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Global Crypto Mixers Usage Declined by 32.2% (yoy) In 2022

Bankless Times | Elizabeth Kerr | Feb 1, 2023

Crypto received by mixers - Global Crypto Mixers Usage Declined by 32.2% (yoy) In 2022There has been a 32.2% decline in the usage of crypto mixers in 2022

  • Cryptocurrency mixers mix users' coins with others from a large pool. Therefore, making it difficult to trace the source of the funds. As a result, mixers are popular among privacy-conscious investors and criminals.
    • Crypto mixers provide users with a way to anonymize their cryptocurrency transactions. In addition, they allow for funds to be shuffled among multiple addresses, making it harder for third parties or authorities to track the origin of the funds.

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  • Reasons for decline:
    • One possible explanation for the decline is the increase in regulatory scrutiny. Governments worldwide are taking a closer look at the world of cryptocurrency. As a result, many users may be wary of using tools that could attract unwanted attention.
    • Also, the rise of new privacy-focused coins is drawing users away from the mixers.
    • Another factor could be the growth of decentralized finance (DeFi) platforms. These platforms offer similar privacy features without the need for a mixer. DeFi's popularity could be drawing users away from traditional mixers.
    • Responsible users have reduced the usage of crypto mixers due to sanctions by authorities.
    • Authorities have sanctioned leading Mixer companies, e.g. Tornado cash and Blender.io. However, criminals are still utilizing them.

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NCFA Jan 2018 resize - Global Crypto Mixers Usage Declined by 32.2% (yoy) In 2022The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

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