A recently published report by Deloitte on the state of the blockchain economy in Israel, paints a very optimistic picture of the impending fintech revolution that is about to sweep through the country.
The report, Israel: A Hotspot for Blockchain Innovation, gives a very thorough overview of the key blockchain startups in the country. Amit Harel, co-author of the report, makes the case that Israel, in particular the city of Tel-Aviv, has become the epicenter of a fintech/blockchain boom that can easily be compared to Silicon Valley.
Harel explains that Israel – a country of about 20,000 sq. Km – has one of the highest concentrations of fintech companies in the world. The report states that Israel currently houses 430 fintech firms, which include many established companies and small blockchain startups such as Bitrated, Colu and GetGems. Israel’s abundance of VC firms is also cited as one of the most important catalysts in fueling the future expansion of Israel’s blockchain industry.
“Israel’s venture capital industry has approximately 70 active venture capital funds, of which 14 are international VCs with offices in Israel”
Deloitte’s report profiles 38 blockchain firms domiciled within Israel, with background histories on each firm and detailed financial figures.
According to the report, Israel’s “educated & skilled” workforce, as well as the country’s established cyber security industry, will be critical in the development of the country’s blockchain ecosystem, “Cyber security and cryptography play a key role in the Israeli defense establishment; as such, the military serves as a potent incubator for these fields.“ writes Harel.
Statistical data presented in the report points to the fact that Bitcoin activity within Israel has been rapidly growing in the past two years; four bitcoin ATMs located throughout Tel-Aviv; 10-15 thousand digital currency users; 150-230 businesses accepting cryptocurrency payments in Israel.
Deloitte has already established a presence in Israel with its Rubix project, a platform that allows developers to create customizable blockchains and smart contract applications.
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