How crypto startups managed to dominate the tech sector in Asia Pacific

A study entitled “Emerging Giants in Asia Pacific” conducted jointly by one of the world’s largest accounting firms, KPMG International, and one of the world’s largest banks, HSBC, revealed that a quarter (ΒΌ) of all businesses in the region are linked to cryptocurrencies due to the rapid adoption of fintech in the region. ” Considerable interest has also shifted to cryptocurrenciesβ€œ, according to the researchers.

When it comes to the top 20 industry subsectors, blockchain startups, especially those focused on NFTs and decentralized finance (DeFi), were the most numerous. The survey revealed that 1,130 NFT statups in 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 of up to $500 million. dollars. She also conducted interviews with executives and founders of startups who are leaders in their field.

Cryptocurrencies are becoming essential in Asia Pacific

$NFT and $DeFi startups dominate the Asia Pacific market leaving EV sector behind #BTC $BTC $Crypto $Eth

According to the study, rising blockchain players included Chinese distributed ledger technology startup HyperChain, South Korean owner of cryptocurrency exchange UPbit, dunamuand Vietnamese NFT game creator Sky Mavis.

Thus, the sub-sectors 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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