A study entitled “Emerging Giants in Asia Pacific” conducted jointly by one of the largest accounting firms in the world, KPMG International, and one of the largest banks in the world, HSBC, revealed that a quarter (¼) of all firms in the region are linked to cryptocurrencies due to the rapid adoption of fintech in the region. ” Considerable interest has also shifted to cryptocurrencies“, According to the researchers.
When it comes to the top 20 subsectors of the industry, blockchain startups, especially those focused on NFT and decentralized finance (DeFi), have been the most numerous. The survey revealed that 1,130 NFT statups under development and 650 DeFi boxes were among the 6,472 startups surveyed.
The study looked at them in 12 major regional markets (Mainland China, India, Japan, Australia, Singapore, South Korea, Hong Kong, Malaysia, Indonesia, Vietnam, Taiwan and Thailand) with valuations up to $ 500 million. He has also conducted interviews with CEOs and founders of leading startups in their field.
Cryptocurrencies are becoming essential in Asia Pacific
According to the study, growing blockchain players included Chinese distributed ledger technology startup HyperChain, a South Korean owner of the cryptocurrency exchange UPbit. dunamuand Vietnamese NFT game creator Sky Mavis.
Therefore, the subsectors of NFT and some Challenge have outperformed a number of other areas, such as the Internet of Things (IoT), tiny satellites, quantum computing, and charging infrastructure for electric vehicle (EV).
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