 59% drop in the percentage of global BTC volume received by high. [2]
- Garlinghouse later adds that âmore than 90% of RippleNet customers are out of the United States.â. [2]
- According to the German newspaper Der Spiegel, movie2k.to was one of the largest platforms for the sharing of pirated movies. [2]
- According to his plea agreement, Mohammad offered inperson bitcoinfor cash exchange services, in amounts up to $25,000. [2]
- According to the settlement, without admitting or denying the allegations, the defendants agreed to return more than $1.2 billion to investors and to pay an $18.5 million civil penalty. [2]
- The South Korean Ponzi scheme was advertised as a high yield investment for crypto traders, with the company claiming investors would achieve 9% to 18% monthly returns. [2]
- According to Li, the group advertised a blockchain smart contract that supposedly generated Huobi Tokens that could yield an arbitrage opportunity with a return of 8%. [2]
- However, since then, the value of XEM tokens has dropped by 93%. [2]
- The original sum is now estimated to be worth around $39 million. [2]
- As a result of these large rackets, fraud made up 73% of 2020âs total crime volume. [2]
- According to Decrypt, âover 1,000 Twitter staff and even outside contractors had access to the platformâs so called âGod Modeâ administrative panel. [2]
- However, after the attack was exposed, the price of Nexus Mutual wrapped tokens dropped 14% on the cryptocurrency exchange Huobi. [2]
- According to the public hearing, this Ponzi scheme was active from July 2018 to October 2019 and had 715,249 registered users. [2]
- On December 21, EXMO alerted users of suspicious withdrawal activity and the compromise of nearly 5% of total assets on their hot wallets. [2]
- On November 27, there was a 51% attack on BCHA. [2]
- A miner known as voluntarism.dev implied that they have chained the coinbase rule so all miners would need to send at least 100% of block rewards to the IFP address. [2]
- On November 8, GRiNâthe Mimblewimble based blockchainâsuffered a 51% attack. [2]
- The single attacking miner at the time of the event controlled 58.1% of the network. [2]
- On August 29, ETC underwent another 51% attack which caused a reorganization of over 7,000 blocks, corresponding to roughly two days of mining. [2]
- On July 10, hackers attempted a 51% attack on the BitcoinGoldnetwork. [2]
- On January 23, BitcoinGold was 51% attacked. [2]
- According to the report, out of the 54 responding FATF and FATF Style Regional Body. [2]
- According to the Financial Conduct Authorityâs crypto money laundering regulations, existing businesses had until June 30, 2020, to register with the and apply for priority review of their business. [2]
- Undeclared traders will face an additional 20% tax bill on undisclosed trades. [2]
- Itâs estimated the review will be completed around November of 2021. [2]
- According to US Army Memo A July 2020 US Army report on North Korean tactics revealed information on the hermit kingdomâs infamous network of government. [2]
- According to the report, the DPRK has more than 6,000 hackers stationed in countries all over the world, including Belarus, China, India, Malaysia and Russia. [2]
- According to the Treasury press release, Tian and Li received approximately $100.5 million worth of stolen crypto from North Korean controlled accounts. [2]
- 10% of all cryptocurrency is stored on the technology of these 8 crypto custody tech providers / custodians. [7]
- As of Tuesday, Gemini’s 24 hour trade volumes had eclipsed $381 million, putting it in the 13th spot, according to Messari. [8]
- At the time of writing, the crypto economy is worth $2.3 trillion and 7.10% of the aggregate or $168 billion is made up of stablecoins. [9]
- All 13 exchanges hold approximately 165.25 billion in crypto assets on January 2, 2024, which equates to 6.98% of the $2.3 trillion crypto economy. [9]
- The Bitcoin Trust has 3.086% of the 21 million capped bitcoin supply. [9]
- In 2017 in the US alone, 1,579 data breaches were recordedâa 50% growth compared to the previous year. [10]
- However, the situation is likely to change, and traditional players, such as Fidelity which has announced the launch of a crypto custody service for March 2019, are likely to enter the space sooner than later. [10]
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Reference
- blocksocial – https://www.blocksocial.com/50-cryptocurrency-statistics-and-facts/.
- coindesk – https://www.coindesk.com/markets/2021/02/11/bitcoin-hits-new-all-time-high-as-bny-mellon-announces-crypto-custody/.
- ciphertrace – https://ciphertrace.com/2020-year-end-cryptocurrency-crime-and-anti-money-laundering-report/.
- marketwatch – https://www.marketwatch.com/press-release/cryptocurrency-custody-software-market-speed-utilization-region-application-trend-statistics-view-size-output-forces-review-consumption-capacity-outlook-2024-2029-2024-04-14.
- forbes – https://www.forbes.com/sites/ronshevlin/2021/04/19/the-coming-bank-bitcoin-boom-americans-want-cryptocurrency-from-their-banks/.
- statista – https://www.statista.com/statistics/1301597/coincheck-client-assets/.
- cnbc – https://www.cnbc.com/2018/10/15/fidelity-launches-trade-execution-and-custody-for-cryptocurrencies.html.
- blockdata – https://www.blockdata.tech/blog/general/crypto-custody-providers-compared-2021.
- cointelegraph – https://cointelegraph.com/news/gemini-exchange-s-crypto-custody-doubled-since-january-reaching-25b.
- bitcoin – https://news.bitcoin.com/13-crypto-exchanges-custody-7-of-the-crypto-economy-coinbase-dominates-with-56-2b-aum/.
- bnymellon – https://www.bnymellon.com/us/en/insights/all-insights/cryptocurrencies-custody-and-third-party-access.html.
How Useful is Cryptocurrency Custody
One of the primary benefits of cryptocurrency custody is the enhanced security it offers. With the rise in cyber threats and hacking attempts targeting digital assets, having a secure storage solution is crucial. Custody services typically utilize advanced security measures such as multi-signature wallets, cold storage, and encryption techniques to safeguard assets from potential risks. These security features make it significantly harder for hackers to access and steal cryptocurrencies, providing users with much-needed peace of mind.
Furthermore, cryptocurrency custody helps to mitigate the risks associated with self-custody. Many individuals who hold cryptocurrencies choose to store them in personal wallets, which can be susceptible to theft, loss, or human error. By shifting the responsibility of safekeeping to a professional custody service, users can minimize the likelihood of experiencing such risks. Custody providers have robust procedures in place to protect assets and prevent unauthorized access, reducing the chances of potential mishaps.
In addition to security, cryptocurrency custody offers convenience and peace of mind. Managing and safeguarding digital assets can be a complex and daunting task, particularly for beginners or inexperienced users. Custody services simplify this process by handling all aspects of storage and security on behalf of their clients. This allows users to focus on their investment strategies and financial goals without needing to worry about the technicalities of managing cryptocurrencies securely.
Moreover, cryptocurrency custody appeals to institutional investors looking to enter the digital asset space. With regulatory standards and compliance requirements becoming more stringent, institutional investors seek custodial solutions that comply with industry regulations and offer professional-grade services. Custody providers that adhere to regulatory guidelines and offer institutional-grade security measures attract the interest of institutional investors, paving the way for broader adoption of cryptocurrencies within the traditional financial sector.
On the flip side, some critics argue that cryptocurrency custody deviates from the decentralized ethos of blockchain technology. By entrusting third parties to store and manage digital assets, users sacrifice a degree of control and ownership over their cryptocurrencies. This raises concerns about the counterparty risks associated with custody services and the potential for centralized points of failure in the cryptocurrency ecosystem. However, proponents argue that the convenience and security benefits offered by custody services outweigh these concerns, making them an essential component of the evolving cryptocurrency landscape.
In conclusion, cryptocurrency custody plays a pivotal role in enhancing the security, convenience, and credibility of digital assets. As the adoption of cryptocurrencies continues to expand, the demand for reliable custody solutions will only increase. By providing institutional-grade security measures, regulatory compliance, and user-friendly services, custody providers serve as a critical bridge between the traditional financial world and the innovative realm of blockchain technology. In this way, cryptocurrency custody contributes to the maturation and mainstream acceptance of cryptocurrencies as a legitimate asset class.
In Conclusion
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