Amid Rising Adoption, Funding for Blockchain Startups Dries Up
Cointelegraph By Sritanshu Sinha's original article for cointelegraph.com reduced by 72%
Funding of blockchain companies in 2017-20182017 was the year when ICOs really began to take off. The majority of funding raised by blockchain companies came through ICOs. Funding of blockchain companies in 2019Back in 2017, blockchain evangelists argued that ICOs would render traditional VCs a thing of the past, but an entirely different story has played out.
During the first six months in 2019, Chinese blockchain startups raised $368 million through 71 funding deals. "We have transitioned into a phase in the industry where there is more emphasis on actually having customers use blockchain and blockchain-powered products, as opposed to startups focused on raising money. It is true that many companies that raised money have fallen by the wayside or failed or deliver much.
But, at the same time, many have been heads-down working and have managed to use the raised money for creating products that get used and that stimulate blockchain adoption." Blockchain players in the payments segment, such as Ripple, are increasingly partnering with non-bank payments providers, the businesses of which may be a better fit for blockchain technology. The ability to move blockchain from proof-of-concept to adoption has been less than what was anticipated by early blockchain evangelists.
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