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Alternative Market Briefing

VC investment in the blockchain and cryptocurrency space fell during H1 2020

Wednesday, September 09, 2020

Laxman Pai, Opalesque Asia:

Global VC investment in the blockchain and cryptocurrency space fell from $4.6 billion in H1 2019 to $1.2 billion during H1 2020, due partly to COVID-19 and partly the intensifying focus on value.

Digital asset platform Bakkt's US$300 million funding round was the largest in the sector in H1'20, followed by cross-border payments firm Ripple's US$200 million raise.

According to a KPMG study, titled 'Pulse of Fintech H1'20', blockchain consortia continued to shift away from a homogenous approach towards a focus on bringing together value chain partners to develop sector-specific, vertically-integrated use cases, during H1'20.

Given the complexity of supply chains, lack of trust, and increasing availability of data, it is expected that in H2'20 blockchain activity will focus on enablement. For instance, developing common languages (e.g. data taxonomies) to support blockchain use and foster trust, it said.

"Globally, we see virtual asset providers becoming the new digital channels and conduits to collateralized and tokenized assets. Fractional investments in less liquid assets or new types of products and services like tokenized ESG credit supporting the circular economy, I think are the next innovations we are going to see," said Laszlo Peter, Head of Blockchain Services, Asia Pacific, KPMG Australia.

Licensing of digital asset exchanges was a key topic in H1'20, particularly in Asia. H1'20 saw virtual asset providers examin......................

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