Crypto

Crypto.com’s 2022 Report Notes Global Crypto Ownership Grows 39% Despite ‘Winter’

Owners of Ethereum (ETH) grew by 263% from 24 million in January to 87 million in December, representing 20% ​​of global owners.

Crypto.com has released its 2022 Crypto Market Size Report, which provides insight into the real dynamics within the digital asset market.

The main takeaway from the report is that global crypto owners grew by 39% in 2022, from 306 million in January to 425 million in December despite macro headwinds namely high inflation, conflict in Europe , supply chain disruptions and the lingering effects of the COVID-19 pandemic.

As for the best crypto assets in the market:

  • Bitcoin (BTC) owners increased by 20% from 183 million in January to 219 million in December, accounting for 52% of global owners;
  • Owners of Ethereum (ETH) grew by 263% from 24 million in January to 87 million in December, representing 20% ​​of global owners.

For Bitcoin, the strongest growth in 2022 occurred in April when the Central African Republic became the second country to adopt BTC as legal tender after EI Salvador and Goldman Sachs offered its first BTC-backed loan, showing strong new signs of increased interest in crypto from Wall Street establishments.

Crypto.com further explained that the main catalyst for Ethereum’s high adoption growth rate – ETH owners grew by 263% compared to BTC owners who grew by 20% – was The Merge: a highly anticipated event that marked the completion of the network’s transition from a proof-of-work to a proof-of-stake consensus algorithm.

The growing adoption of Ethereum in 2022 was also due to interest from institutional investors and the popularity of liquid ETH staking.

Crypto.com lays off 1,000 people and withdraws Tether (USDT) in Canada

Although Bitcoin and Ethereum had a positive week in terms of market prices, the FTX contagion is spreading and claiming another victim. Genesis, a subsidiary of Digital Currency Group, has filed for Chapter 11 bankruptcy.

Amid the “crypto winter,” digital asset exchanges announced layoffs. This is the case of Crypto.com, which plans to lay off 20% of its workforce, or nearly 1,000 people, in order to adapt to current market conditions, CEO Kris Marszalek said in a tweet on Friday.

Employees have been told that the company is looking to cut spending and focus on more promising ventures amid a cold crypto winter. Marszalek said several factors played into his decision to downsize. Despite maintaining a strong balance sheet, he claims, Crypto.com has had to deal with economic headwinds and unpredictable industry events. He explains that they had ambitious growth in early 2022, aligning with the wider industry, but the trajectory has now changed with a confluence of negative developments.

Crypto.com also made headlines after announcing to its Canadian customers that it would delist Tether stablecoin (USDT) trading, transactions, deposits and withdrawals by the end of this week. month.

The delisting of the world’s largest and most liquid stablecoin comes as the Ontario Securities Commission (OSC) banned crypto exchanges operating in the region from touching Tether (USDT). The decision dates back to 2021, when the stablecoin was deeply linked to alleged market manipulation, and it was the only digital asset banned in the country.

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