3rd Global Cryptoasset Benchmarking Study

• DOI: 10.2139/ssrn.3700822
• Publication Date: 2020-11-17T03:02:25Z
• Authors: Apolline Blandin; Gina C. Pieters; Yue Wu; Anton Dek; Thomas Eisermann; Damaris Njoki; Sean Taylor
• Keywords: Benchmarking

This report reviews the impact of significant changes in industry since publication 2nd Global Cryptoasset Benchmarking Study 2018. It provides novel insights into state cryptoasset industry, having gathered data from 280 companies 59 countries and across four main market segments – exchanges, payments, custody mining.Highlights report- Full-time equivalent (FTE) employee growth slowed considerably following late-2017 frenzy. Respondents all segments, reported year-on-year 21 per cent 2019, down 57 2018.- The survey findings estimate that on average 39 proof-of-work mining is powered by renewable energy, primarily hydroelectric energy. Understanding energy source important because electricity costs account for majority hashers' operational expenditures albeit with some variability world regions hashers have long competed accessing cheapest source.- Aligned 2018 findings, new shows off-chain transactions, both terms volumes numbers, continue to be dominated fiat-cryptoasset trades (and vice-versa), meaning users interact service providers, such as enter leave ecosystem.- Stablecoins are becoming increasingly available. share providers supporting Tether grew 32 between 2020, compared 11 55 support non-Tether stablecoins. aligned rising value transactions denominated stablecoins.- Service operationally headquartered North America Europe indicate business institutional clients make up 30 their customers. figure much lower APAC Latin American firms at 16 10 respectively.- cryptoasset-only did not conduct any KYC checks dropped 48 13 most likely resulting progressive harmonisation KYC/AML standards jurisdictions, initiated Financial Action Task Force (FATF). inclusion exclusively cryptoassets featured FATF's updated recommendations believed spurred greater compliance among this group firms. However, should interpreted these fully compliant only applied a subset consumers.