Australian Fintech Shifts: Blockchain and Crypto Contract as AI Emerges
A recent KPMG report reveals a 14% drop in active firms within Australia’s blockchain and cryptocurrency sector, from 85 to 74, marking the steepest decline across fintech subsectors in 2024.
The shift from blockchain to AI, fueled by global investment in AI advancements, is partly to blame. Despite this contraction, prominent players like Independent Reserve, Swyftx, and Coinspot remain.
The report highlights subdued M&A and investment activity in the broader financial sector, with a focus on capability-driven deals. However, the approval of the Bitcoin ETF and potential rate cuts may provide a positive boost to the blockchain and crypto sectors moving forward.
Clever Robot News Desk 11th December 2024
