Despite the crypto winter, cryptocurrency users almost doubled in 2018 according to a report by the University of Cambridge. Let’s take a look at what this means to Digitex and the industry as a whole.
Let’s be honest. The cryptocurrency space isn’t for the faint-hearted. This time last year, the markets were flying high. But if you’d invested $100 in bitcoin back then, you’d have a grand total of around $16 today. HODLers and traders alike are getting used to waking up to bad news and there’s no shortage of naysayers preparing their victory dances.
But for those of us like the Digitex community who look beyond the volatility, we see the amazing progress being made. We know that this is a blip on a much larger horizon.
In less than 12 months, Digitex Futures will have gone from an idea to a successfully funded project, to a working futures exchange ready to be put through its paces by 5,000 passionate crypto futures traders.
We’ve had our share of ups and downs, just like all other crypto markets, but DGTX has held its own despite the almost year-long bearish conditions. In fact, when all other major coins were already reporting significant losses, DGTX reached an all-time high in quarter three this year.
Digitex Is Ready to Take on the Futures Market
Despite the odds stacked against us and a fair share of people losing faith in other projects, Digitex is going strong. The Digitex Telegram group continues to grow. It’s now the busiest and most engaged of all groups on the platform.
We’ve amassed a massive 650K+ people on our Early Access Waitlist and our community is one of the closest and most supportive in the industry.
Like all other coins, DGTX lost value over recent weeks, but we’ve held our own at all times, continuously hovering around the top 100-115 coins.
This week, we’re happy to say that we pushed past that Top 100 barrier once again and are now standing 90th in ranking with a rise of almost 25 percent.
Once again, we’ve made CoinMarketCap’s list of biggest gainers. And that’s not the only good news.
Cryptocurrency Usage Is on the Rise
It turns out that it’s not only the Digitex community that’s keeping faith in crypto. Despite the bearish market, cryptocurrency users are a growing number. According to a study by the University of Cambridge Centre for Alternative Finance, the number of verified cryptocurrency users went from 18 million to 35 million in the first three quarters of 2018–almost doubling despite the downward trend.
Bloomberg calls this a clear sign that cryptocurrency enthusiasts are “committed well beyond the HODL rallying call that urged them to hold on during this year’s digital-asset market collapse.”
These figures may be surprising but, at the same time, incredibly encouraging to all crypto stakeholders.
Companies like Digitex can make good on their promises and deliver viable products and high performing tokens, and the number of crypto users can grow–despite the most savage market conditions imaginable. That should be mud in the eye of our critics!
The Crypto Industry Is Maturing
The Cambridge University report highlights plenty of other interesting findings as well as the rise in user numbers. For example, the crypto industry is maturing with cryptocurrency firms working harder to provide more services for their users. Some 57 percent of crypto asset providers now operate over two market segments or more–compared to 31 percent last year.
Support for multiple coins is also expanding at a rapid pace. Just like crypto users, this number has almost doubled, soaring from 47 percent of service providers in 2017 to 84 percent this year. ERC-20 tokens on Ethereum are helping to lead that charge.
The report also found that many crypto companies are starting to self-regulate in the absence of clear guidelines from the jurisdiction in which they operate. This means that companies are taking their own steps toward weeding out bad actors and ensuring a safe experience for their users.
People Working in Crypto Has Also Gone Up
Bad news makes the headlines. There’s something about scandals and hard luck stories that people love to hate. So while the media has been full of talk of falling prices and employee layoffs in crypto, the Cambridge report proves otherwise.
The number of full-time equivalent (FTE) employees grew by 164 percent YOY from 2017, in fact. The highest growth was seen in the exchanges and storage segments. This figure is also accompanied by the findings that the average crypto firm has grown in size and now employs around 20 staff, compared to 15 in 2016.
A Note on Custodial Exchanges
There is an interesting section in the report on custodial exchanges. Currently, some 62 percent of entities still keep control over customer funds–but an astonishing two-thirds of these custodial exchanges have no refund policy in place in the case that these funds are lost or stolen. This highlights the risk of using a custodial exchange to store your crypto.
At Digitex, we’ve never wanted to put our users’ funds at risk. That’s why we’ve always been ahead of the curve working on being a non-custodial exchange with decentralized account balances.
The report points to more than $1.5 billion already stolen in 2018 from exchanges and storage providers. This only confirms that our hybrid exchange approach will only gain in popularity upon launch.
The majority of cryptocurrency users according to the findings are still individuals and not institutions. While the entrance of Bakkt and Nasdaq to the market along with tighter regulation may see institutional involvement in 2019, Digitex already has a wide market to work with.
We’re designed by traders for traders at the individual level–for retail traders and investors who want to make an everyday living.
We couldn’t be happier to see these figures from the Cambridge report and we know that despite a few fluctuations here and there, the industry and legitimate companies in it are moving in the right direction.