Home Cryptocurrency Crypto mergers and acquisitions doubled to $1.1B in 2020, PwC reports

Crypto mergers and acquisitions doubled to $1.1B in 2020, PwC reports

by Gordon James

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According to a new report from PwC’s professional services network, the consolidation of cryptocurrency-related activity increased dramatically in 2020, setting a new record for transaction activity.

The total number of mergers and acquisitions in the cryptocurrency sector is set to more than double from $481 million in 2019 to $1.1 billion in 2020, according to a market study by PwC on Monday, reports Bloomberg.

The average crypto deal size has grown from $19 million in 2019 to nearly $53 million in 2020, and crypto fundraising has increased by 33%. In the EMEA region (Europe, Middle East and Africa), the number of transactions increased significantly, while the value of transactions in the Americas tripled.

Source: Bloomberg

After reaching new highs last year, transaction activity in the cryptocurrency sector is expected to continue growing in 2021. According to Henri Arslanian, Global Crypto Leader at PwC, 2021 is already upon us and will far exceed expectations with institutional players and top investors entering the sector.

Along with the growing consolidation of the cryptocurrency industry, PwC also predicted that the industry will become more institutional. The study reportedly highlights the significant gains in the cryptocurrency market – bitcoin reached a record high of more than $61,000 in mid-March – as well as the growing adoption of digital currencies by central banks, stablecoins, decentralized funding and non-disruptive tokens, also known as NFTs.

As previously reported by Cointelegraph, the world’s largest cryptocurrency exchanges, such as Binance, FTX and Coinbase, are among the top three acquisitions in the cryptocurrency industry in 2020.

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