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University Economic Bulletin

Article

Financial technologies as a factor in the development of the cryptocurrency industry in the global financial market

Inna Makarchuk, Lіudmyla Yaremenko, Oleh Kalmykov, Ivan Makarchuk, Nikita Pankiv
Retrieved from Vol. 21, No. 1, 2026 Pages 30–39
Received
16.12.2025
Revised
10.04.2026
Accepted
12.05.2026
Published
03.07.2026
Views
5

Abstract

Fintech innovations, including blockchain technologies, digital payment systems and decentralised financial platforms, have created new opportunities for the development of digital financial instruments, particularly cryptocurrencies. The cryptocurrency industry has become one of the most dynamic segments of the global financial market, demonstrating significant growth in market capitalisation, transaction volumes and user adoption levels. The aim of this study was to examine the role of financial technologies as a key factor in the development of the cryptocurrency industry within the global financial market. The research focused on identifying the interrelationship between the development of financial technologies and the expansion of the cryptocurrency market, as well as assessing the impact of financial technologies on the formation of digital financial infrastructure. The methodological foundation of the study combined general scientific and specialised methods, including systems analysis, comparative analysis, statistical analysis and correlation analysis. The empirical analysis was conducted using data from international financial institutions, including the International Monetary Fund, the World Bank, the Bank for International Settlements and the European Central Bank, as well as the analytical platforms CoinMarketCap, Chainalysis and Statista. The study covered the period from 2021 to 2025. The results demonstrated that financial technologies have significantly contributed to the development of the cryptocurrency industry by increasing market capitalisation, expanding the number of cryptocurrency users and growing transaction volumes. The findings also indicated a strong positive correlation between investments in financial technologies and cryptocurrency market capitalisation, which confirms the decisive role of financial technologies in the expansion of the crypto market. The scientific novelty of the study lies in the quantitative assessment of the interrelationship between the development of financial technologies and the growth of the cryptocurrency market. The research provided evidence that fintech innovations contribute to the formation of digital financial infrastructure and enhance the efficiency of global financial markets

Keywords

blockchain; digital assets; decentralised finance; payment systems; capitalisation

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Suggested citation

Makarchuk, І., Yaremenko, L., Kalmykov, O., Makarchuk, I., & Pankiv, N. (2026). Financial technologies as a factor in the development of the cryptocurrency industry in the global financial market. University Economic Bulletin, 21(1), 30-39. https://doi.org/10.69587/ueb/1.2026.30