Coinbase and Binance are getting ever more dominant in the crypto trading space. The two giant exchanges boast of 1.37million and 1.14 million visitors respectively. Notably, no other exchange gets anything above half a million.





In an industry that was supposedly great for decentralization, the concentration power in the hands of the two is startling. Accordingly, it is probably time to examine the factors behind these trends and implications for the industry moving forward.





Threat of Centralization





Cryptocurrency is both an economic tool as well as a political one. This is because other than a way to transact, it also serves the function of giving power to its users through consensus building. Naturally, centralized institutions ignored Bitcoin hoping it would die a natural death. Slightly over a decade later, cryptocurrency is still going strong. It is now not only a virtual currency but also has many other dynamic uses. Blockchain technology has taken a life of its own with the application in different sectors because of immutability and transparency. Rapid transaction platforms like XRP are now getting attention from banks and mainstream institutions.

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