European crypto competition is increasing with emerging players

Some crypto exchanges are going under while competitors are expanding significantly. One of the crypto exchanges you might hear about less often is Blockchain.com. This relatively small exchange has not previously been active in Europe, but that could now change.

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Crypto exchange wants to expand

Bloomberg interviewed Peter Smith, CEO of Blockchain.com. Smith plans to expand its employee base by 25 percent in the first quarter of 2024. The crypto exchange wants to open up new markets, such as Nigeria and Turkey. According to the American business newspaper, the company employs about 300 people at the time of writing, so there are about 75 more to come.

But if Blockchain.com has its way, it won’t stop at these two countries. Curtis Ting, who was previously Director of Global Operations at competitor Kraken, was also hired. He will help set up a new department in Paris from which the company plans to expand further into the rest of Europe.

There it will set up new, local units as this is now required due to the new rules. Blockchain.com currently runs its European operations from its London office, Smith explained in the interview:

“We are clearly in the early stages (crypto spring), and this is definitely the time to start investing in the future.” We have seen a lot of turbulence in the market, whether due to pressure from regulators , the withdrawal of companies from local markets or due to bankruptcies. The past year and a half have been a great opportunity for us to gain market share. There is probably 60 to 70% less competition than there was at the end of 2021.”

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The market share of cryptocurrencies is shifting

According to CoinGecko, there are approximately 850 centralized and decentralized crypto exchanges at the time of writing. However, several parties dominate the market, with Binance still at the top. But the market share of the world’s largest crypto exchange has declined significantly, as recent research by CCData showed. While it had a market share of 55 percent at the beginning of this year, it is now only 30 percent.

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