Platform Works as Stack Economization: Cryptocurrency Markets and Exchanges in Perspective

TLDR

An economic platform is a system that facilitates economic interactions. The study focuses on cryptocurrency exchange platforms and introduces the concept of a “stack” to describe their socio‑digital economization. The research combines interviews with platform actors, fieldwork at a single exchange, and computational text analysis of terms of service from all cryptocurrency exchanges worldwide. Cryptocurrency exchange platforms act as economization stacks, performing diverse functions—banking, infrastructure development, gift‑giving, barter, money‑making, payments, software production, security, and centralized accounting—beyond mere market processes.

Abstract

What is an economic platform? I address this question by focusing on the case of cryptocurrency exchange platforms. The research draws on interviews with platform actors, fieldwork in one exchange, and computational text analysis of the terms of service of all cryptocurrency exchanges in the world. I argue that cryptocurrency exchange platforms go beyond market processes by fulfilling a variety of functions including banking, infrastructure development, gift-giving, barter, money making, payment system operation, software production, security providing, and centralized extra-blockchain accounting. I propose the concept of “stack” to describe such a process of socio-digital economization that takes place in these data money exchanges. Demonstrating that it is inadequate to describe platforms as mere digital infrastructures, devices, places or markets, I argue that cryptocurrency exchange platforms can best be understood as economization stacks that weave multiple layers and types of interaction, and facilitate an empirically observable range of variegated economic activities.