This chapter examines emerging business models in decentralized markets, with a focus on crypto exchanges. It addresses the underexplored question of how crypto-asset trading platforms operate under evolving regulatory frameworks. By performing a principal component analysis on the characteristics of about 400 crypto exchange platforms, the analysis reveals a taxonomy of five distinct business models. These findings contribute to understanding decentralized market infrastructures and offer practical insights for policymakers and institutional investors interested in the crypto-financial ecosystem.
Emerging Business Models in Decentralized Markets
Bellardini, Luca;
2026
Abstract
This chapter examines emerging business models in decentralized markets, with a focus on crypto exchanges. It addresses the underexplored question of how crypto-asset trading platforms operate under evolving regulatory frameworks. By performing a principal component analysis on the characteristics of about 400 crypto exchange platforms, the analysis reveals a taxonomy of five distinct business models. These findings contribute to understanding decentralized market infrastructures and offer practical insights for policymakers and institutional investors interested in the crypto-financial ecosystem.
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