Several crypto firms and exchanges have adjusted to the growing cryptocurrency space by creating new markets, products, and several bespoke services for the growing clients in the space. Several mergers, partnerships, and fundings have been prevalent in the last year to cope with the experienced growth.
The changes were predicted by several analysts a few years ago, and what the cryptocurrency market is experiencing now is not coming as a surprise. The most recent innovation is from Coincheck exchange who has moved to build on their exposure into the non-fungible token (NFT) market by announcing that they have purchased Metaps Alpha.
The purchase is set to see Coincheck grow its NFT base
Last Friday, the Japan-based crypto exchange firm announced that it has now taken full ownership of the Blockchain firm powering miime, an NFT marketplace since 2019, Metaps Alpha. The new acquisition will propel the Japanese exchange to leverage the on-chain NFT services of Metaps Alpha by creating an Ethereum based chain NFT marketplace with a low transaction fee.
In Coincheck’sCoincheck’s official statement believes that the high demand for Ethereum by investors is forcing everyone in the business to develop innovative ways to provide adequate tokens for investors to purchase, and hence another reason behind the new acquisition. NFT markets’ growth has been on a high since 2019, notably when socios announced that about 15 football clubs have partnered with chiliz to launch fan tokens.
The numbers around that partnership have been astronomical since its launch, with about 500,000 app downloads, and more than $25 million have been generated for the partner via the fan token sales in barely a year. The success story of this scenario is prompting Coincheck to invest in NFTs.
Crypto service providers are diversifying their trade
Several crypto firms and service providers have spent the last 24 months working publicly and behind closed doors to bolster their services in a bid to cope with the rapid growth of the cryptocurrency market. Many exchanges have added several value-added products to their wallets to aid crypto trading and exchange services across several trading platforms.
Analysts have predicted that the market’s growth will triple by the end of the year, which has prompted several cryptocurrency services providing firms to up their products and services. Although there are still a few stumbling blocks in the market as several prominent figures have called for regulations and insurance policies in the space.
Lack of regulations in place have been touted to hamper the space’s growth, despite the value it is adding to society. However, the crypto firms cannot stop now as the market is still on the rise. However, regulations in place will smoothen the growth process in the future, analysts suggest.