Crypto‘s success in capturing an increasing amount of retail and institutional attention has done well for adoption, according to the Head of crypto startup StormX.
Specifically, the crypto sphere has reportedly undergone numerous ups-and-downs, bullish and bearish every since the 2009 inception in the sector.
While the 2017 initial coin offering and a surging Bitcoin (BTC) price have been the talk of the town, the stage lights of 2021 are shining on decentralized finance (DeFi) and nonfungible tokens (NFTs).
“Cryptocurrencies have been growing steadily in popularity over the years, but 2017 left a bitter taste in a lot of people’s mouths when the market took a swift downturn. But fast forward to 2021 and it’s clear to see times have changed.” Head of StormX, Simon Yu, reportedly remarked.
Per the CEO, integrating crypto into a wide range of characteristics of the real world has helped generate additional growing space, as well as reinforcing its definition of not just an asset, but rather a viable alternative financial system to fiat currency, and is reeling in increasing interest from the general audience.
“No longer are companies popping up with arbitrary use cases, but they are instead now thriving by adding benefits to consumers’ lives outside of the cryptocurrency realm. This all comes at a time, amidst a global pandemic, where people have had time to assess their finances, and now seek alternative routes to not only invest money but also make money.”
Yu reportedly delivered his remarks upon the publishing of the insights, generated by the United Kingdom Financial Conduct Authority (FCA), that revealed 2.3 million adults in the region having crypto in their possession.