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    ABI Research: Global Blockchain Revenues Set To Do Over $10 Billion by 2023 Despite 2018 Lows

    According to a market research conducted by a tech-based firm ABI Research, global revenues raised for blockchain technology are set to hit the $10 billion mark by 2023.

    The report states that investment in the sector is on the rise, although the number of ICO’s has lessened due to regulatory measures. ABI states that venture capitalists are on the rise and have been financing blockchain-based ventures.

    ABI reports that the high number of venture capitalists have replaced ICOs as a major tool of funding and there were about 620 funding rounds which cumulatively raised $3.1 billion in 2018. This was a significant increase as there were 153 funding rounds raising $850 million in 2017.

    According to ABI’s blockchain and digital security research head Michela Menting, tough regulations coupled with crypto taxation in various nations have driven investors away from ICOs to a more established venture capital forms of investments for blockchain ventures that concentrate on infrastructure building, merchandising, stock management and other commercial applications.

    According to the report, blockchain projects that are not in the finance or insurance sectors are having challenges to attract investors. However, ABI is optimistic that such projects will thrive starting from 2021 as awareness continue building.

    According to Cointelegraph Menting believes that the crypto winter that has been witnessed in the better part of 2018 will have minimal adverse effects on the growth of blockchain funding in the future. She explained that although the winter has stifled the spirits of some people, there have been fruitful accomplishment of numerous projects and the reduction in enthusiasm is momentary and will help in identifying the fraudulent projects in the industry.

    As we reported yesterday, a good example of blockchain funding is Algo Capital which secured $200 million which was double its initial target. This only demonstrates that blockchain-based projects are attracting more VC capitalists in the market.

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    Joseph Kibe
    Joseph Kibe
    Joseph is a blockchain and cryptocurrency enthusiast, with a strong conviction that exposure of blockchain technology is for the good of the society. Fascinated by the massive potential of cryptocurrencies and the technology behind them – blockchain – Joseph spent lots of his time learning more about the industry, becoming a polished expert writer in the sector. He covers any cryptocurrency and blockchain related content.

    [Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

    [Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

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