The role of sustainable business model in cryptocurrency industry : a case study approach
Estavi, Abolfazl (2023)
School of Energy Systems, Energiatekniikka
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In recent years, the cryptocurrency market, known for its decentralised digital currencies, has experienced remarkable growth. As an alternative to traditional financial systems that is gaining popularity, it is revolutionising the way we conduct transactions and keep assets. The cryptocurrency market is positioning itself as a major player in the global financial landscape, with revenue expected to reach USD$37 billion by 2023. When it comes to identifying how large exchanges foster sustainable business models, there is a research gap. This study addresses this gap by analysing two of the largest cryptocurrency exchanges, Binance and Coinbase, in detail. This research utilised the qualitative case study methodology and the thematic approach to analyse secondary source data. The data for each exchange resulted in four distinct themes: the foundation of economic sustainability for Binance/Coinbase, contributions to social and economic sustainability, constraints of the cryptocurrency market for exchanges, and planning strategies to overcome the constraints. Both academic researchers and industry professionals can benefit from the insights provided by this study.