With the support of:
Dr Garrick Hileman & Michel Rauchs
2017
GLOBAL CRYPTOCURRENCY
BENCHMARKING STUDY3
Global Cryptocurrency Benchmarking Study
CONTENTS
FOREWORDS 4
RESEARCH TEAM 6
ACKNOWLEDGMENTS7
EXECUTIVE SUMMARY 10
METHODOLOGY AND STUDY STRUCTURE 11
GLOSSARY 12
SETTING THE SCENE 14
EXCHANGES 28
WALLETS 48
PAYMENTS 68
MINING 86
APPENDICES106
REFERENCES AND ENDNOTES 110Forewords
FOREWORDS
The world of money and fnance is transforming before our eyes. Digitsed assets and
innovatve fnancial channels, instruments and systems are creatng new paradigms for
fnancial transacton and forging alternatve conduits of capital. The Cambridge Centre for
Alternatve Finance, since its founding in 2015, has been at the forefront of documentng,
analysing and indeed critcally challenging that digital fnancial transformaton.
This Global Cryptocurrency Benchmarking Study is our inaugural research focused on
alternatve payment systems and digital assets. Led by Dr Garrick Hileman, it is the frst study
of its kind to holistcally examine the burgeoning global cryptocurrency industry and its key
consttuents, which include exchanges, wallets, payments and mining.
The fndings are both striking and thought-provoking. First, the user adopton of various
cryptocurrencies has really taken of, with billions in market cap and millions of wallets
estmated to have been ‘actve’ in 2016. Second, the cryptocurrency industry is both
globalised and localised, with borderless exchange operatons, as well as geographically
clustered mining actvites. Third, the industry is becoming more fuid, as the lines between
exchanges and wallets are increasingly ‘blurred’ and a multtude of cryptocurrencies, not just
bitcoin, are now supported by a growing ecosystem, fulflling an array of functons. Fourth,
issues of security and regulatory compliance are likely to remain prevalent for years to come.
I hope this study will provide value to academics, practtoners, policymakers and regulators
alike. We thank Visa very much for its generous support of independent academic research in
this important area.
Bryan Zhang
Co-founder and Executve Director (Interim)
Blockchain has received a signifcant amount of analyst and press atenton over the last few
years as this emerging technology holds signifcant potental. Use cases are many and varied:
ranging from programmable cryptocurrencies to property deeds management to provenance
tracking to votng records.
Cryptocurrencies were the frst applicaton of this technology, and in doing so introduced
an entrely new set of businesses, jobs and vocabulary to the world of payments. Visa has
been exploring the impact of these technologies to determine how this new ecosystem will
contnue to grow and evolve.
Amongst all the excitement and enthusiasm in the press there has also been some hyperbole,
and any eforts to provide a realistc snapshot of the industry should be welcomed. Visa
welcomes opportunity to sponsor research from a respected organisaton, the Judge Business
School at Cambridge University, which we trust, the reader will fnd objectve, informatve
and insightul.
Jonathan Vaux
VP, Innovaton & Strategic Partnerships
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