725 deals in the cryptocurrency industry were successfully completed in the first half of this year. According to a recent KPMG report, the industry has received investments totaling $14.2 billion (roughly Rs. 1,13,500 crore) so far in 2022. The company is a well-known risk, financial, and business advisory provider in India. According to its recent findings, the German cryptocurrency trading platform Trade Republic emerged as the industry's largest investor, injecting $1.1 billion (roughly Rs. 8,800 crore).
The second-largest investor in digital assets, Fireblocks' digital asset custody platform invested $550 million (roughly Rs. 4,400 crore), placing it among the top four investors in cryptocurrency projects.
According to KPMG's findings, FTX cryptocurrency exchange and Ethereum software company ConsenSys took third and fourth place with investments of $500 million (roughly Rs. 4,000 crore) and $450 million (roughly Rs. 3,600 crore).
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In the first half of 2022 alone, crypto-centric investment figures have doubled all years prior to 2021, according to the report.
The report stated that "(this) highlights the increasing maturity of the space and the breadth of technologies and solutions attracting investment."
The release of KPMG's report coincides with claims made by US intellectual property lawyer Mike Kondoulis that the blockchain industry has experienced significant growth. As of August 31, the US had received over 3,600 trademark applications related to the industries of cryptocurrencies, Web3, metaverse, and non-fungible tokens (NFTs). 3,516 trademark applications were filed in relation to these industries in total in 2021.
Despite the advancements, KPMG has issued a warning that the crypto industry is about to experience a downturn.
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The crypto industry will experience negative effects in the foreseeable future due to the impending political recession, the inflationary state of the economy, and increases in interest rates, among other factors.
The crypto industry's total market cap is currently below the trillion dollar threshold. According to CoinMarketCap, the total value of cryptocurrencies is currently $939 billion (roughly Rs. 75,03,800 crore), surpassing the previous record of $3 trillion (roughly Rs. 2,39,72,100 crore) set in 2017.
In contrast, KPMG anticipates that investment activities focused on cryptocurrencies will accelerate, particularly in Africa.
The Nigerian government and the Binance cryptocurrency exchange are currently in discussions to create a special economic zone focused on cryptocurrencies that would serve as an incubator for startups and businesses in the sector.
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