While the Crypto Winter may be lingering with us into the spring, crypto exchanges are doing just fine. According to CoinMarketCap, there are now 255 major crypto exchanges. That’s a notable increase from a year ago, when there were 208.
A booming exchange industry sounds like a positive, but we can do with fewer exchanges for cryptocurrencies to establish themselves as a dominant force in the global financial system.
For crypto to truly thrive, the ecosystem needs only five or six exchanges — and certainly no more than a dozen — in the long run. Here’s why.