The report captures the pulse of the crypto industry in an unprecedented year.
October 22, 2020 09:00 AM Eastern Daylight Time
NEW YORK–(BUSINESS WIRE)–Digital Currency Group (DCG), a global enterprise that builds, buys, and invests in blockchain companies, today released its latest ‘State of Crypto’ Report, which offers insight into the most salient topics and trends in the blockchain and crypto industry.
As the world’s most active investor in the blockchain industry, DCG is a leading, authoritative voice for developments in the space. The firm conducts a semi-annual ‘State of Crypto’ survey of its over 150 portfolio companies’ executives to quantify sentiment and provide qualitative analysis of operational trends in the crypto community.
“2020 has been turbulent for everyone, but for the crypto industry, it will be remembered as a defining opportunity”
The latest report captures survey data from 3Q2020 and reflects on the industry’s performance through the COVID-19 pandemic.
Highlights of the report include:
- The industry has outperformed in 2020: 75% of DCG’s portfolio company founders believe the value of their business has increased in 2020, and 50% reported outperforming start-of-year projections.
- Consolidation expected to accelerate: A majority of survey respondents expect industry consolidation to accelerate in the near term, particularly in the exchange and wallets & custody spaces.
- Positive crypto adoption trends: Executives foresee a global recession, “hunt for yield”, and inflation as a perfect storm of crypto adoption drivers. Sentiment is nearly unanimous that a first major crypto company IPO would be a positive development for the industry.
- Crypto companies are hiring: Collectively, DCG executives forecast a more than 35% increase in team headcount in 2020.
- More bullish on DeFi than on its current technical underpinning, Ethereum: Respondents identified the rise of DeFi as the most bullish crypto development of the year, but were split on Ethereum’s future dominance.
“2020 has been turbulent for everyone, but for the crypto industry, it will be remembered as a defining opportunity,” said Casey Taylor, VP of Network & Development at DCG. “The industry is not only intact, but saw validation and strong growth.”
DCG’s ‘State of Crypto’ report is intended to be a reliable source of benchmark data and ongoing reference information for both the crypto community and observers. The 1Q2020 report, capturing survey data from immediately before the COVID-19 crisis, can be accessed here.
About DCG
Founded in 2015 by Barry Silbert, Digital Currency Group is a global enterprise that builds, buys, and invests in blockchain companies all over the world. As the most active investor in the blockchain space, DCG sits at the epicenter of the blockchain industry, backing more than 160 companies in 30+ countries. In addition to its investment portfolio, DCG is the parent company of Grayscale Investments, Genesis, CoinDesk, Foundry, and Luno.
DCG is based in New York City. For more information, please visit dcg.co.
Contacts
Samantha Bohbot
[email protected]
DISCLAIMER: The text of this article is the sole responsibility of its authors. No investment advice is provided. CryptoPress has not used or endorsed the services described.
© 2024 Cryptopress. For informational purposes only, not offered as advice of any kind.
