Global trading revenue generated by cryptocurrency exchanges hit $24.3bn in 2021 to surpass total revenue generated by traditional stock exchanges such as the New York Stock Exchange and the Nasdaq for the first-time ever, according to a report published by financial-services consultancy Opimas.

The report estimates that revenue at crypto exchanges increased seven times from the $3.4bn in sales recorded in 2020 and was 60% higher than the roughly $15.2bn brought in by traditional securities exchanges.