Cryptocurrency Exchange Revenue Grew 600% In 2021, Surpassing Traditional Exchanges Like NYSE

Palm Beach, Fla., March 22, 2022 /PRNewswire/ -- FinancialNewsMedia.com News Commentary - According to estimates, calculated by Bloomberg, the top ten cryptocurrency exchanges are bringing in as much as $3 million per day in profit. Considering that cryptocurrency did not even exist until 2009, profit at that level is absolutely astonishing compared to the historical development of other industries. It is easy enough to understand how cryptocurrency exchanges make their money--by charging fees for users who sell, buy, and withdraw cryptocurrencies. According to an article published by MarketWatch, Global trading revenue generated by cryptocurrency exchanges hit $24.3 billion in 2021 to surpass total revenue generated by traditional stock exchanges like the New York Stock Exchange and the Nasdaq for the first time ever, according to a report published by financial-services consultancy Opimas. The report estimates that revenue at crypto exchanges increased seven times from the $3.4 billion in sales recorded in 2020 and was 60% higher than the roughly $15.2 billion brought in by traditional securities exchanges.  "This is quite a shift from only a year earlier, when the traditional exchanges had revenues four times greater than exchanges of the crypto world," wrote Suzannah Balluffi, an Opimas analyst who covers the digital asset industry. "The old, venerable names like the New York Stock Exchange, Nasdaq, Deutsche Borse and CME have all been left behind in the dust by crypto startups Binance and Coinbase." Active Companies in the markets today include Asia Broadband Inc. (OTCPK: AABB), Bit Digital, Inc. (NASDAQ: BTBT), Coinbase Global, Inc. (NASDAQ: COIN), Hut 8 Mining Corp. (NASDAQ: HUT) (TSX: HUT), Bitfarms Ltd. (NASDAQ: BITF) (TSXV: BITF).

The report continued: "This explosive growth comes against a backdrop of heightened regulatory scrutiny, following President Joe Biden's recent executive order that directed federal departments and agencies to produce recommendations for oversight of the digital asset industry.  Securities and Exchange Commission Chairman Gary Gensler told MarketWatch in a February interview that beefing up cryptocurrency exchange regulation will be a top priority for the agency in the months and years to come. He noted that the vast majority of crypto trades happen on centralized exchanges and that "that activity centralized on those platforms they need the investor protection, the market integrity and anti-manipulation" rules that govern markets for other financial assets."

Asia Broadband Inc. (OTCPK: AABB) BREAKING NEWS - Asia Broadband Launches Mobile App Versions of Proprietary Cryptocurrency Exchange -  Asia Broadband Inc. ("AABB" or the "Company") is pleased to announce that the Company has launched its AABB Exchange applications (the "Exchange") and they are now available on mobile devices through the AABB Wallet app. Wallet users can place buy and sell orders on their smart phones to execute cryptocurrency trades for an expanding number of trading pairs available on the Exchange platform.

To access the AABB Exchange for mobile use, please go to the Apple App Store or Google Play Store, find the AABB Wallet and update the app. Once the app has been updated, open the application. If you aren't in your account already, tap on Restore Wallet, enter your original passphrases, and access your account. From there, click on the "Trade" button at the bottom menu. Now you will be directly connected to the AABB Exchange with your account. You will immediately be able to place a Buy or Sell order for the main trading pair ETH/BTC, however, you can always click on that trading pair to choose another crypto pair. Once a Buy or Sell order has been placed, the funds will automatically be deducted from the wallet and placed onto the Exchange. These funds will remain in the Exchange until the order has been filled, partially filled and cancelled, or cancelled in Open Orders.

Additionally, users can access the Desktop version of the AABB Exchange by going to:  https://aabbexchange.com/trade/  then on the right side of the screen, click on "Log In or Register Now" to trade. You will then see the Log In page for the web version of AABB Wallet.  Access AABB Wallet on your mobile device, go to the "More" tab, click on "Web QR Access" and scan the QR Code on your monitor. Then, create a temporary password for your access. Now you will be directly connected to the AABB Exchange with your account. Once you have accessed your wallet, click on "Trade" in the Menu. There, you will see the Exchange to place a Buy or Sell order for different trading pairs.  CONTINUED…  Read this full release for Asia Broadband at:  https://www.financialnewsmedia.com/news-aabb/ 

Other recent developments in the mining markets include:

Bit Digital, Inc. (NASDAQ: BTBT), a bitcoin mining company headquartered in New York, recently announced its unaudited bitcoin production and mining operations update for the fourth quarter ended December 31, 2021.

Preliminary Fourth Quarter 2021 Highlights; The Company continued the redeployment of its miner fleet in North America. As previously announced, 100% of our fleet had exited China and arrived in North America as of November 17, 2021; 39.2% of our currently-owned fleet, or 10,462 bitcoin miners and 712 Ethereum miners representing 0.511 Exahash ("EH/s") and 0.188 Terahash ("TH/s") respectively, was deployed in North America as of the date of this press release. 27.8% of our fleet or 7,710 bitcoin miners representing 0.457 EH/s was deployed in North America as of December 31, 2021; The Company owned 27,744 bitcoin miners and 731 Ethereum miners as of December 31, 2021, with an estimated maximum total hash rate of 1.6 EH/s and 0.3 TH/s, respectively; On October 7, 2021, the Company signed an agreement with Bitmain Technologies Limited ("Bitmain") to purchase 10,000 Bitcoin miners. The purchases are expected to increase Bit Digital's maximum hash rate by approximately 1.0 EH/s. Pro forma with these announced purchases, our maximum total hash rate is expected to be approximately 2.6 EH/s; The Company purchased 731 Ethereum ("ETH") miners on the spot market during the quarter, the majority of which were deployed subsequent to year end.

Coinbase Global, Inc. (NASDAQ: COIN) closed down on Monday at $176.81 per share trading over 4 Million shares by the market close.  COIN was up slightly however in afterhours trading.  Coinbase is building the cryptoeconomy – a more fair, accessible, efficient, and transparent financial system enabled by crypto. Coinbase started in 2012 with the radical idea that anyone, anywhere, should be able to easily and securely send and receive Bitcoin. Today, Coinbase offers a trusted and easy-to-use platform for accessing the broader cryptoeconomy.

Hut 8 Mining Corp. (NASDAQ: HUT) (TSX: HUT), one of North America's largest, innovation-focused digital asset mining pioneers, supporting open and decentralized systems since 2018, recently announced its financial results for the year ended December 31, 2021. All dollar figures are in Canadian Dollars ("CAD"), unless otherwise stated.

"2021 was truly a transformational year at Hut 8, complemented by considerable growth," said Jaime Leverton, CEO of Hut 8. "In pursuing a diversified strategy, we have differentiated ourselves from our peer group and in doing so, have become the only company in North America to both mine digital assets while building on our traditional infrastructure business to support companies in Web 3.0 and the Metaverse."

Bitfarms Ltd. (NASDAQ: BITF) (TSXV: BITF), a global Bitcoin self-mining company, recently said it will report its fiscal fourth quarter and full year 2021 financial results on Monday, March 28, 2022, before the market opens.

Management will host a conference call on Monday, March 28, 2022, at 11:00 a.m. ET to review the financial results. Following management's formal remarks there will be a question-and-answer session. Pre-submitted questions may be considered, and interested parties may submit questions at [email protected] through March 25, 2022.

Conference call access:

Participants are asked to pre-register for the call through the following link:
Q4 2021 Conference Call

Please note that registered participants will receive their dial in number upon registration and will dial directly into the call without delay. Those without internet access or unable to pre-register may dial in by calling: 1-866-777-2509 (domestic), 1-412-317-5413 (international). All callers should dial in approximately 10 minutes prior to the scheduled start time and ask to be joined into the Bitfarms call.

DISCLAIMER:  FN Media Group LLC (FNM), which owns and operates FinancialNewsMedia.com and MarketNewsUpdates.com, is a third party publisher and news dissemination service provider, which disseminates electronic information through multiple online media channels.  FNM is NOT affiliated in any manner with any company mentioned herein.  FNM and its affiliated companies are a news dissemination solutions provider and are NOT a registered broker/dealer/analyst/adviser, holds no investment licenses and may NOT sell, offer to sell or offer to buy any security.  FNM's market updates, news alerts and corporate profiles are NOT a solicitation or recommendation to buy, sell or hold securities.  The material in this release is intended to be strictly informational and is NEVER to be construed or interpreted as research material.  All readers are strongly urged to perform research and due diligence on their own and consult =a licensed financial professional before considering any level of investing in stocks.  All material included herein is republished content and details which were previously disseminated by the companies mentioned in this release.  FNM is not liable for any investment decisions by its readers or subscribers.  Investors are cautioned that they may lose all or a portion of their investment when investing in stocks.  For current services performed FNM has been compensated forty five hundred dollars for news coverage of the current press releases issued by Asia Broadband Inc. by a non-affiliated third party.  FNM HOLDS NO SHARES OF ANY COMPANY NAMED IN THIS RELEASE.

This release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. "Forward-looking statements" describe future expectations, plans, results, or strategies and are generally preceded by words such as "may", "future", "plan" or "planned", "will" or "should", "expected," "anticipates", "draft", "eventually" or "projected". You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements as a result of various factors, and other risks identified in a company's annual report on Form 10-K or 10-KSB and other filings made by such company with the Securities and Exchange Commission. You should consider these factors in evaluating the forward-looking statements included herein, and not place undue reliance on such statements. The forward-looking statements in this release are made as of the date hereof and FNM undertakes no obligation to update such statements.

Contact Information:
Media Contact email: [email protected] - +1(561)325-8757

SOURCE:   FinancialNewsMedia.com

SOURCE Financialnewsmedia.com