Crypto: the platform obtains a license to operate in Hong Kong

With a market capitalization in decline since the beginning of the year, the crypto market is currently not in the best of shape. However, audit, tax and professional services firm KPMG says it is showing signs of growing maturity. Its latest report on the state of the crypto market indicates that the latter still retains a good attractiveness to investors.

Growing Maturity for the Crypto Market Despite Challenging Conditions

The collapse of the main cryptocurrencies inevitably plunged the market into a crisis which will have dampened the momentum of investors who are interested in it. KPMG revealed thus in its report that the current level of investment in the industry is down more than 50% compared to last year. However, there remains higher than all previous years to 2021 and shows encouraging signs for the future. Indeed, the firm says investor sentiment remains strong despite challenging macroeconomic conditions that are also affecting other markets.

For KPMG, this “ highlights the growing maturity of the space and the breadth of technologies and solutions that are attracting investment “. However, the report indicates that several companies in the crypto industry will have to make sacrifices. Director in charge of blockchain and crypto assets at KPMG France, Alexandre Stachchenko believes that they will have to reduce their valuations to continue raising funds. He went on to say that some cryptocurrencies will die out for lack of value proposition and only the best companies will survive the bear market.

Although large investments from venture capitalists have become less frequent, KPMG assures that the crypto sector still attracts them. The firm sees this as signs of growing maturity given the current macroeconomic backdrop and recent issues in the cryptosphere. Despite this rather positive diagnosis, investors are facing a further fall in bitcoin, which has now fallen below $19,000.

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