Fintech Market Downturn
Despite a global downturn in the fintech market, the crypto and blockchain sector has emerged as a leader in investments in major European markets, according to a report by fintech venture fund Finch Capital.
50% Drop in Investments
The report, titled "State of European FinTech," reveals that the Europe, Middle East, and Africa (EMEA) region experienced a significant 50% drop in fintech investments in the first half of 2023. Total funding decreased from $27.3 billion in H1 2022 to $11.2 billion in H1 2023.
Crypto Businesses Stand Out
Despite the downturn, the crypto sector stands out in terms of investments attracted in several large markets. In H1 2023, the blockchain and crypto sector claimed a 28% share of all fintech deals in the United Kingdom. The Netherlands had an even higher share at 35%. Germany and France followed with 27% and 29% respectively.
Competition from Lending Sector
The main competitor to crypto is the lending sector, which holds the leading market share in Ireland and across the entire region in terms of deal volume.
Investor Interest in Digital Economy
Despite the overall bearish tendencies in the fintech market, investor interest in the digital economy remains solid. Another recent report shows that 24% of asset management firms have already adopted a digital assets strategy, with an additional 13% planning to do so in the next two years.
Significant Gains for Crypto Companies
Some crypto companies are still reporting significant gains. European digital asset manager CoinShares, for example, revealed a revenue increase of 33% in Q2 2023, totaling 20.3 million pounds ($25.9 million) compared to the same quarter the previous year.
Magazine Feature: Interview with Kei Oda
In our latest magazine feature, we sit down with Kei Oda to discuss his journey from Goldman Sachs to the world of cryptocurrency.
Did you miss our previous article...
https://trendinginthenews.com/crypto-currency/adobe-ibm-nvidia-join-president-bidens-efforts-to-prevent-ai-misuse
