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Research firms are analyzing the value of the blockchain market and its associated businesses. A recent report from Coherent Market Insights shows that the cryptocurrency mining market will grow at a compound annual growth rate of 29.7 percent to $38.38 billion by 2025. The market was valued at $610.91 million in 2016. Consequently, the market for blockchains and cryptocurrencies will continue to grow. An important factor that would contribute to this growth is the interest of traditional financial institutions in blockchains.

Growth in crypto mining can be attributed to the lucrative block rewards and transaction fees that miners receive. Several companies and mining pools have entered the mining sector. China dominates the market, along with the US, holding an over 70 percent share in the global mining sector. Some prominent technology companies like Cisco Systems, Sony Corporation, Squire Mining, Overstock.com, and TD Ameritrade Holding Corporation are some of the top firms involved in this business.

The prices of cryptocurrencies have remained steady in 2018, after falling by over 50 percent from their December 2017 highs. Traditional financial companies are now jumping on the crypto bandwagon as well. For instance, Fidelity Investments announced a new company — Fidelity Digital Asset Services. The company will provide enterprise-quality custody and trade execution services for cryptocurrencies. Fidelity’s CEO Abigail P. Johnson has been one of the staunchest crypto bulls in Wall Street. She reiterated Fidelity’s pro-crypto strategy saying:

“Our goal is to make digitally-native assets, such as bitcoin, more accessible to investors.”

Squire Mining Ltd., listed on the Canadian Securities Exchange, is also making new strides in the crypto and blockchain sector. Last week, the company announced that it is partnering with Ennoconn Corporation to create the next generation of mining system for Bitcoin, Bitcoin Cash, and related cryptos. Ennoconn is a part of the largest electronic manufacturing service company in the world, Foxconn Technology Group, and produces high-end motherboards.

Earlier in October, Squire announced that it had completed the testing of its FPGA working prototype microchip. Early test results show that the microchip and its corresponding mining system can reduce operating costs for mining enterprises by up to 40 percent. This could help in driving the miners’ profits significantly higher.

Companies in traditional finance and the crypto/blockchain sector are quickly moving to create a safe and profitable space for all stakeholders. Though it doesn’t reflect on the prices as of now, it will help in creating a mature crypto market.

How Is the Cryptocurrency Market Expanding With Increased Interest From Financial Institutions? was originally found on [blokt] - Blockchain, Bitcoin & Cryptocurrency News.

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