TALLINN, Estonia - JULY 2, 2022 - After a huge bull run in 2020 and 2021, the crypto market has struggled since the start of May. The total market capitalization of cryptocurrencies fell below $1 trillion as the global crypto market cap shrank by over $2 trillion after peaking at over $3 trillion in November 2021. Almost all the top coins are now worth half or even less than their all-time highs.
The crypto market has been under pressure from the US Federal Reserve, which has raised interest rates to fight inflation. However, the current bear market began in the first week of May when major coins fell along with the stock market. Nevertheless, PointPay company was able to maintain stable growth.
In the first half of 2022, PointPay exchange trading turnover grew to $58 million, representing a 16% increase over the end of 2021. The company's annual report states that its active user base has reached 240 thousand which is a 20% increase over the last six months.
The company's growth is attributable to the release of new ecosystem products, including Launchboard, Escrow, and HR Talents platforms. The integration of the Quick Exchange and Classic Exchange interfaces with new design led to a 15% increase in downloads of Android and IOS apps.
"In the second half of 2022, we plan to complete our platform ecosystem, release new products, such as the PointPay P2P trading platform, and launch a B2B solution — PaySys. PointPay will continue to broaden its customer base by offering the best solutions available in the cryptocurrency market." said the PointPay CEO Vladimir Kardapoltsev.
PointPay Corporation is a cryptocurrency banking platform that was established in 2018. The company serves more than 1 million active users worldwide, providing the broadest range of crypto banking services to individuals with Internet access. PointPay's ecosystem includes a blockchain-based bank, an exchange platform, a crypto wallet, a payment system, Launchboard, Escrow and HR Talent platforms.
In 2022, one of PointPay's affiliate companies was authorised as an Operator of deposit virtual currency funds / Virtual currency exchange operator in Lithuania. Therefore, the company is able to offer cryptocurrency exchange services (crypto-to-crypto and fiat-to-crypto transactions, crypto exchange, and other services) for the users in Europe.