Cryptocurrency Controls 8 Percent of the Fintech Market

Business, Digital Business, Fintech

Cryptocurrency still has the potential for future developmentassessedEconomists from the Institute for Development of Economics and Finance (Indef) The reason is, based on data from Fintech News Singapore, in 2020 the market share of crypto money in financial technology (fintech) was still 8 percent.

“The opportunity is a potential investment alternative because so far it’s only 8 percent market share. With the widespread use of crypto money, supply-demand is expected to increase so that the price goes up,” said Nur Komaria, a researcher at Indef’s Center for Innovation and Digital Economy, in an online discussion Indef Plus- Minus Crypto Asset Investment on Thursday, June 24, 2021.

The majority of the fintech market is dominated by fintech lending

Meanwhile, Nur continued, the majority of the fintech market is controlled by fintech lending by 50 percent, followed by fintech payments by 23 percent.

“By diversifying investment products, crypto-assets can become a potential investment alternative,” she added.

However, in the midst of these opportunities, Nur said there are still a number of threats in the development of crypto money. He said data security regulations in cryptocurrency trading are still not comprehensive.

“The threat itself is because borderless benefits are fast, but the negative thing is that there is still no rapid supervision and this security regulation is still not comprehensive,” said Nur.

Potential scamming and phishing actions

In addition, Nur continued, there are still many potential acts of scamming and phishing or fraudulent methods via email or text messages. The trick is that fraudsters disguise themselves as legitimate institutions so that their targets provide sensitive data. In addition, cryptocurrency trading is still overshadowed by price fluctuations.

“The price fluctuations are very volatile so it really depends on supply and demand. So, the risk of the price of crypto itself can be very high in price and can be very low,” said Nur.

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