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by Aubrey Hansen
Regardless of what the headlines say or what your personal feelings about cryptography are, 2018 has been an exceptional year on some fronts for blockchain and crypto, especially with regard to adoption, Fintech and Regulation.
It has not been an easy year in the blockchain and cryptographic space. After the highs of December 2017 and January 2018 up to the current market conditions on the downside, many people in the community feel pessimistic, at best, about the future of the crypt. This is repeated in the press, with titles that suggest the death of industry or wondering if the cryptic winter will never leave room for a warmer and brighter spring.
The adoption of Crypto, however, is at its highest level ever. The data published by the Cambridge Center for Alternative Finance of this year indicate that at the end of 2017 there were 18 million users encrypted, a figure that almost doubled in 2018 to 35 million users.
Wirex, a digital money platform that allows you to convert and spend your encrypted and fiat currencies, has recently announced that it has exceeded two million users. A partnership between Manticora Capital and Pundi X has seen encrypted users being able to spend their cryptography in about 1,000 stores in Colombia.
In Australia, a partnership between the Cointree exchange and the payment provider GoBill allows residents to pay their domestic bills with a series of cryptocurrencies, while Brisbane Airport has become the first airport in the world to allow payments in Bitcoin in association with TravelByBit.
In another sign of global adoption, it was recently announced that there are now 55 million unique Ethereum addresses. Interestingly, this figure exceeded the total number of unique Bitcoin addresses.
The development and investment status of fintech
At the start of 2018, there was the feeling that banks and financial sector figures were not sure of the blockchain.
However, despite the naysaying, 2018 may be the best year for the development and investment of fintech. According to a mid-year study published by KPMG, "In the first six months of 2018, global investment in fintech was exceptional, driven in part by two huge deals: the $ 12.9 acquisition of WorldPay billion from Vantiv and venture capital of $ 14 billion (Funding of funds raised by Ant Financial. Financing to date have already exceeded the total amount of Fintech loans seen in 2017 and is at a good pace to overcome the peak of 2015 ".
According to the same study, VC's investment in fintech blockchain projects in the United States in the first half of 2018 was far higher than all of 2017. These numbers are partly due to over $ 100 million invested in Circle Internet Finance and Paxos & # 39; Series B re-launches. The report cites "the widespread applicability of blockchain to help take advantage of the efficiencies within financial institutions" as the main driving force behind growth in investment and industry. Even if they are not the statistics of the whole year, these figures suggest a positive trend.
Has this year been an exceptional year for challenger banks like Revolut and N26, with both companies having received investments to drive their expansion? even if they are not based on blockchain.
Traditional banks have also started the process of adopting the blockchain. Recently, Santander became the first UK-based bank to use blockchain technology and Barclays recently applied for twin blockchain patents to simplify settlement between accounts.
Industry regulation
There is a lot of positivity on the regulatory front. Malta cemented its place as the first "Blockchain Island" in July 2018 when it approved three cryptocurrencies and blockchain bills designed to provide companies with the tools they need to operate and thrive in a regulated environment. The three laws have made Malta the first country in the world to formally provide a series of official regulations for commercial operators within the crypto and blockchain space.
In addition, many European countries such as Estonia and Liechtenstein are already crypto-compatible and some of the EU institutions can look for ways to introduce a uniform set of appropriate regulations in all Member States.
So, at a minimum, there has been greater adoption, companies like Wirex and Pundi X that have facilitated the use of cryptography to pay for goods and services, massive investments in Fintech based on blockchain, traditional banks that use blockchain technology to optimize their products and services and the introduction of sensible crypto rules.
When you look closer, there seems to be a very positive encrypted story that starts to emerge from 2018, which makes the prospects for 2019 quite interesting.
