The cryptocurrency market is projected to grow at a 7.2% compound annual growth rate (CAGR) from 2022 to 2030, according to a report by Research and Markets.

The report attributes the growth to a number of factors including increased acceptance of digital currencies, monetary regulation fluctuations and emerging opportunities in both developed and emerging markets.

One major factor driving the growth of crypto markets is the high level of remittances in developing nations, according to R&M. The use of crypto for cross-border transfers offers a more efficient and less costly method to payments across borders while also eliminating the need for third parties such as banks or credit card companies, according to the report.