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Post: The Rise of Crypto: Canada’s Fintech Space Sees Blockchain and Crypto Industry Lead for Second Consecutive Year

The Rise of Crypto: Canada’s Fintech Space Sees Blockchain and Crypto Industry Lead for Second Consecutive Year

Key Points:

  • The blockchain and crypto industry had the most deals in the Canadian fintech space for the second consecutive year, with 31 deals.
  • Deal volumes and values dropped significantly in 2023, but crypto remained at the top of the charts.
  • The software-as-a-service (SaaS) industry followed with 24 deals, and the artificial intelligence (AI) and machine learning industry had 15 deals.
  • Investor interest in crypto-related fintech projects was driven partly by the expectation of spot Bitcoin exchange-traded fund (ETF) approvals by the SEC.

Insight:

According to a report by KPMG, the blockchain and crypto industry maintained its lead as the most active sector in Canada’s fintech space for the second year running. Despite a decline in deal volumes and values in 2023, crypto-related projects continue to attract investor attention. This may be due to the anticipation of the SEC approving spot Bitcoin ETFs. The software-as-a-service and AI/machine learning industries also had notable investment activity.

Hot Take:

The continued dominance of the blockchain and crypto industry in Canada’s fintech space is a positive sign for the adoption and growth of cryptocurrencies. Despite market fluctuations and regulatory challenges, investor interest remains strong. The potential approval of Bitcoin ETFs in the US could further propel the industry forward and attract even more investment.

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