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Australian blockchain and crypto firms face 14% decline in 2024

14% decline in blockchain firms: In 2024, KPMG reported Australia’s blockchain and crypto sector fell from 85 to 74 firms, a 14% drop. This marks the largest decrease among fintech subsectors, reflecting broader industry trends. MAJOR players remain active, but the sector is contracting amid subdued investment activities.

AI shift impacts blockchain focus: The downturn in Australia’s blockchain scene links to a global shift toward AI. Investors are redirecting focus toward AI capabilities to boost business prospects, impacting blockchain investments negatively. However, the SEC’s Bitcoin ETF approval offers hope for positive change in the sector.

Potential for blockchain rebound: While the blockchain sector faces challenges, potential rate cuts by central banks could release capital for investment. The strong payments subsector also highlights continued interest in certain fintech areas, suggesting that improved conditions and regulatory support may stabilize blockchain firms.

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